iRhythm Technologies (NASDAQ:IRTC) Stock Rating Upgraded by Wall Street Zen

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

Several other research firms also recently weighed in on IRTC. Bank of America cut their target price 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. The Goldman Sachs Group lowered their price target on iRhythm Technologies from $184.00 to $147.00 and set a “neutral” rating for the company in a research report on Thursday, April 9th. Weiss Ratings raised shares of iRhythm Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, June 18th. Citigroup boosted their price objective on shares of iRhythm Technologies from $155.00 to $157.00 and gave the company a “buy” rating in a research report on Monday, May 4th. Finally, BTIG Research reissued a “buy” rating and issued a $185.00 target price on shares of iRhythm Technologies in a research note on Monday, June 22nd. Two 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 company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $186.62.

iRhythm Technologies Stock Performance

IRTC opened at $110.88 on Friday. The firm has a market cap of $3.64 billion, a P/E ratio of -128.93 and a beta of 1.27. iRhythm Technologies has a 12 month low of $100.85 and a 12 month high of $212.00. The company has a current ratio of 5.17, a quick ratio of 4.98 and a debt-to-equity ratio of 4.03. The stock has a 50-day moving average of $114.28 and a 200 day moving average of $130.36.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings data on Thursday, April 30th. The company reported ($0.35) earnings per share for the quarter, topping the consensus estimate of ($0.56) by $0.21. iRhythm Technologies had a negative return on equity of 10.26% and a negative net margin of 3.53%.The company had revenue of $199.39 million for the quarter, compared to analysts’ expectations of $194.11 million. During the same period in the previous year, the firm posted ($0.97) earnings per share. The firm’s revenue for the quarter was up 25.6% on a year-over-year basis. As a group, research analysts forecast that iRhythm Technologies will post 0.13 EPS for the current year.

Insider Buying and Selling

In related news, Director Abhijit Y. Talwalkar bought 5,312 shares of the company’s stock in a transaction on Monday, May 11th. The shares were acquired at an average cost of $10.71 per share, for a total transaction of $56,891.52. Following the purchase, the director directly owned 25,611 shares of the company’s stock, valued at approximately $274,293.81. The trade was a 26.17% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.98% of the stock is owned by corporate insiders.

Institutional Trading of iRhythm Technologies

A number of large investors have recently modified their holdings of the company. GAMMA Investing LLC boosted its holdings in iRhythm Technologies by 48.4% in the fourth quarter. GAMMA Investing LLC now owns 184 shares of the company’s stock valued at $33,000 after purchasing an additional 60 shares during the last quarter. Ascent Group LLC grew its position in shares of iRhythm Technologies by 0.7% during the 4th quarter. Ascent Group LLC now owns 9,587 shares of the company’s stock valued at $1,701,000 after acquiring an additional 70 shares during the period. WoodTrust Financial Corp increased its stake in shares of iRhythm Technologies by 0.7% in the 4th quarter. WoodTrust Financial Corp now owns 10,070 shares of the company’s stock valued at $1,787,000 after purchasing an additional 70 shares in the last quarter. US Bancorp DE increased its stake in shares of iRhythm Technologies by 7.8% in the 3rd quarter. US Bancorp DE now owns 1,042 shares of the company’s stock valued at $179,000 after purchasing an additional 75 shares in the last quarter. Finally, State of Wyoming increased its stake in shares of iRhythm Technologies by 16.0% in the 4th quarter. State of Wyoming now owns 616 shares of the company’s stock valued at $109,000 after purchasing an additional 85 shares in the last quarter.

About iRhythm Technologies

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.