iRhythm Technologies (NASDAQ:IRTC) Price Target Cut to $150.00 by Analysts at Piper Sandler

Key Points

• Piper Sandler cut its price target on iRhythm Technologies from $160 to $150, while maintaining an Overweight rating; the new target implies 14.48% upside from the share price cited.
• Analyst views remain broadly positive: MarketBeat reported a “Moderate Buy” consensus and an average $172.14 target, despite recent target reductions from BTIG Research and Needham.
• For the latest quarter, adjusted EPS of $0.82 beat the $0.02 consensus estimate, while revenue rose 14.9% year over year to $221.6 million—slightly below expectations.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) had its target price decreased by investment analysts at Piper Sandler from $160.00 to $150.00 in a research note issued on Friday, Benzinga reports. The firm currently has an "overweight" rating on the stock. Piper Sandler's target price indicates a potential upside of 14.48% from the company's current price.

Other research analysts have also recently issued research reports about the stock. Weiss Ratings upgraded shares of iRhythm Technologies from a "sell (e+)" rating to a "sell (d-)" rating in a report on Tuesday, October 27th. BTIG Research cut their target price on shares of iRhythm Technologies from $185.00 to $170.00 and set a "buy" rating on the stock in a research note on Friday. Wall Street Zen lowered shares of iRhythm Technologies from a "buy" rating to a "hold" rating in a report on Saturday, October 10th. Stephens began coverage on shares of iRhythm Technologies in a research report on Thursday, July 23rd. They issued an "overweight" rating and a $160.00 price target for the company. Finally, Needham & Company LLC dropped their price target on shares of iRhythm Technologies from $194.00 to $165.00 and set a "buy" rating for the company in a research note on Friday. 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 data from MarketBeat, iRhythm Technologies currently has an average rating of "Moderate Buy" and a consensus target price of $172.14.

iRhythm Technologies Trading Down 2.2%

Shares of NASDAQ IRTC opened at $131.03 on Friday. iRhythm Technologies has a twelve month low of $100.70 and a twelve month high of $192.47. The company has a current ratio of 3.86, a quick ratio of 3.74 and a debt-to-equity ratio of 3.50. The stock has a fifty day simple moving average of $115.47 and a 200-day simple moving average of $122.07. The stock has a market capitalization of $4.32 billion, a PE ratio of -304.72 and a beta of 1.39.

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

Hedge Funds Weigh In On iRhythm Technologies

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

Trending Headlines about iRhythm Technologies

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

• Positive Sentiment: Third-quarter adjusted EPS was $0.82, well above the $0.02 consensus estimate and the year-ago loss of $0.06. iRhythm Q3 Earnings Surpass Estimates
• Neutral Sentiment: Revenue increased 14.9% year over year to $221.6 million, but was just below the $222.2 million analyst estimate, making sales performance broadly in line with expectations. Q3 Revenue Report
• Negative Sentiment: Despite the earnings beat, a report said IRTC shares declined following the results, suggesting investors were disappointed by something beyond the headline EPS figure. Needham cut its price target to $165 from $194, while keeping its Buy rating. Q3 Results and Share Reaction Needham Price Target Update

About iRhythm Technologies

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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