iRhythm Technologies (NASDAQ:IRTC) Now Covered by Stephens

Stephens assumed coverage on shares of iRhythm Technologies (NASDAQ:IRTC) in a report released on Thursday, MarketBeat reports. The brokerage issued an overweight rating and a $160.00 price target on the stock.

Several other equities analysts have also issued reports on the stock. Needham & Company LLC lifted their price target on shares of iRhythm Technologies from $254.00 to $255.00 and gave the stock a “buy” rating in a report on Friday, May 1st. The Goldman Sachs Group decreased their price objective on iRhythm Technologies from $184.00 to $147.00 and set a “neutral” rating for the company in a report on Thursday, April 9th. BTIG Research reissued a “buy” rating and issued a $185.00 price objective on shares of iRhythm Technologies in a research report on Monday, June 22nd. Wall Street Zen upgraded iRhythm Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, July 18th. Finally, Canaccord Genuity Group dropped their target price on iRhythm Technologies from $180.00 to $152.00 and set a “buy” rating on the stock in a research note on Monday, June 1st. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, iRhythm Technologies currently has an average rating of “Moderate Buy” and an average target price of $184.71.

iRhythm Technologies Price Performance

IRTC opened at $107.67 on Thursday. The firm has a market capitalization of $3.54 billion, a PE ratio of -125.20 and a beta of 1.27. The business’s 50-day moving average is $113.68 and its two-hundred day moving average is $128.43. iRhythm Technologies has a 1 year low of $100.85 and a 1 year high of $212.00. The company has a debt-to-equity ratio of 4.03, a current ratio of 5.17 and a quick ratio of 4.98.

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

Insider Transactions at iRhythm Technologies

In related news, Director Abhijit Y. Talwalkar purchased 5,312 shares of the business’s stock in a transaction on Monday, May 11th. The shares were acquired at an average price of $10.71 per share, for a total transaction of $56,891.52. Following the purchase, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.98% of the company’s stock.

Institutional Investors Weigh In On iRhythm Technologies

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