iRhythm Technologies (NASDAQ:IRTC) Stock Gets Price Target Trim from Truist Financial

iRhythm Technologies (NASDAQ:IRTC) had its price objective lowered by equities researchers at Truist Financial from $168.00 to $140.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial‘s price objective would suggest a potential upside of 53.85% from the stock’s previous close.

Several other research analysts have also issued reports on the stock. JPMorgan Chase & Co. decreased their price target on shares of iRhythm Technologies from $175.00 to $145.00 and set an “overweight” rating for the company in a research note on Friday. Weiss Ratings raised shares of iRhythm Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, October 27th. Canaccord Genuity Group boosted their price objective on shares of iRhythm Technologies from $196.00 to $206.00 and gave the stock a “buy” rating in a research note on Friday. Wells Fargo & Company cut their price objective on shares of iRhythm Technologies from $150.00 to $135.00 and set an “overweight” rating on the stock in a report on Friday. Finally, Stephens initiated coverage on shares of iRhythm Technologies in a research note on Thursday, July 23rd. They set an “overweight” rating and a $160.00 target price for the company. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, iRhythm Technologies presently has an average rating of “Moderate Buy” and an average price target of $166.93.

iRhythm Technologies Trading Up 0.9%

NASDAQ IRTC opened at $91.00 on Monday. The firm has a market capitalization of $3.00 billion, a PE ratio of -77.40 and a beta of 1.39. The stock’s 50 day moving average is $114.95 and its 200 day moving average is $121.69. iRhythm Technologies has a twelve month low of $86.30 and a twelve month high of $192.47. The company has a quick ratio of 3.45, a current ratio of 3.57 and a debt-to-equity ratio of 3.68.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings data on Thursday, November 5th. The company reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.80. The business had revenue of $221.59 million during the quarter, compared to the consensus estimate of $222.23 million. iRhythm Technologies had a positive return on equity of 26.88% and a negative net margin of 4.52%. The firm’s quarterly revenue was up 14.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.06) earnings per share. Research analysts forecast that iRhythm Technologies will post 0.54 earnings per share for the current fiscal year.

Institutional Investors Weigh In On iRhythm Technologies

A number of institutional investors have recently modified their holdings of IRTC. The Manufacturers Life Insurance Company raised its position in shares of iRhythm Technologies by 99.2% in the 1st quarter. The Manufacturers Life Insurance Company now owns 390,577 shares of the company’s stock worth $46,096,000 after purchasing an additional 194,502 shares during the last quarter. M&G PLC bought a new position in iRhythm Technologies in the 3rd quarter worth about $13,905,000. Russell Investments Group Ltd. boosted its stake in iRhythm Technologies by 384.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 111,451 shares of the company’s stock worth $12,668,000 after purchasing an additional 88,459 shares in the last quarter. Granahan Investment Management LLC grew its position in iRhythm Technologies by 567.9% during the 1st quarter. Granahan Investment Management LLC now owns 96,022 shares of the company’s stock valued at $11,333,000 after purchasing an additional 81,645 shares during the last quarter. Finally, Squarepoint Ops LLC grew its position in iRhythm Technologies by 1,065.8% during the 2nd quarter. Squarepoint Ops LLC now owns 71,862 shares of the company’s stock valued at $8,548,000 after purchasing an additional 65,698 shares during the last quarter.

About iRhythm Technologies

iRhythm Technologies is a medical technology company that develops digital solutions for detecting and monitoring heart rhythm disorders. Its services combine wearable electrocardiogram (ECG) devices with cloud-based data analysis and clinical reporting to help healthcare professionals assess patients for conditions such as cardiac arrhythmias.

The company’s Zio product line includes wearable ECG monitors, such as Zio XT, which records a patient’s heart activity during an extended monitoring period.