iRhythm Technologies (NASDAQ:IRTC) Given New $160.00 Price Target at Truist Financial

iRhythm Technologies (NASDAQ:IRTC) had its price objective cut by Truist Financial from $174.00 to $160.00 in a report released on Thursday,Benzinga reports. They currently have a buy rating on the stock.

A number of other research firms have also weighed in on IRTC. The Goldman Sachs Group reduced their target price on shares of iRhythm Technologies from $184.00 to $147.00 and set a “neutral” rating on the stock in a report on Thursday, April 9th. Wall Street Zen downgraded shares of iRhythm Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, May 30th. Canaccord Genuity Group cut their price target on shares of iRhythm Technologies from $180.00 to $152.00 and set a “buy” rating on the stock in a report on Monday, June 1st. Citigroup boosted their price objective on shares of iRhythm Technologies from $155.00 to $157.00 and gave the stock a “buy” rating in a research note on Monday, May 4th. Finally, Weiss Ratings upgraded iRhythm Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, June 18th. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $186.62.

iRhythm Technologies Price Performance

iRhythm Technologies stock opened at $115.35 on Thursday. The company has a current ratio of 5.17, a quick ratio of 4.98 and a debt-to-equity ratio of 4.03. The company has a market capitalization of $3.79 billion, a PE ratio of -134.13 and a beta of 1.27. iRhythm Technologies has a 12 month low of $100.85 and a 12 month high of $212.00. The stock has a 50-day moving average price of $114.48 and a two-hundred day moving average price of $130.84.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings results on Thursday, April 30th. The company reported ($0.35) EPS for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.21. iRhythm Technologies had a negative return on equity of 10.26% and a negative net margin of 3.53%.The firm had revenue of $199.39 million for the quarter, compared to analyst estimates of $194.11 million. During the same period last year, the firm posted ($0.97) earnings per share. The business’s revenue for the quarter was up 25.6% on a year-over-year basis. Analysts expect that iRhythm Technologies will post 0.13 EPS for the current year.

Insiders Place Their Bets

In other news, Director Abhijit Y. Talwalkar bought 5,312 shares of the firm’s stock in a transaction on Monday, May 11th. The stock was acquired at an average price of $10.71 per share, with a total value of $56,891.52. Following the transaction, the director owned 25,611 shares of the company’s stock, valued at $274,293.81. This trade represents a 26.17% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.98% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Measured Wealth Private Client Group LLC acquired a new stake in shares of iRhythm Technologies during the third quarter worth $30,000. GAMMA Investing LLC lifted its holdings in iRhythm Technologies by 48.4% in the fourth quarter. GAMMA Investing LLC now owns 184 shares of the company’s stock valued at $33,000 after buying an additional 60 shares during the period. FNY Investment Advisers LLC acquired a new position in iRhythm Technologies in the third quarter valued at $34,000. Employees Retirement System of Texas bought a new stake in iRhythm Technologies during the third quarter valued at $36,000. Finally, Harbor Investment Advisory LLC bought a new stake in iRhythm Technologies during the second quarter valued at $50,000.

About iRhythm Technologies

iRhythm Technologies, Inc is a medical technology company that develops and commercializes wearable cardiac monitoring devices and associated data analytics services. Founded in 2006 and headquartered in San Francisco, California, the company’s flagship product is the Zio® patch, a discreet, single-use, continuous ECG recorder designed to monitor heart rhythms for up to 14 days. iRhythm’s digital diagnostics platform combines biosensor technology with proprietary algorithms to detect arrhythmias and streamline data interpretation for physicians.

The Zio service is prescribed by cardiologists and other healthcare providers to aid in the diagnosis of atrial fibrillation, bradycardia, tachycardia and other rhythm disorders.