iRhythm Technologies (NASDAQ:IRTC) Cut to Hold at Wall Street Zen

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

IRTC has been the topic of several other research reports. Bank of America dropped their price objective on iRhythm Technologies from $225.00 to $180.00 and set a “buy” rating on the stock in a research note on Monday, May 18th. Stephens started coverage on iRhythm Technologies in a research note on Thursday, July 23rd. They issued an “overweight” rating and a $160.00 target price for the company. HC Wainwright restated a “buy” rating on shares of iRhythm Technologies in a report on Monday, June 1st. Canaccord Genuity Group dropped their price target on iRhythm Technologies from $180.00 to $152.00 and set a “buy” rating on the stock in a research report on Monday, June 1st. Finally, Needham & Company LLC dropped their price target on iRhythm Technologies from $255.00 to $192.00 and set a “buy” rating on the stock in a research report on Friday. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, iRhythm Technologies presently has an average rating of “Moderate Buy” and a consensus target price of $179.93.

iRhythm Technologies Stock Down 2.4%

Shares of NASDAQ:IRTC opened at $124.78 on Friday. iRhythm Technologies has a 52 week low of $100.85 and a 52 week high of $212.00. The company has a debt-to-equity ratio of 3.50, a quick ratio of 3.74 and a current ratio of 3.86. The company has a market capitalization of $4.11 billion, a PE ratio of -290.19 and a beta of 1.30. The company has a 50 day moving average price of $115.35 and a two-hundred day moving average price of $123.99.

iRhythm Technologies (NASDAQ:IRTC) last posted its earnings results on Thursday, August 6th. The company reported $0.58 earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.62. The company had revenue of $224.17 million for the quarter, compared to analyst estimates of $219.30 million. iRhythm Technologies had a negative net margin of 1.69% and a positive return on equity of 10.11%. The business’s revenue for the quarter was up 20.1% compared to the same quarter last year. During the same period last year, the business posted ($0.32) earnings per share. Analysts forecast that iRhythm Technologies will post 0.13 earnings per share for the current year.

Institutional Investors Weigh In On iRhythm Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Madison Asset Management LLC bought a new stake in iRhythm Technologies in the 2nd quarter valued at $678,000. Citizens Financial Group Inc. RI bought a new position in iRhythm Technologies during the 2nd quarter worth about $9,289,000. Handelsbanken Fonder AB increased its holdings in iRhythm Technologies by 17.2% during the 2nd quarter. Handelsbanken Fonder AB now owns 12,239 shares of the company’s stock worth $1,456,000 after purchasing an additional 1,800 shares in the last quarter. Harbor Investment Advisory LLC acquired a new stake in shares of iRhythm Technologies in the 2nd quarter valued at about $50,000. Finally, Amundi raised its stake in shares of iRhythm Technologies by 48.4% in the 1st quarter. Amundi now owns 49,575 shares of the company’s stock valued at $5,851,000 after purchasing an additional 16,165 shares during the period.

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.