Piper Sandler Begins Coverage on iRhythm Technologies (NASDAQ:IRTC)

Equities researchers at Piper Sandler started coverage on shares of iRhythm Technologies (NASDAQ:IRTC) in a report released on Friday, Benzinga reports. The firm set an “overweight” rating and a $160.00 price target on the stock. Piper Sandler’s target price would suggest a potential upside of 46.32% from the stock’s previous close.

Other research analysts have also issued research reports about the stock. Weiss Ratings lowered shares of iRhythm Technologies from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday. Wells Fargo & Company lowered their price target on iRhythm Technologies from $168.00 to $150.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 6th. Wall Street Zen lowered iRhythm Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, October 10th. Truist Financial boosted their price objective on iRhythm Technologies from $160.00 to $168.00 and gave the stock a “buy” rating in a research report on Monday, August 10th. Finally, BTIG Research reissued a “buy” rating and set a $185.00 price objective on shares of iRhythm Technologies in a research report on Monday, June 22nd. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $177.53.

iRhythm Technologies Trading Up 3.1%

NASDAQ:IRTC opened at $109.35 on Friday. The company’s 50 day moving average is $116.04 and its 200-day moving average is $116.44. 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 12 month low of $100.70 and a 12 month high of $212.00. The firm has a market cap of $3.60 billion, a price-to-earnings ratio of 230.54 and a beta of 1.45.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings data on Thursday, August 6th. The company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $224.17 million during the quarter, compared to the consensus estimate of $219.30 million. During the same period in the prior year, the firm earned ($0.32) EPS. iRhythm Technologies’s quarterly revenue was up 20.1% compared to the same quarter last year. Equities analysts anticipate that iRhythm Technologies will post 0.60 EPS for the current year.

Hedge Funds Weigh In On iRhythm Technologies

A number of institutional investors and hedge funds have recently bought and sold shares of IRTC. Braidwell LP boosted its holdings in 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 period. Stephens Investment Management Group LLC increased its holdings in shares of iRhythm Technologies by 8.1% during the 1st quarter. Stephens Investment Management Group LLC now owns 561,530 shares of the company’s stock worth $66,272,000 after purchasing an additional 42,205 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in shares of iRhythm Technologies by 14.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 467,113 shares of the company’s stock worth $55,222,000 after purchasing an additional 59,704 shares during the period. The Manufacturers Life Insurance Company raised its position in shares of iRhythm Technologies by 99.2% during the first quarter. The Manufacturers Life Insurance Company now owns 390,577 shares of the company’s stock valued at $46,096,000 after buying an additional 194,502 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its position in shares of iRhythm Technologies by 20.0% during the first quarter. Assenagon Asset Management S.A. now owns 270,221 shares of the company’s stock valued at $31,891,000 after buying an additional 45,016 shares during the last quarter.

About iRhythm Technologies

iRhythm Technologies, Inc is a digital health care company focused on ambulatory cardiac monitoring and the diagnosis of cardiac arrhythmias. The company combines wearable biosensor technology, cloud-based data analysis and clinical services to help physicians detect and manage irregular heart rhythms, including atrial fibrillation.

Its principal products include the Zio monitor portfolio, which is designed for extended, continuous electrocardiogram monitoring in an easy-to-use wearable format.