JPMorgan Chase & Co. Has Lowered Expectations for iRhythm Technologies (NASDAQ:IRTC) Stock Price

iRhythm Technologies (NASDAQ:IRTC) had its price objective decreased by JPMorgan Chase & Co. from $175.00 to $145.00 in a report released on Friday, Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 60.72% from the company’s current price.

A number of other equities analysts have also weighed in on the company. Piper Sandler decreased their target price on iRhythm Technologies from $160.00 to $150.00 and set an “overweight” rating for the company in a research report on Friday. Truist Financial raised their price target on shares of iRhythm Technologies from $160.00 to $168.00 and gave the company a “buy” rating in a report on Monday, August 10th. Wells Fargo & Company reduced their price target on shares of iRhythm Technologies from $150.00 to $135.00 and set an “overweight” rating for the company in a research note on Friday. Canaccord Genuity Group boosted their price objective on shares of iRhythm Technologies from $196.00 to $206.00 and gave the company a “buy” rating in a report on Friday. Finally, Wall Street Zen downgraded shares of iRhythm Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, October 10th. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $168.93.

iRhythm Technologies Price Performance

IRTC opened at $90.22 on Friday. The firm has a market cap of $2.97 billion, a PE ratio of -77.11 and a beta of 1.39. The stock has a 50-day moving average price of $114.95 and a 200-day moving average price of $121.69. iRhythm Technologies has a 1 year low of $86.30 and a 1 year high of $192.47. The company has a debt-to-equity ratio of 3.68, a current ratio of 3.57 and a quick ratio of 3.45.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings data on Thursday, November 5th. The company reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.80. iRhythm Technologies had a positive return on equity of 26.88% and a negative net margin of 4.52%. The business had revenue of $221.59 million for the quarter, compared to analysts’ expectations of $222.23 million. During the same period in the prior year, the firm posted ($0.06) EPS. The firm’s quarterly revenue was up 14.9% on a year-over-year basis. Sell-side analysts predict that iRhythm Technologies will post 0.54 earnings per share for the current fiscal year.

Institutional Investors Weigh In On iRhythm Technologies

A number of large investors have recently made changes to their positions in the company. Diversified Trust Co raised its holdings in iRhythm Technologies by 77.6% in the 3rd quarter. Diversified Trust Co now owns 5,972 shares of the company’s stock worth $679,000 after purchasing an additional 2,610 shares during the period. Russell Investments Group Ltd. grew its holdings in iRhythm Technologies by 384.7% during the third quarter. Russell Investments Group Ltd. now owns 111,451 shares of the company’s stock valued at $12,668,000 after purchasing an additional 88,459 shares during the period. Knights of Columbus Asset Advisors LLC purchased a new stake in iRhythm Technologies in the third quarter worth about $2,398,000. M&G PLC purchased a new stake in iRhythm Technologies in the third quarter worth about $13,905,000. Finally, Fulcrum Asset Management LLP purchased a new stake in iRhythm Technologies in the third quarter worth about $321,000.

About iRhythm Technologies

iRhythm Technologies is a medical technology company that develops digital solutions for detecting and monitoring heart rhythm disorders. Its services combine wearable electrocardiogram (ECG) devices with cloud-based data analysis and clinical reporting to help healthcare professionals assess patients for conditions such as cardiac arrhythmias.

The company’s Zio product line includes wearable ECG monitors, such as Zio XT, which records a patient’s heart activity during an extended monitoring period.