iRhythm Technologies (NASDAQ:IRTC) Research Coverage Started at Piper Sandler

Piper Sandler began coverage on shares of iRhythm Technologies (NASDAQ:IRTC) in a report released on Friday morning, Marketbeat reports. The firm issued an overweight rating and a $160.00 target price on the stock.

Several other brokerages have also recently issued reports on IRTC. Weiss Ratings cut shares of iRhythm Technologies from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, October 12th. Stephens started coverage on shares of iRhythm Technologies in a report on Thursday, July 23rd. They issued an “overweight” rating and a $160.00 price target on the stock. Wells Fargo & Company cut their price target on iRhythm Technologies from $168.00 to $150.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 6th. Wall Street Zen downgraded iRhythm Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, October 10th. Finally, Truist Financial lifted their price objective on iRhythm Technologies from $160.00 to $168.00 and gave the company a “buy” rating in a research note on Monday, August 10th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, iRhythm Technologies presently has an average rating of “Moderate Buy” and an average price target of $177.53.

iRhythm Technologies Price Performance

Shares of NASDAQ IRTC opened at $108.66 on Friday. The business’s 50 day moving average price is $115.66 and its 200 day moving average price is $116.40. The firm has a market cap of $3.58 billion, a P/E ratio of -252.70 and a beta of 1.45. iRhythm Technologies has a 52 week low of $100.70 and a 52 week high of $212.00. The company has a quick ratio of 3.74, a current ratio of 3.86 and a debt-to-equity ratio of 3.50.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings results on Thursday, August 6th. The company reported $0.58 earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.62. The company had revenue of $224.17 million for the quarter, compared to the consensus estimate of $219.30 million. iRhythm Technologies had a negative net margin of 1.69% and a positive return on equity of 10.11%. iRhythm Technologies’s quarterly revenue was up 20.1% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.32) EPS. On average, sell-side analysts expect that iRhythm Technologies will post 0.54 earnings per share for the current year.

Institutional Investors Weigh In On iRhythm Technologies

A number of institutional investors have recently modified their holdings of the business. Versant Capital Management Inc increased its stake in iRhythm Technologies by 123.2% during the 3rd quarter. Versant Capital Management Inc now owns 221 shares of the company’s stock worth $25,000 after buying an additional 122 shares in the last quarter. Values First Advisors Inc. lifted its position in shares of iRhythm Technologies by 3.0% in the first quarter. Values First Advisors Inc. now owns 5,937 shares of the company’s stock valued at $701,000 after acquiring an additional 172 shares in the last quarter. Assetmark Inc. lifted its position in shares of iRhythm Technologies by 30.1% in the first quarter. Assetmark Inc. now owns 821 shares of the company’s stock valued at $97,000 after acquiring an additional 190 shares in the last quarter. Swiss National Bank lifted its position in shares of iRhythm Technologies by 0.5% in the first quarter. Swiss National Bank now owns 63,700 shares of the company’s stock valued at $7,518,000 after acquiring an additional 300 shares in the last quarter. Finally, Headlands Technologies LLC boosted its stake in shares of iRhythm Technologies by 6.7% in the second quarter. Headlands Technologies LLC now owns 4,886 shares of the company’s stock worth $581,000 after acquiring an additional 305 shares during the last quarter.

iRhythm Technologies Company Profile

iRhythm Technologies, Inc is a digital health care company focused on ambulatory cardiac monitoring and the diagnosis of cardiac arrhythmias. The company combines wearable biosensor technology, cloud-based data analysis and clinical services to help physicians detect and manage irregular heart rhythms, including atrial fibrillation.

Its principal products include the Zio monitor portfolio, which is designed for extended, continuous electrocardiogram monitoring in an easy-to-use wearable format.