iRhythm Technologies (NASDAQ:IRTC) Stock Gets Price Target Cut from Piper Sandler

iRhythm Technologies (NASDAQ:IRTC) had its price target cut by equities research analysts at Piper Sandler from $160.00 to $150.00 in a report issued on Friday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Piper Sandler‘s price objective would indicate a potential upside of 14.48% from the company’s previous close.

Several other equities analysts have also recently issued reports on IRTC. Wells Fargo & Company dropped their price objective on shares of iRhythm Technologies from $168.00 to $150.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 6th. Wall Street Zen lowered shares of iRhythm Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, October 10th. Stephens assumed coverage on shares of iRhythm Technologies in a report on Thursday, July 23rd. They set an “overweight” rating and a $160.00 price target for the company. Citigroup downgraded shares of iRhythm Technologies from a “buy” rating to a “neutral” rating and set a $124.00 price objective for the company. in a research report on Friday. Finally, Needham & Company LLC lowered their price objective on iRhythm Technologies from $194.00 to $165.00 and set a “buy” rating on the stock in a report on Friday. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, iRhythm Technologies currently has an average rating of “Moderate Buy” and an average price target of $172.14.

iRhythm Technologies Trading Down 2.2%

Shares of IRTC stock opened at $131.03 on Friday. The company has a market capitalization of $4.32 billion, a P/E ratio of -304.72 and a beta of 1.39. The company has a current ratio of 3.86, a quick ratio of 3.74 and a debt-to-equity ratio of 3.50. The business’s 50 day moving average is $115.47 and its two-hundred day moving average is $122.07. iRhythm Technologies has a twelve month low of $100.70 and a twelve month high of $192.47.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings results on Thursday, November 5th. The company reported $0.82 EPS for the quarter, topping the consensus estimate of $0.02 by $0.80. iRhythm Technologies had a positive return on equity of 10.11% and a negative net margin of 1.69%. The business had revenue of $221.59 million during the quarter, compared to analysts’ expectations of $222.23 million. During the same quarter in the prior year, the business earned ($0.06) earnings per share. The company’s quarterly revenue was up 14.9% compared to the same quarter last year. Equities analysts forecast that iRhythm Technologies will post 0.54 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Knights of Columbus Asset Advisors LLC acquired a new stake in shares of iRhythm Technologies during the 3rd quarter valued at approximately $2,398,000. M&G PLC acquired a new stake in shares of iRhythm Technologies in the 3rd quarter worth approximately $13,905,000. Fulcrum Asset Management LLP purchased a new position in iRhythm Technologies in the 3rd quarter valued at approximately $321,000. Covestor Ltd increased its stake in iRhythm Technologies by 44.8% in the 3rd quarter. Covestor Ltd now owns 417 shares of the company’s stock valued at $47,000 after purchasing an additional 129 shares in the last quarter. Finally, Vise Technologies Inc. acquired a new position in iRhythm Technologies during the third quarter worth $208,000.

Trending Headlines about iRhythm Technologies

Here are the key news stories impacting iRhythm Technologies this week:

• Positive Sentiment: Third-quarter adjusted EPS was $0.82, well above the $0.02 consensus estimate and the year-ago loss of $0.06. iRhythm Q3 Earnings Surpass Estimates
• Neutral Sentiment: Revenue increased 14.9% year over year to $221.6 million, but was just below the $222.2 million analyst estimate, making sales performance broadly in line with expectations. Q3 Revenue Report
• Negative Sentiment: Despite the earnings beat, a report said IRTC shares declined following the results, suggesting investors were disappointed by something beyond the headline EPS figure. Needham cut its price target to $165 from $194, while keeping its Buy rating. Q3 Results and Share Reaction Needham Price Target Update

iRhythm Technologies Company Profile

iRhythm Technologies, Inc is a digital health company focused on the diagnosis and management of cardiac arrhythmias. The company provides ambulatory cardiac monitoring services that enable physicians to evaluate patients for conditions such as atrial fibrillation and other irregular heart rhythms.

Its principal offering is the Zio platform, which combines wearable electrocardiogram (ECG) monitoring devices with cloud-based data analysis and physician reports. Products in the platform include the Zio XT, an extended-wear monitor, and the Zio AT, which provides near-real-time monitoring capabilities.