iRhythm Technologies (NASDAQ:IRTC) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of iRhythm Technologies (NASDAQ:IRTC) have been assigned an average rating of “Moderate Buy” from the sixteen research firms that are presently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, twelve have given a buy recommendation and two have issued a strong buy recommendation on the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $180.07.

Several analysts recently issued reports on IRTC shares. BTIG Research reissued a “buy” rating and issued a $185.00 price target on shares of iRhythm Technologies in a research report on Monday, June 22nd. Wall Street Zen upgraded shares of iRhythm Technologies from a “hold” rating to a “buy” rating in a report on Saturday, September 26th. Truist Financial raised their price objective on shares of iRhythm Technologies from $160.00 to $168.00 and gave the company a “buy” rating in a research note on Monday, August 10th. Needham & Company LLC boosted their target price on shares of iRhythm Technologies from $192.00 to $194.00 and gave the stock a “buy” rating in a research report on Monday. Finally, Stephens initiated coverage on shares of iRhythm Technologies in a report on Thursday, July 23rd. They issued an “overweight” rating and a $160.00 target price on the stock.

iRhythm Technologies Stock Performance

Shares of iRhythm Technologies stock opened at $109.09 on Thursday. iRhythm Technologies has a one year low of $100.85 and a one year high of $212.00. The firm has a market capitalization of $3.60 billion, a price-to-earnings ratio of -253.70 and a beta of 1.45. The business has a 50-day simple moving average of $118.62 and a 200 day simple moving average of $117.14. 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 announced its quarterly earnings results 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. The business had revenue of $224.17 million for the quarter, compared to analyst estimates of $219.30 million. iRhythm Technologies had a positive return on equity of 10.11% and a negative net margin of 1.69%.The company’s quarterly revenue was up 20.1% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.32) earnings per share. On average, research analysts anticipate that iRhythm Technologies will post 0.6 earnings per share for the current fiscal year.

Institutional Trading of iRhythm Technologies

Several institutional investors and hedge funds have recently modified their holdings of IRTC. Rock Springs Capital Management LP boosted its holdings in iRhythm Technologies by 11.4% during the 1st quarter. Rock Springs Capital Management LP now owns 261,750 shares of the company’s stock worth $30,892,000 after acquiring an additional 26,750 shares during the last quarter. Quantinno Capital Management LP raised its holdings in shares of 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 purchasing an additional 17,158 shares during the last quarter. Hsbc Holdings PLC bought a new position in shares of iRhythm Technologies during the second quarter valued at about $528,000. Squarepoint Ops LLC lifted its position in shares of iRhythm Technologies by 1,065.8% during the second quarter. Squarepoint Ops LLC now owns 71,862 shares of the company’s stock valued at $8,548,000 after purchasing an additional 65,698 shares in the last quarter. Finally, Legal & General Group Plc boosted its holdings in iRhythm Technologies by 24.0% during the fourth quarter. Legal & General Group Plc now owns 52,070 shares of the company’s stock worth $9,239,000 after purchasing an additional 10,065 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.