iRhythm Technologies (NASDAQ:IRTC – Get Free Report) had its price target lowered by JPMorgan Chase & Co. from $175.00 to $145.00 in a report issued on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 60.72% from the company’s current price.
Several other brokerages have also commented on IRTC. Citigroup lowered iRhythm Technologies from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $157.00 to $124.00 in a research note on Friday. Wall Street Zen downgraded iRhythm Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, October 10th. Needham & Company LLC dropped their price objective on iRhythm Technologies from $194.00 to $165.00 and set a “buy” rating for the company in a research note on Friday. BTIG Research reduced their price objective on iRhythm Technologies from $185.00 to $170.00 and set a “buy” rating for the company in a report on Friday. Finally, Weiss Ratings upgraded iRhythm Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, October 27th. Two research 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 issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $168.93.
View Our Latest Analysis on iRhythm Technologies
iRhythm Technologies Price Performance
Shares of NASDAQ IRTC opened at $90.22 on Friday. The stock has a market capitalization of $2.97 billion, a price-to-earnings ratio of -77.11 and a beta of 1.39. iRhythm Technologies has a 52 week low of $86.30 and a 52 week high of $192.47. The firm has a 50-day moving average price of $114.95 and a 200 day moving average price of $121.69. The company has a quick ratio of 3.45, a current ratio of 3.57 and a debt-to-equity ratio of 3.68.
iRhythm Technologies (NASDAQ:IRTC – Get Free Report) last issued its earnings results on Thursday, November 5th. The company reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.80. iRhythm Technologies had a negative net margin of 4.52% and a positive return on equity of 26.88%. The company had revenue of $221.59 million for the quarter, compared to analyst estimates of $222.23 million. During the same period in the prior year, the business posted ($0.06) earnings per share. The firm’s revenue for the quarter was up 14.9% compared to the same quarter last year. Equities research analysts anticipate that iRhythm Technologies will post 0.54 EPS for the current fiscal year.
Hedge Funds Weigh In On iRhythm Technologies
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IRTC. Squarepoint Ops LLC lifted its holdings in shares of iRhythm Technologies by 1,065.8% in 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. Hsbc Holdings PLC acquired a new stake in shares of iRhythm Technologies in the second quarter valued at approximately $528,000. Rock Springs Capital Management LP increased its stake in shares of 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 purchasing an additional 26,750 shares in the last quarter. Quantinno Capital Management LP increased its stake in shares of iRhythm Technologies by 1,172.8% during the 1st quarter. Quantinno Capital Management LP now owns 18,621 shares of the company’s stock worth $2,198,000 after purchasing an additional 17,158 shares in the last quarter. Finally, First Light Asset Management LLC increased its stake in shares of iRhythm Technologies by 9.3% during the 1st quarter. First Light Asset Management LLC now owns 168,116 shares of the company’s stock worth $19,841,000 after purchasing an additional 14,245 shares in the last quarter.
iRhythm Technologies Company Profile
iRhythm Technologies is a medical technology company that develops digital solutions for detecting and monitoring heart rhythm disorders. Its services combine wearable electrocardiogram (ECG) devices with cloud-based data analysis and clinical reporting to help healthcare professionals assess patients for conditions such as cardiac arrhythmias.
The company’s Zio product line includes wearable ECG monitors, such as Zio XT, which records a patient’s heart activity during an extended monitoring period.
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