iRhythm Technologies (NASDAQ:IRTC) Price Target Cut to $135.00 by Analysts at Wells Fargo & Company

Key Points

• Wells Fargo cut its price target on iRhythm Technologies from $150 to $135 but maintained an Overweight rating; the revised target implies 47.08% upside from the reported share price.
• Analyst views were mixed: Citigroup downgraded the stock to Neutral with a $124 target, while MarketBeat reported a consensus rating of Moderate Buy and an average target of $171.07.
• Shares fell $38.40 to $91.79 in Friday trading. iRhythm reported quarterly adjusted EPS of $0.82, above the $0.02 consensus, while revenue of $221.6 million narrowly missed estimates.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) had its price objective cut by analysts at Wells Fargo & Company from $150.00 to $135.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has an "overweight" rating on the stock. Wells Fargo & Company's price target indicates a potential upside of 47.08% from the company's current price.

Several other research firms have also commented on IRTC. Stephens assumed coverage on shares of iRhythm Technologies in a report on Thursday, July 23rd. They issued an "overweight" rating and a $160.00 price target for the company. Needham & Company LLC dropped their price objective on shares of iRhythm Technologies from $194.00 to $165.00 and set a "buy" rating on the stock in a research note on Friday. Citigroup cut shares of iRhythm Technologies from a "buy" rating to a "neutral" rating and set a $124.00 target price on the stock. in a report on Friday. Weiss Ratings upgraded iRhythm Technologies from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Tuesday, October 27th. Finally, Canaccord Genuity Group set a $206.00 target price on iRhythm Technologies in a report on Friday. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $171.07.

iRhythm Technologies Stock Performance

IRTC traded down $38.40 during trading hours on Friday, hitting $91.79. 782,083 shares of the stock were exchanged, compared to its average volume of 593,289. The stock has a market cap of $3.03 billion, a price-to-earnings ratio of -212.03 and a beta of 1.39. The stock has a 50-day simple moving average of $115.47 and a 200-day simple moving average of $122.07. The company has a debt-to-equity ratio of 3.50, a current ratio of 3.86 and a quick ratio of 3.74. iRhythm Technologies has a 12 month low of $92.44 and a 12 month high of $192.47.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last released its earnings results on Thursday, November 5th. The company reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.80. The firm had revenue of $221.59 million during the quarter, compared to analyst estimates of $222.23 million. iRhythm Technologies had a negative net margin of 1.69% and a positive return on equity of 10.11%. The firm's revenue for the quarter was up 14.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.06) earnings per share. Analysts anticipate that iRhythm Technologies will post 0.54 earnings per share for the current year.

Institutional Investors Weigh In On iRhythm Technologies

A number of institutional investors have recently added to or reduced their stakes in IRTC. Versant Capital Management Inc lifted its position in shares of iRhythm Technologies by 123.2% in the 3rd quarter. Versant Capital Management Inc now owns 221 shares of the company's stock valued at $25,000 after acquiring an additional 122 shares in the last quarter. Covestor Ltd boosted its stake in iRhythm Technologies by 44.8% in the 3rd quarter. Covestor Ltd now owns 417 shares of the company's stock worth $47,000 after purchasing an additional 129 shares during the period. Assetmark Inc. grew its position in iRhythm Technologies by 30.1% during the 1st quarter. Assetmark Inc. now owns 821 shares of the company's stock worth $97,000 after purchasing an additional 190 shares in the last quarter. Swiss National Bank grew its position in iRhythm Technologies by 0.5% during the 1st quarter. Swiss National Bank now owns 63,700 shares of the company's stock worth $7,518,000 after purchasing an additional 300 shares in the last quarter. Finally, Headlands Technologies LLC grew its position in iRhythm Technologies by 6.7% during the 2nd quarter. Headlands Technologies LLC now owns 4,886 shares of the company's stock worth $581,000 after purchasing an additional 305 shares in the last quarter.

iRhythm Technologies News Roundup

Here are the key news stories impacting iRhythm Technologies this week:

• Positive Sentiment: Adjusted Q3 EPS was $0.82, well above the $0.02 consensus and up from a year-earlier loss of $0.06. Revenue grew 14.9% year over year to $221.6 million. Read More.
• Neutral Sentiment: iRhythm said it will participate in upcoming investor conferences, providing opportunities to discuss its business and outlook with investors. Read More.
• Negative Sentiment: Revenue came in just below analyst expectations ($221.6 million versus $222.2 million), and coverage reported a post-earnings share-price decline. The narrow miss may have outweighed the EPS beat for investors. Read More.
• Negative Sentiment: Citigroup cut its rating from Buy to Neutral and set a $124 target. Piper Sandler, Needham, and BTIG also reduced their targets, although they retained Overweight or Buy ratings. Target cuts signal more cautious expectations even where analysts still see potential upside. Read More. · Read More. · Read More.

iRhythm Technologies Company Profile

iRhythm Technologies, Inc is a digital health company focused on the diagnosis and management of cardiac arrhythmias. The company provides ambulatory cardiac monitoring services that enable physicians to evaluate patients for conditions such as atrial fibrillation and other irregular heart rhythms.

Its principal offering is the Zio platform, which combines wearable electrocardiogram (ECG) monitoring devices with cloud-based data analysis and physician reports. Products in the platform include the Zio XT, an extended-wear monitor, and the Zio AT, which provides near-real-time monitoring capabilities.

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