iRhythm Technologies (NASDAQ:IRTC) Rating Increased to Strong-Buy at Stephens

iRhythm Technologies (NASDAQ:IRTC) was upgraded by investment analysts at Stephens to a “strong-buy” rating in a research note issued on Wednesday,Zacks.com reports.

A number of other equities research analysts have also issued reports on IRTC. JPMorgan Chase & Co. reduced their price target on iRhythm Technologies from $215.00 to $175.00 and set an “overweight” rating on the stock in a research report on Friday, May 1st. Bank of America lowered their price objective on iRhythm Technologies from $225.00 to $180.00 and set a “buy” rating for the company in a research report on Monday, May 18th. Wall Street Zen upgraded shares of iRhythm Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, July 18th. Truist Financial reduced their target price on shares of iRhythm Technologies from $174.00 to $160.00 and set a “buy” rating on the stock in a report on Thursday, July 16th. Finally, BTIG Research reiterated a “buy” rating and issued a $185.00 price target on shares of iRhythm Technologies in a research note on Monday, June 22nd. Three analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, iRhythm Technologies currently has a consensus rating of “Buy” and a consensus price target of $184.71.

iRhythm Technologies Stock Up 1.5%

iRhythm Technologies stock opened at $107.67 on Wednesday. The firm has a market capitalization of $3.54 billion, a P/E ratio of -125.20 and a beta of 1.27. 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 has a twelve month low of $100.85 and a twelve month high of $212.00. The stock’s fifty day simple moving average is $113.68 and its 200-day simple moving average is $128.43.

iRhythm Technologies (NASDAQ:IRTC) last released 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. iRhythm Technologies had a negative return on equity of 10.26% and a negative net margin of 3.53%.The firm had revenue of $199.39 million during the quarter, compared to analyst estimates of $194.11 million. During the same period last year, the business posted ($0.97) earnings per share. iRhythm Technologies’s revenue was up 25.6% compared to the same quarter last year. As a group, equities analysts expect that iRhythm Technologies will post 0.13 earnings per share for the current fiscal year.

Insider Transactions at iRhythm Technologies

In other iRhythm Technologies news, Director Abhijit Y. Talwalkar purchased 5,312 shares of the firm’s stock in a transaction on Monday, May 11th. The stock was bought at an average cost of $10.71 per share, with a total value of $56,891.52. Following the acquisition, the director directly owned 25,611 shares of the company’s stock, valued at approximately $274,293.81. This represents a 26.17% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.98% of the stock is owned by company insiders.

Institutional Investors Weigh In On iRhythm Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC increased its stake in shares of iRhythm Technologies by 48.4% during the fourth quarter. GAMMA Investing LLC now owns 184 shares of the company’s stock worth $33,000 after acquiring an additional 60 shares during the period. Ascent Group LLC lifted its position in iRhythm Technologies by 0.7% in the fourth quarter. Ascent Group LLC now owns 9,587 shares of the company’s stock valued at $1,701,000 after purchasing an additional 70 shares during the period. WoodTrust Financial Corp lifted its position in iRhythm Technologies by 0.7% in the fourth quarter. WoodTrust Financial Corp now owns 10,070 shares of the company’s stock valued at $1,787,000 after purchasing an additional 70 shares during the period. US Bancorp DE lifted its position in iRhythm Technologies by 7.8% in the third quarter. US Bancorp DE now owns 1,042 shares of the company’s stock valued at $179,000 after purchasing an additional 75 shares during the period. Finally, State of Wyoming boosted its holdings in iRhythm Technologies by 16.0% in the 4th quarter. State of Wyoming now owns 616 shares of the company’s stock valued at $109,000 after purchasing an additional 85 shares in the last quarter.

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.