iRhythm Technologies (NASDAQ:IRTC) Upgraded at Stephens

Stephens upgraded shares of iRhythm Technologies (NASDAQ:IRTC) to a strong-buy rating in a research report sent to investors on Wednesday morning,Zacks.com reports.

A number of other brokerages have also recently weighed in on IRTC. JPMorgan Chase & Co. reduced their price target on iRhythm Technologies from $215.00 to $175.00 and set an “overweight” rating for the company in a research report on Friday, May 1st. Canaccord Genuity Group lowered their price objective on iRhythm Technologies from $180.00 to $152.00 and set a “buy” rating on the stock in a report on Monday, June 1st. Bank of America cut their price objective on iRhythm Technologies from $225.00 to $180.00 and set a “buy” rating on the stock in a research note on Monday, May 18th. The Goldman Sachs Group reduced their target price on iRhythm Technologies from $184.00 to $147.00 and set a “neutral” rating for the company in a report on Thursday, April 9th. Finally, Truist Financial decreased their target price on iRhythm Technologies from $174.00 to $160.00 and set a “buy” rating for the company in a research report on Thursday, July 16th. Three analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $184.71.

iRhythm Technologies Stock Up 1.4%

iRhythm Technologies stock opened at $109.20 on Wednesday. The company has a market capitalization of $3.59 billion, a P/E ratio of -126.98 and a beta of 1.27. The firm’s fifty day simple moving average is $113.59 and its 200-day simple moving average is $128.29. The company has a current ratio of 5.17, a quick ratio of 4.98 and a debt-to-equity ratio of 4.03. iRhythm Technologies has a 1-year low of $100.85 and a 1-year high of $212.00.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings data on Thursday, April 30th. The company reported ($0.35) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.56) by $0.21. The business had revenue of $199.39 million during the quarter, compared to analyst estimates of $194.11 million. iRhythm Technologies had a negative net margin of 3.53% and a negative return on equity of 10.26%. iRhythm Technologies’s quarterly revenue was up 25.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.97) EPS. Sell-side analysts forecast that iRhythm Technologies will post 0.13 earnings per share for the current fiscal year.

Insider Buying and Selling

In other iRhythm Technologies news, Director Abhijit Y. Talwalkar purchased 5,312 shares of the business’s stock in a transaction dated Monday, May 11th. The stock was bought at an average cost of $10.71 per share, for a total transaction of $56,891.52. Following the completion of the acquisition, the director directly owned 25,611 shares in the company, valued at $274,293.81. This represents a 26.17% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.98% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On iRhythm Technologies

Several large investors have recently bought and sold shares of the stock. RTW Investments LP acquired a new stake in iRhythm Technologies in the 4th quarter worth $209,732,000. Millennium Management LLC raised its position in shares of iRhythm Technologies by 197.4% during the fourth quarter. Millennium Management LLC now owns 826,376 shares of the company’s stock valued at $146,632,000 after buying an additional 548,519 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its position in shares of iRhythm Technologies by 6,415.4% during the third quarter. Arrowstreet Capital Limited Partnership now owns 541,039 shares of the company’s stock valued at $93,053,000 after buying an additional 532,735 shares during the last quarter. Polar Capital Holdings Plc raised its position in shares of iRhythm Technologies by 24,782.1% during the third quarter. Polar Capital Holdings Plc now owns 335,908 shares of the company’s stock valued at $57,773,000 after buying an additional 334,558 shares during the last quarter. Finally, Holocene Advisors LP lifted its stake in shares of iRhythm Technologies by 2,023.1% in the second quarter. Holocene Advisors LP now owns 313,094 shares of the company’s stock valued at $48,204,000 after buying an additional 298,347 shares during the period.

iRhythm Technologies Company Profile

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.