iRhythm Technologies (NASDAQ:IRTC) Price Target Cut to $140.00 by Analysts at Truist Financial

Key Points

• Truist Financial cut its price target on iRhythm from $168 to $140 but maintained a Buy rating; the new target implies 53.85% upside from the prior close.
• Analyst views were mixed, with several firms lowering targets while Canaccord raised its target to $206. The consensus remains Moderate Buy, with an average target of $166.93.
• iRhythm reported quarterly EPS of $0.82, beating the $0.02 consensus, while revenue of $221.59 million came in slightly below estimates and rose 14.9% year over year.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) had its price objective dropped by equities researchers at Truist Financial from $168.00 to $140.00 in a research note issued on Monday, Benzinga reports. The firm currently has a "buy" rating on the stock. Truist Financial's price objective would indicate a potential upside of 53.85% from the company's previous close.

Several other analysts have also issued reports on the stock. Citigroup lowered shares of iRhythm Technologies from a "buy" rating to a "neutral" rating and cut their price target for the company from $157.00 to $124.00 in a research report on Friday. Piper Sandler decreased their price objective on iRhythm Technologies from $160.00 to $150.00 and set an "overweight" rating on the stock in a report on Friday. BTIG Research decreased their price objective on iRhythm Technologies from $185.00 to $170.00 and set a "buy" rating on the stock in a report on Friday. Stephens began coverage on iRhythm Technologies in a research note on Thursday, July 23rd. They issued an "overweight" rating and a $160.00 target price for the company. Finally, Canaccord Genuity Group increased their target price on iRhythm Technologies from $196.00 to $206.00 and gave the company a "buy" rating in a report on Friday. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $166.93.

iRhythm Technologies Stock Up 0.9%

Shares of IRTC opened at $91.00 on Monday. The firm has a market cap of $3.00 billion, a P/E ratio of -77.40 and a beta of 1.39. The stock has a 50 day simple moving average of $114.95 and a two-hundred day simple moving average of $121.69. 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 has a 1 year low of $86.30 and a 1 year high of $192.47.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last issued its quarterly earnings results on Thursday, November 5th. The company reported $0.82 EPS for the quarter, beating analysts' consensus estimates of $0.02 by $0.80. The business had revenue of $221.59 million for the quarter, compared to analysts' expectations of $222.23 million. iRhythm Technologies had a negative net margin of 4.52% and a positive return on equity of 26.88%. The business's quarterly revenue was up 14.9% on a year-over-year basis. During the same period last year, the business earned ($0.06) earnings per share. On average, analysts forecast that iRhythm Technologies will post 0.54 earnings per share for the current fiscal year.

Institutional Investors Weigh In On iRhythm Technologies

Several institutional investors have recently added to or reduced their stakes in IRTC. Squarepoint Ops LLC boosted its stake in shares of iRhythm Technologies by 1,065.8% during the 2nd 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 purchased a new position in shares of iRhythm Technologies during the second quarter valued at about $528,000. Rock Springs Capital Management LP increased its position in shares of iRhythm Technologies by 11.4% during the first quarter. Rock Springs Capital Management LP now owns 261,750 shares of the company's stock valued at $30,892,000 after buying an additional 26,750 shares during the period. Quantinno Capital Management LP raised its stake in iRhythm Technologies by 1,172.8% in the first quarter. Quantinno Capital Management LP now owns 18,621 shares of the company's stock worth $2,198,000 after buying an additional 17,158 shares in the last quarter. Finally, First Light Asset Management LLC raised its stake in iRhythm Technologies by 9.3% in the first quarter. First Light Asset Management LLC now owns 168,116 shares of the company's stock worth $19,841,000 after buying an additional 14,245 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.