iRhythm Technologies (NASDAQ:IRTC) Given Average Rating of “Moderate Buy” by Brokerages

iRhythm Technologies (NASDAQ:IRTC) has earned an average recommendation of “Moderate Buy” from the sixteen ratings firms that are currently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, one has given a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $179.9286.

A number of equities research analysts have recently issued reports on IRTC shares. Wells Fargo & Company dropped their target price on shares of iRhythm Technologies from $180.00 to $168.00 and set an “overweight” rating on the stock in a report on Friday, August 7th. Canaccord Genuity Group reduced their price target on iRhythm Technologies from $180.00 to $152.00 and set a “buy” rating for the company in a report on Monday, June 1st. Wall Street Zen downgraded iRhythm Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Bank of America dropped 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. Finally, Truist Financial raised their price objective on iRhythm Technologies from $160.00 to $168.00 and gave the company a “buy” rating in a research report on Monday, August 10th.

Institutional Investors Weigh In On iRhythm Technologies

Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in shares of iRhythm Technologies by 2.2% in the fourth quarter. Vanguard Group Inc. now owns 3,310,519 shares of the company’s stock valued at $587,418,000 after purchasing an additional 70,420 shares during the last quarter. RTW Investments LP bought a new position in shares of iRhythm Technologies in the fourth quarter valued at about $209,732,000. Geode Capital Management LLC lifted its stake in shares of iRhythm Technologies by 8.6% during the 4th quarter. Geode Capital Management LLC now owns 858,405 shares of the company’s stock worth $152,337,000 after buying an additional 68,301 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of iRhythm Technologies by 45.6% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 829,862 shares of the company’s stock worth $147,251,000 after buying an additional 259,800 shares during the last quarter. Finally, Millennium Management LLC boosted its holdings in shares of 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 buying an additional 548,519 shares during the period.

iRhythm Technologies Price Performance

Shares of IRTC opened at $126.44 on Wednesday. The company has a current ratio of 3.86, a quick ratio of 3.74 and a debt-to-equity ratio of 3.50. The company’s fifty day simple moving average is $116.77 and its 200 day simple moving average is $122.90. iRhythm Technologies has a 1-year low of $100.85 and a 1-year high of $212.00. The company has a market cap of $4.17 billion, a price-to-earnings ratio of -294.05 and a beta of 1.30.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.62. iRhythm Technologies had a negative net margin of 1.69% and a positive return on equity of 10.11%. The firm had revenue of $224.17 million during the quarter, compared to analysts’ expectations of $219.30 million. During the same quarter last year, the company posted ($0.32) earnings per share. The company’s revenue for the quarter was up 20.1% compared to the same quarter last year. On average, research analysts forecast that iRhythm Technologies will post 0.43 earnings per share for the current fiscal year.

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.