iRhythm Technologies (NASDAQ:IRTC) Raised to “Buy” at Wall Street Zen

iRhythm Technologies (NASDAQ:IRTC) was upgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a note issued to investors on Saturday, Wall Street Zen reports.

A number of other brokerages also recently issued reports on IRTC. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of iRhythm Technologies in a report on Monday, September 14th. Canaccord Genuity Group reduced their price objective on shares of iRhythm Technologies from $180.00 to $152.00 and set a “buy” rating for the company in a research report on Monday, June 1st. Needham & Company LLC lowered their target price on shares of iRhythm Technologies from $255.00 to $192.00 and set a “buy” rating for the company in a report on Friday, August 7th. Stephens assumed coverage on shares of iRhythm Technologies in a report on Thursday, July 23rd. They issued an “overweight” rating and a $160.00 target price for the company. Finally, BTIG Research reaffirmed a “buy” rating and issued a $185.00 target price on shares of iRhythm Technologies in a research report on Monday, June 22nd. Two 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 stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $179.93.

iRhythm Technologies Price Performance

Shares of NASDAQ IRTC opened at $110.38 on Friday. The business has a 50-day moving average of $118.31 and a two-hundred day moving average of $117.34. The company has a market capitalization of $3.64 billion, a price-to-earnings ratio of -256.70 and a beta of 1.31. iRhythm Technologies has a 1 year low of $100.85 and a 1 year high of $212.00. 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 (NASDAQ:IRTC) last released its quarterly earnings data on Thursday, August 6th. The company reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.62. iRhythm Technologies had a positive return on equity of 10.11% and a negative net margin of 1.69%.The business had revenue of $224.17 million for the quarter, compared to the consensus estimate of $219.30 million. During the same quarter in the prior year, the business posted ($0.32) EPS. The business’s revenue for the quarter was up 20.1% on a year-over-year basis. On average, analysts forecast that iRhythm Technologies will post 0.6 earnings per share for the current fiscal year.

Hedge Funds Weigh In On iRhythm Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC raised its stake in iRhythm Technologies by 8.6% during the 4th quarter. Geode Capital Management LLC now owns 858,405 shares of the company’s stock valued at $152,337,000 after acquiring an additional 68,301 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its stake in shares of iRhythm Technologies by 12.2% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 606,969 shares of the company’s stock valued at $107,701,000 after purchasing an additional 65,930 shares during the last quarter. Braidwell LP grew its stake in shares of iRhythm Technologies by 7.2% in the 2nd quarter. Braidwell LP now owns 654,262 shares of the company’s stock valued at $77,824,000 after purchasing an additional 44,070 shares during the last quarter. Stephens Investment Management Group LLC increased its holdings in shares of iRhythm Technologies by 8.1% in the first quarter. Stephens Investment Management Group LLC now owns 561,530 shares of the company’s stock valued at $66,272,000 after purchasing an additional 42,205 shares during the period. Finally, Westfield Capital Management Co. LP increased its holdings in shares of iRhythm Technologies by 0.3% in the fourth quarter. Westfield Capital Management Co. LP now owns 325,063 shares of the company’s stock valued at $57,679,000 after purchasing an additional 1,083 shares during the period.

About iRhythm Technologies

iRhythm Technologies, Inc is a digital health company focused on ambulatory cardiac monitoring and the detection of cardiac arrhythmias. The company combines wearable electrocardiogram (ECG) sensors, cloud-based data analysis and clinical support services to help healthcare professionals identify and manage irregular heart rhythms.

Its product portfolio includes the Zio monitor and related services, including Zio XT and Zio AT. These single-use, wearable devices continuously record cardiac activity over an extended period, after which iRhythm analyzes the data and provides reports to physicians.