iRhythm Technologies (NASDAQ:IRTC) PT Raised to $185.00

iRhythm Technologies (NASDAQ:IRTC) had its price objective hoisted by investment analysts at Truist Securities from $130.00 to $185.00 in a report released on Thursday, Stock Target Advisor reports. Truist Securities’ target price indicates a potential upside of 31.11% from the company’s previous close. Truist Securities also issued estimates for iRhythm Technologies’ Q3 2023 earnings at ($0.82) EPS and Q4 2023 earnings at ($0.88) EPS.

Several other research analysts have also recently commented on IRTC. assumed coverage on shares of iRhythm Technologies in a research report on Tuesday, December 21st. They issued a “buy” rating for the company. Citigroup upgraded shares of iRhythm Technologies from a “neutral” rating to a “buy” rating and set a $120.00 target price for the company in a research report on Wednesday, December 15th. Oppenheimer upgraded shares of iRhythm Technologies from a “market perform” rating to an “outperform” rating and set a $150.00 target price for the company in a report on Tuesday. Robert W. Baird upped their price target on shares of iRhythm Technologies from $110.00 to $137.00 in a research report on Wednesday. Finally, Truist upped their price target on shares of iRhythm Technologies from $130.00 to $185.00 in a research report on Thursday. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $155.92.

IRTC opened at $141.10 on Thursday. The firm has a market cap of $4.15 billion, a price-to-earnings ratio of -53.40 and a beta of 1.21. iRhythm Technologies has a fifty-two week low of $41.66 and a fifty-two week high of $286.19. The company’s 50-day moving average price is $107.87 and its 200 day moving average price is $75.66. The company has a quick ratio of 3.81, a current ratio of 3.93 and a debt-to-equity ratio of 0.04.

iRhythm Technologies (NASDAQ:IRTC) last posted its earnings results on Thursday, November 4th. The company reported ($0.81) EPS for the quarter, topping the consensus estimate of ($1.09) by $0.28. iRhythm Technologies had a negative net margin of 24.55% and a negative return on equity of 25.06%. The firm had revenue of $85.43 million during the quarter, compared to analysts’ expectations of $83.65 million. During the same quarter in the prior year, the firm earned ($0.17) EPS. iRhythm Technologies’s quarterly revenue was up 18.7% on a year-over-year basis. Research analysts anticipate that iRhythm Technologies will post -3.58 earnings per share for the current year.

Institutional investors and hedge funds have recently made changes to their positions in the company. Newbridge Financial Services Group Inc. increased its stake in shares of iRhythm Technologies by 190.0% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 435 shares of the company’s stock worth $29,000 after purchasing an additional 285 shares during the last quarter. Rockefeller Capital Management L.P. increased its stake in shares of iRhythm Technologies by 625.7% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 537 shares of the company’s stock worth $30,000 after purchasing an additional 463 shares during the last quarter. First Horizon Advisors Inc. increased its stake in shares of iRhythm Technologies by 44.3% during the 3rd quarter. First Horizon Advisors Inc. now owns 554 shares of the company’s stock worth $44,000 after purchasing an additional 170 shares during the last quarter. Fieldpoint Private Securities LLC increased its stake in shares of iRhythm Technologies by 65.7% during the 2nd quarter. Fieldpoint Private Securities LLC now owns 1,377 shares of the company’s stock worth $66,000 after purchasing an additional 546 shares during the last quarter. Finally, Ancora Advisors LLC increased its stake in shares of iRhythm Technologies by 232.6% during the 2nd quarter. Ancora Advisors LLC now owns 1,430 shares of the company’s stock worth $95,000 after purchasing an additional 1,000 shares during the last quarter. Institutional investors own 94.17% of the company’s stock.

About iRhythm Technologies

iRhythm Technologies, Inc engages in the development of monitoring and diagnostic solutions for detection of cardiac arrhythmias. It offers Zio XT, is a wearable patch-based biosensor, continuously records, and stores ECG data from every patient heartbeat for up to 14 consecutive days; and Zio AT, also provides ECG data but also provides physicians with actionable notifications during the wear period.

Featured Article: Investing in Blue-Chip Stocks

Stock Target Advisor logo

Analyst Recommendations for iRhythm Technologies (NASDAQ:IRTC)

Receive News & Ratings for iRhythm Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for iRhythm Technologies and related companies with MarketBeat.com's FREE daily email newsletter.