Bank of America Has Lowered Expectations for iRhythm Technologies (NASDAQ:IRTC) Stock Price

iRhythm Technologies (NASDAQ:IRTC) had its target price reduced by analysts at Bank of America from $225.00 to $180.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Bank of America‘s price objective indicates a potential upside of 62.96% from the company’s previous close.

Several other equities research analysts have also weighed in on the stock. Citigroup upped their target price on shares of iRhythm Technologies from $155.00 to $157.00 and gave the stock a “buy” rating in a report on Monday, May 4th. JPMorgan Chase & Co. lowered their target price on shares of iRhythm Technologies from $215.00 to $175.00 and set an “overweight” rating on the stock in a report on Friday, May 1st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of iRhythm Technologies in a report on Tuesday, April 21st. Truist Financial reduced their price objective on iRhythm Technologies from $200.00 to $170.00 and set a “buy” rating on the stock in a research note on Wednesday, April 15th. Finally, Wall Street Zen upgraded iRhythm Technologies from a “hold” rating to a “buy” rating in a report on Sunday, May 3rd. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, iRhythm Technologies presently has an average rating of “Moderate Buy” and a consensus price target of $191.85.

iRhythm Technologies Stock Performance

NASDAQ:IRTC traded down $3.55 during trading hours on Monday, hitting $110.45. 389,529 shares of the company traded hands, compared to its average volume of 620,906. The stock has a market capitalization of $3.63 billion, a price-to-earnings ratio of -128.43 and a beta of 1.33. iRhythm Technologies has a twelve month low of $110.02 and a twelve month high of $212.00. The firm has a 50-day moving average of $119.69 and a 200 day moving average of $150.32. The company has a current ratio of 5.17, a quick ratio of 4.98 and a debt-to-equity ratio of 4.03.

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

Insider Buying and Selling

In other news, EVP Mervin Smith sold 1,352 shares of iRhythm Technologies stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $128.44, for a total value of $173,650.88. Following the completion of the sale, the executive vice president directly owned 25,612 shares of the company’s stock, valued at approximately $3,289,605.28. This trade represents a 5.01% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Sumi Shrishrimal sold 2,830 shares of iRhythm Technologies stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $128.44, for a total value of $363,485.20. Following the completion of the sale, the executive vice president directly owned 41,870 shares of the company’s stock, valued at $5,377,782.80. This trade represents a 6.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 94,509 shares of company stock worth $12,734,195. 0.98% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On iRhythm Technologies

Several institutional investors have recently modified their holdings of the business. Tudor Investment Corp ET AL acquired a new stake in shares of iRhythm Technologies during the 3rd quarter worth approximately $3,439,800,000. Vanguard Group Inc. grew its position in shares of iRhythm Technologies by 2.2% during the 4th quarter. Vanguard Group Inc. now owns 3,310,519 shares of the company’s stock worth $587,418,000 after buying an additional 70,420 shares during the period. RTW Investments LP acquired a new stake in shares of iRhythm Technologies during the 4th quarter worth approximately $209,732,000. Geode Capital Management LLC grew its position 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 period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of iRhythm Technologies by 45.6% during the fourth 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 purchasing an additional 259,800 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.