iRhythm Technologies (NASDAQ:IRTC) Stock Now Rated “Moderate Buy” by Sell-Side Analysts

iRhythm Technologies (NASDAQ:IRTC) has earned a consensus rating of “Moderate Buy” from the seventeen research firms that are currently covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, thirteen have given a buy recommendation and two have issued a strong buy recommendation on the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $174.50.

Several equities research analysts recently commented on the company. Wells Fargo & Company dropped their target price on iRhythm Technologies from $168.00 to $150.00 and set an “overweight” rating on the stock in a report on Tuesday, October 6th. Needham & Company LLC increased their price target on iRhythm Technologies from $192.00 to $194.00 and gave the company a “buy” rating in a research note on Monday, October 5th. Truist Financial lifted their price target on iRhythm Technologies from $160.00 to $168.00 and gave the company a “buy” rating in a research report on Monday, August 10th. Wall Street Zen downgraded iRhythm Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, October 10th. Finally, Weiss Ratings raised iRhythm Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday.

Institutional Investors Weigh In On iRhythm Technologies

Institutional investors and hedge funds have recently bought and sold shares of the business. Covestor Ltd boosted its holdings in iRhythm Technologies by 44.8% during the third quarter. Covestor Ltd now owns 417 shares of the company’s stock worth $47,000 after buying an additional 129 shares in the last quarter. Vise Technologies Inc. acquired a new position in iRhythm Technologies in the third quarter worth approximately $208,000. China Universal Asset Management Co. Ltd. increased its holdings in shares of iRhythm Technologies by 22.5% in the third quarter. China Universal Asset Management Co. Ltd. now owns 1,960 shares of the company’s stock valued at $224,000 after buying an additional 360 shares in the last quarter. Pinnacle Wealth Planning Services Inc. increased its holdings in shares of iRhythm Technologies by 2,588.4% in the third quarter. Pinnacle Wealth Planning Services Inc. now owns 2,312 shares of the company’s stock valued at $263,000 after buying an additional 2,226 shares in the last quarter. Finally, Sterling Capital Management LLC increased its holdings in shares of iRhythm Technologies by 842.2% in the third quarter. Sterling Capital Management LLC now owns 1,093 shares of the company’s stock valued at $124,000 after buying an additional 977 shares in the last quarter.

iRhythm Technologies Stock Performance

Shares of IRTC opened at $123.37 on Monday. The firm has a 50-day moving average price of $115.04 and a 200 day moving average price of $122.77. The firm has a market capitalization of $4.07 billion, a PE ratio of 277.83 and a beta of 1.45. 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 has a 52-week low of $100.70 and a 52-week high of $212.00.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.58 EPS for the quarter, topping analysts’ consensus estimates 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 revenue was up 20.1% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.32) EPS. On average, sell-side analysts anticipate that iRhythm Technologies will post 0.54 earnings per share for the current fiscal year.

iRhythm Technologies Company Profile

iRhythm Technologies, Inc is a digital health company focused on the diagnosis and management of cardiac arrhythmias. The company provides ambulatory cardiac monitoring services that enable physicians to evaluate patients for conditions such as atrial fibrillation and other irregular heart rhythms.

Its principal offering is the Zio platform, which combines wearable electrocardiogram (ECG) monitoring devices with cloud-based data analysis and physician reports. Products in the platform include the Zio XT, an extended-wear monitor, and the Zio AT, which provides near-real-time monitoring capabilities.