iRhythm Technologies (NASDAQ:IRTC) Downgraded by Wall Street Zen to Hold

Wall Street Zen lowered shares of iRhythm Technologies (NASDAQ:IRTC) from a buy rating to a hold rating in a research report released on Saturday morning,Wall Street Zen reports.

Several other brokerages have also recently commented on IRTC. Stephens initiated coverage on shares of iRhythm Technologies in a report on Thursday, July 23rd. They set an “overweight” rating and a $160.00 target price on the stock. Needham & Company LLC boosted 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. BTIG Research reissued a “buy” rating and set a $185.00 price target on shares of iRhythm Technologies in a research report on Monday, June 22nd. Truist Financial raised their price objective on iRhythm Technologies from $160.00 to $168.00 and gave the stock a “buy” rating in a research note on Monday, August 10th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of iRhythm Technologies in a report on Monday, September 14th. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $178.79.

iRhythm Technologies Stock Up 4.0%

IRTC stock opened at $106.70 on Friday. iRhythm Technologies has a fifty-two week low of $100.70 and a fifty-two week 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. The stock has a market capitalization of $3.52 billion, a price-to-earnings ratio of -248.14 and a beta of 1.45. The business’s fifty day moving average price is $117.53 and its two-hundred day moving average price is $116.81.

iRhythm Technologies (NASDAQ:IRTC) last announced its earnings results on Thursday, August 6th. The company reported $0.58 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $219.30 million. During the same quarter in the previous year, the business posted ($0.32) earnings per share. iRhythm Technologies’s quarterly revenue was up 20.1% on a year-over-year basis. On average, equities analysts anticipate that iRhythm Technologies will post 0.60 earnings per share for the current year.

Institutional Trading of iRhythm Technologies

Large investors have recently made changes to their positions in the company. Hsbc Holdings PLC acquired a new position in shares of iRhythm Technologies during the 2nd quarter worth $528,000. Rock Springs Capital Management LP boosted its stake in iRhythm Technologies by 11.4% in the first quarter. Rock Springs Capital Management LP now owns 261,750 shares of the company’s stock valued at $30,892,000 after buying an additional 26,750 shares in the last quarter. Quantinno Capital Management LP boosted its stake in iRhythm Technologies by 1,172.8% in the first quarter. Quantinno Capital Management LP now owns 18,621 shares of the company’s stock valued at $2,198,000 after buying an additional 17,158 shares in the last quarter. Squarepoint Ops LLC grew its position in iRhythm Technologies by 1,065.8% in the second quarter. Squarepoint Ops LLC now owns 71,862 shares of the company’s stock valued at $8,548,000 after acquiring an additional 65,698 shares during the last quarter. Finally, First Light Asset Management LLC grew its position in iRhythm Technologies by 9.3% in the first quarter. First Light Asset Management LLC now owns 168,116 shares of the company’s stock valued at $19,841,000 after acquiring an additional 14,245 shares during the last quarter.

iRhythm Technologies Company Profile

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.