iRhythm Technologies (NASDAQ:IRTC) Price Target Raised to $168.00

iRhythm Technologies (NASDAQ:IRTC) had its price objective raised by Truist Financial from $160.00 to $168.00 in a report issued on Monday morning,Benzinga reports. They currently have a buy rating on the stock.

Other equities analysts have also recently issued research reports about the stock. Wells Fargo & Company cut their target price on shares of iRhythm Technologies from $180.00 to $168.00 and set an “overweight” rating on the stock in a report on Friday, August 7th. Weiss Ratings raised iRhythm Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, June 18th. Bank of America dropped their price target on iRhythm Technologies from $225.00 to $180.00 and set a “buy” rating on the stock in a research report on Monday, May 18th. Needham & Company LLC cut their price target on iRhythm Technologies from $255.00 to $192.00 and set a “buy” rating on the stock in a report on Friday, August 7th. Finally, HC Wainwright reissued a “buy” rating on shares of iRhythm Technologies in a report on Monday, June 1st. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $179.93.

iRhythm Technologies Stock Performance

iRhythm Technologies stock opened at $125.35 on Monday. The company has a debt-to-equity ratio of 3.50, a current ratio of 3.86 and a quick ratio of 3.74. iRhythm Technologies has a 12 month low of $100.85 and a 12 month high of $212.00. The company has a fifty day moving average price of $116.09 and a two-hundred day moving average price of $123.41. The company has a market cap of $4.13 billion, a PE ratio of -291.51 and a beta of 1.30.

iRhythm Technologies (NASDAQ:IRTC) last issued its earnings results on Thursday, August 6th. The company reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.62. iRhythm Technologies had a negative net margin of 1.69% and a positive return on equity of 10.11%. The company had revenue of $224.17 million for the quarter, compared to analysts’ expectations of $219.30 million. During the same period in the prior year, the company earned ($0.32) earnings per share. The firm’s revenue was up 20.1% compared to the same quarter last year. Research analysts expect that iRhythm Technologies will post 0.43 earnings per share for the current year.

Institutional Trading of iRhythm Technologies

Several hedge funds have recently bought and sold shares of the company. RTW Investments LP bought a new position in iRhythm Technologies in the 4th quarter worth approximately $209,732,000. Millennium Management LLC raised its stake in iRhythm Technologies by 197.4% during the 4th quarter. Millennium Management LLC now owns 826,376 shares of the company’s stock valued at $146,632,000 after acquiring an additional 548,519 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its stake in iRhythm Technologies by 6,415.4% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 541,039 shares of the company’s stock valued at $93,053,000 after acquiring an additional 532,735 shares in the last quarter. Polar Capital Holdings Plc boosted its position in iRhythm Technologies by 24,782.1% during the 3rd quarter. Polar Capital Holdings Plc now owns 335,908 shares of the company’s stock worth $57,773,000 after acquiring an additional 334,558 shares during the period. Finally, Holocene Advisors LP boosted its position in iRhythm Technologies by 2,023.1% during the 2nd quarter. Holocene Advisors LP now owns 313,094 shares of the company’s stock worth $48,204,000 after acquiring an additional 298,347 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.