iRhythm Technologies (NASDAQ:IRTC) Research Coverage Started at Stephens

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

A number of other brokerages have also recently weighed in on IRTC. Needham & Company LLC boosted their price objective on iRhythm Technologies from $254.00 to $255.00 and gave the company a “buy” rating in a research note on Friday, May 1st. HC Wainwright reaffirmed a “buy” rating on shares of iRhythm Technologies in a report on Monday, June 1st. Wall Street Zen upgraded shares of iRhythm Technologies from a “hold” rating to a “buy” rating in a research report on Saturday, July 18th. JPMorgan Chase & Co. reduced their price target on shares of iRhythm Technologies from $215.00 to $175.00 and set an “overweight” rating for the company in a research report on Friday, May 1st. Finally, Bank of America decreased their price target on shares of iRhythm Technologies from $225.00 to $180.00 and set a “buy” rating for the company in a research note on Monday, May 18th. Three analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, iRhythm Technologies has an average rating of “Buy” and an average price target of $184.71.

iRhythm Technologies Stock Up 1.4%

IRTC opened at $109.20 on Thursday. The business’s 50-day simple moving average is $113.59 and its 200-day simple moving average is $128.29. The company has a debt-to-equity ratio of 4.03, a quick ratio of 4.98 and a current ratio of 5.17. iRhythm Technologies has a one year low of $100.85 and a one year high of $212.00. The stock has a market capitalization of $3.59 billion, a P/E ratio of -126.98 and a beta of 1.27.

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

Insider Buying and Selling at iRhythm Technologies

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

Hedge Funds Weigh In On iRhythm Technologies

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. RTW Investments LP acquired a new stake in iRhythm Technologies in the fourth quarter valued at about $209,732,000. Millennium Management LLC increased its position in iRhythm Technologies by 197.4% during the 4th 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 period. Arrowstreet Capital Limited Partnership increased its position in iRhythm Technologies by 6,415.4% during the 3rd 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 period. Polar Capital Holdings Plc raised its stake in shares of iRhythm Technologies by 24,782.1% during the 3rd quarter. Polar Capital Holdings Plc now owns 335,908 shares of the company’s stock worth $57,773,000 after buying an additional 334,558 shares in the last quarter. Finally, Holocene Advisors LP raised its stake in shares of iRhythm Technologies by 2,023.1% during the 2nd quarter. Holocene Advisors LP now owns 313,094 shares of the company’s stock worth $48,204,000 after buying an additional 298,347 shares in the last quarter.

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.