Stephens Initiates Coverage on iRhythm Technologies (NASDAQ:IRTC)

Stock analysts at Stephens initiated coverage on shares of iRhythm Technologies (NASDAQ:IRTC) in a research note issued to investors on Thursday. The brokerage set an “overweight” rating and a $160.00 price target on the stock. Stephens’ price target would suggest a potential upside of 50.84% from the stock’s previous close.

A number of other analysts have also recently weighed in on the company. Weiss Ratings upgraded iRhythm Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, June 18th. Truist Financial reduced their target price on shares of iRhythm Technologies from $174.00 to $160.00 and set a “buy” rating on the stock in a research note on Thursday, July 16th. BTIG Research reaffirmed a “buy” rating and issued a $185.00 target price on shares of iRhythm Technologies in a report on Monday, June 22nd. HC Wainwright reiterated a “buy” rating on shares of iRhythm Technologies in a research report on Monday, June 1st. Finally, JPMorgan Chase & Co. cut their price target on shares of iRhythm Technologies from $215.00 to $175.00 and set an “overweight” rating for the company in a report on Friday, May 1st. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $184.71.

iRhythm Technologies Stock Down 2.7%

Shares of IRTC opened at $106.07 on Thursday. The stock has a market cap of $3.49 billion, a price-to-earnings ratio of -123.34 and a beta of 1.27. The company has a quick ratio of 4.98, a current ratio of 5.17 and a debt-to-equity ratio of 4.03. iRhythm Technologies has a 12 month low of $100.85 and a 12 month high of $212.00. The company has a 50-day moving average price of $113.81 and a two-hundred day moving average price of $128.90.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings data on Thursday, April 30th. The company reported ($0.35) earnings per share for the quarter, beating 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 analyst estimates of $194.11 million. During the same period in the prior year, the company posted ($0.97) EPS. The company’s revenue was up 25.6% compared to the same quarter last year. Equities analysts predict that iRhythm Technologies will post 0.13 EPS for the current fiscal year.

Insider Activity at iRhythm Technologies

In other iRhythm Technologies news, Director Abhijit Y. Talwalkar bought 5,312 shares of the firm’s stock in a transaction dated Monday, May 11th. The shares were bought at an average price of $10.71 per share, for a total transaction of $56,891.52. Following the completion of the acquisition, the director owned 25,611 shares of the company’s stock, valued at approximately $274,293.81. This trade represents a 26.17% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.98% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Handelsbanken Fonder AB grew 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 acquiring an additional 1,800 shares during the last quarter. Harbor Investment Advisory LLC bought a new position in shares of iRhythm Technologies in the second quarter worth about $50,000. Amundi raised its stake in shares of iRhythm Technologies by 48.4% in the first quarter. Amundi now owns 49,575 shares of the company’s stock worth $5,851,000 after acquiring an additional 16,165 shares during the last quarter. California State Teachers Retirement System lifted its position in shares of iRhythm Technologies by 22.1% during the first quarter. California State Teachers Retirement System now owns 37,324 shares of the company’s stock worth $4,405,000 after purchasing an additional 6,763 shares in the last quarter. Finally, Rock Springs Capital Management LP lifted its position in shares of iRhythm Technologies by 11.4% during the first quarter. Rock Springs Capital Management LP now owns 261,750 shares of the company’s stock worth $30,892,000 after purchasing an additional 26,750 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.