iRhythm Technologies (NASDAQ:IRTC) Reaches New 52-Week High – Should You Buy?

iRhythm Technologies, Inc. (NASDAQ:IRTC) shares hit a new 52-week high during trading on Monday . The stock traded as high as $147.96 and last traded at $147.48, with a volume of 318428 shares traded. The stock had previously closed at $146.68.

Wall Street Analyst Weigh In

Several brokerages have commented on IRTC. Canaccord Genuity Group cut their price target on shares of iRhythm Technologies from $152.00 to $139.00 and set a “buy” rating on the stock in a research report on Friday, May 2nd. Needham & Company LLC raised their target price on shares of iRhythm Technologies from $138.00 to $151.00 and gave the stock a “buy” rating in a research note on Friday, May 2nd. Robert W. Baird boosted their price target on iRhythm Technologies from $133.00 to $150.00 and gave the company an “outperform” rating in a research note on Friday, May 2nd. Wells Fargo & Company raised iRhythm Technologies from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $104.00 to $130.00 in a report on Friday, May 2nd. Finally, The Goldman Sachs Group lifted their price target on iRhythm Technologies from $91.00 to $124.00 and gave the company a “neutral” rating in a research note on Monday, February 24th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, iRhythm Technologies has a consensus rating of “Moderate Buy” and an average price target of $133.73.

iRhythm Technologies Price Performance

The company has a current ratio of 6.27, a quick ratio of 6.12 and a debt-to-equity ratio of 9.00. The business has a 50-day moving average of $122.38 and a 200 day moving average of $107.82. The firm has a market capitalization of $4.71 billion, a PE ratio of -40.52 and a beta of 1.40.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings results on Thursday, May 1st. The company reported ($0.95) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.89) by ($0.06). iRhythm Technologies had a negative net margin of 19.14% and a negative return on equity of 118.83%. The firm had revenue of $158.68 million for the quarter, compared to the consensus estimate of $153.39 million. During the same period in the previous year, the business earned ($1.23) earnings per share. The firm’s revenue for the quarter was up 20.3% on a year-over-year basis. As a group, research analysts anticipate that iRhythm Technologies, Inc. will post -1.98 EPS for the current fiscal year.

Institutional Investors Weigh In On iRhythm Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IRTC. Stephens Investment Management Group LLC boosted its position in iRhythm Technologies by 25.6% during the fourth quarter. Stephens Investment Management Group LLC now owns 502,925 shares of the company’s stock worth $45,349,000 after purchasing an additional 102,600 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in iRhythm Technologies by 9.6% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 570,048 shares of the company’s stock worth $50,991,000 after buying an additional 50,075 shares during the period. Invesco Ltd. boosted its holdings in iRhythm Technologies by 1.1% in the 4th quarter. Invesco Ltd. now owns 19,200 shares of the company’s stock worth $1,731,000 after buying an additional 207 shares during the period. Bank of New York Mellon Corp grew its stake in iRhythm Technologies by 23.2% in the 4th quarter. Bank of New York Mellon Corp now owns 491,485 shares of the company’s stock valued at $44,317,000 after buying an additional 92,591 shares in the last quarter. Finally, Banque Pictet & Cie SA raised its holdings in iRhythm Technologies by 12.7% during the 4th quarter. Banque Pictet & Cie SA now owns 59,264 shares of the company’s stock valued at $5,344,000 after acquiring an additional 6,696 shares during the period.

About iRhythm Technologies

iRhythm Technologies, Inc, a digital healthcare company, engages in the design, development, and commercialization of device-based technology to provide ambulatory cardiac monitoring services to diagnose arrhythmias in the United States. It offers Zio services, an ambulatory monitoring solution, including long-term and short-term continuous monitoring and mobile cardiac telemetry monitoring services.