iRhythm Technologies (NASDAQ:IRTC – Free Report) had its price target decreased by Stephens from $160.00 to $120.00 in a research report released on Wednesday,Benzinga reports. Stephens currently has an overweight rating on the stock.
Several other brokerages have also recently commented on IRTC. Citigroup cut shares of iRhythm Technologies from a “buy” rating to a “neutral” rating and dropped their target price for the company from $157.00 to $124.00 in a research report on Friday, November 6th. Wells Fargo & Company reduced their price target on iRhythm Technologies from $150.00 to $135.00 and set an “overweight” rating on the stock in a research report on Friday, November 6th. Truist Financial decreased their price objective on iRhythm Technologies from $168.00 to $140.00 and set a “buy” rating for the company in a research note on Monday. Canaccord Genuity Group lifted their price objective on iRhythm Technologies from $196.00 to $206.00 and gave the stock a “buy” rating in a research note on Friday, November 6th. Finally, Wall Street Zen downgraded iRhythm Technologies from a “buy” rating to a “hold” rating in a report on Saturday, October 10th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $164.07.
Read Our Latest Stock Report on IRTC
iRhythm Technologies Stock Performance
iRhythm Technologies stock opened at $88.68 on Wednesday. The firm has a market capitalization of $2.98 billion, a P/E ratio of -75.79 and a beta of 1.39. The stock has a fifty day moving average price of $112.99 and a two-hundred day moving average price of $120.57. iRhythm Technologies has a 52-week low of $82.85 and a 52-week high of $192.47. The company has a debt-to-equity ratio of 3.68, a current ratio of 3.57 and a quick ratio of 3.45.
iRhythm Technologies (NASDAQ:IRTC – Get Free Report) last announced its earnings results on Thursday, November 5th. The company reported $0.82 EPS for the quarter, topping the consensus estimate of $0.02 by $0.80. iRhythm Technologies had a positive return on equity of 26.88% and a negative net margin of 4.52%. The business had revenue of $221.59 million for the quarter, compared to the consensus estimate of $222.23 million. During the same period in the previous year, the business earned ($0.06) EPS. iRhythm Technologies’s revenue was up 14.9% compared to the same quarter last year. As a group, analysts anticipate that iRhythm Technologies will post 0.79 EPS for the current fiscal year.
Institutional Inflows and Outflows
A number of hedge funds have recently added to or reduced their stakes in IRTC. Stephens Investment Management Group LLC increased its position in shares of iRhythm Technologies by 1.7% in the third quarter. Stephens Investment Management Group LLC now owns 705,533 shares of the company’s stock valued at $80,191,000 after acquiring an additional 12,096 shares during the last quarter. Braidwell LP raised its holdings in iRhythm Technologies by 7.2% in the 2nd quarter. Braidwell LP now owns 654,262 shares of the company’s stock valued at $77,824,000 after acquiring an additional 44,070 shares during the period. Allspring Global Investments Holdings LLC increased its stake in shares of iRhythm Technologies by 14.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 467,113 shares of the company’s stock worth $55,222,000 after purchasing an additional 59,704 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in shares of iRhythm Technologies by 99.2% during the first quarter. The Manufacturers Life Insurance Company now owns 390,577 shares of the company’s stock worth $46,096,000 after buying an additional 194,502 shares in the last quarter. Finally, Rock Springs Capital Management LP raised its stake in iRhythm Technologies by 11.4% in 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.
About iRhythm Technologies
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. iRhythm also offers Zio AT, a monitoring service designed to provide clinicians with ECG data during the monitoring period.
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