iRhythm Technologies (NASDAQ:IRTC) Given New $145.00 Price Target at JPMorgan Chase & Co.

iRhythm Technologies (NASDAQ:IRTC) had its price target decreased by investment analysts at JPMorgan Chase & Co. from $175.00 to $145.00 in a note issued to investors on Friday, Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 60.72% from the stock’s previous close.

A number of other equities research analysts have also issued reports on the company. Wall Street Zen lowered iRhythm Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, October 10th. Truist Financial boosted 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. Canaccord Genuity Group upped their price objective on iRhythm Technologies from $196.00 to $206.00 and gave the stock a “buy” rating in a research note on Friday. Stephens began coverage on iRhythm Technologies in a research report on Thursday, July 23rd. They set an “overweight” rating and a $160.00 target price for the company. Finally, Wells Fargo & Company decreased their target price on iRhythm Technologies from $150.00 to $135.00 and set an “overweight” rating on the stock in a research note on Friday. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, iRhythm Technologies presently has an average rating of “Moderate Buy” and a consensus target price of $168.93.

iRhythm Technologies Stock Performance

IRTC opened at $90.22 on Friday. The company has a 50 day simple moving average of $114.95 and a two-hundred day simple moving average of $121.69. The company has a debt-to-equity ratio of 3.68, a current ratio of 3.57 and a quick ratio of 3.45. The firm has a market cap of $2.97 billion, a P/E ratio of -77.11 and a beta of 1.39. iRhythm Technologies has a 1-year low of $86.30 and a 1-year high of $192.47.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings data on Thursday, November 5th. The company reported $0.82 EPS for the quarter, beating the consensus estimate of $0.02 by $0.80. iRhythm Technologies had a negative net margin of 4.52% and a positive return on equity of 26.88%. The firm had revenue of $221.59 million for the quarter, compared to the consensus estimate of $222.23 million. During the same period last year, the firm earned ($0.06) EPS. The company’s revenue was up 14.9% on a year-over-year basis. Equities analysts forecast that iRhythm Technologies will post 0.54 earnings per share for the current fiscal year.

Institutional Trading of iRhythm Technologies

A number of institutional investors and hedge funds have recently bought and sold shares of IRTC. Diversified Trust Co lifted its stake in iRhythm Technologies by 77.6% in the 3rd quarter. Diversified Trust Co now owns 5,972 shares of the company’s stock worth $679,000 after purchasing an additional 2,610 shares in the last quarter. Russell Investments Group Ltd. grew its position in shares of iRhythm Technologies by 384.7% during the third quarter. Russell Investments Group Ltd. now owns 111,451 shares of the company’s stock valued at $12,668,000 after purchasing an additional 88,459 shares in the last quarter. Knights of Columbus Asset Advisors LLC purchased a new position in shares of iRhythm Technologies during the third quarter valued at about $2,398,000. M&G PLC bought a new stake in shares of iRhythm Technologies in the third quarter worth about $13,905,000. Finally, Fulcrum Asset Management LLP bought a new stake in shares of iRhythm Technologies in the third quarter worth about $321,000.

iRhythm Technologies Company Profile

iRhythm Technologies is a medical technology company that develops digital solutions for detecting and monitoring heart rhythm disorders. Its services combine wearable electrocardiogram (ECG) devices with cloud-based data analysis and clinical reporting to help healthcare professionals assess patients for conditions such as cardiac arrhythmias.

The company’s Zio product line includes wearable ECG monitors, such as Zio XT, which records a patient’s heart activity during an extended monitoring period.