iRhythm Technologies (NASDAQ:IRTC) Raised to "Buy" at Wall Street Zen

Key Points

• Wall Street Zen upgraded iRhythm Technologies from “Hold” to “Buy.” The broader analyst consensus is “Moderate Buy,” with a consensus price target of $179.93.
• iRhythm reported quarterly revenue of $224.17 million, up 20.1% year over year, and EPS of $0.58, surpassing analysts’ expectations.
• The stock opened at $110.38, near the lower end of its 12-month range of $100.85 to $212.00, with a market capitalization of approximately $3.64 billion.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

Several other research analysts have also weighed in on the stock. Stephens started coverage on shares of iRhythm Technologies in a research note on Thursday, July 23rd. They set an "overweight" rating and a $160.00 price objective on the stock. Needham & Company LLC cut their target price on shares of iRhythm Technologies from $255.00 to $192.00 and set a "buy" rating for the company in a research note on Friday, August 7th. HC Wainwright reiterated a "buy" rating on shares of iRhythm Technologies in a report on Monday, June 1st. BTIG Research reissued a "buy" rating and set a $185.00 price target on shares of iRhythm Technologies in a research report on Monday, June 22nd. Finally, Wells Fargo & Company dropped their price objective on iRhythm Technologies from $180.00 to $168.00 and set an "overweight" rating on the stock in a research note on Tuesday, August 18th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $179.93.

iRhythm Technologies Stock Down 0.4%

NASDAQ:IRTC opened at $110.38 on Friday. The firm has a market capitalization of $3.64 billion, a price-to-earnings ratio of -256.70 and a beta of 1.31. iRhythm Technologies has a twelve month low of $100.85 and a twelve month high of $212.00. The stock's 50 day moving average price is $118.31 and its two-hundred day moving average price is $117.38. The company has a quick ratio of 3.74, a current ratio of 3.86 and a debt-to-equity ratio of 3.50.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported $0.58 EPS for the quarter, beating the consensus estimate of ($0.04) by $0.62. iRhythm Technologies had a positive return on equity of 10.11% and a negative net margin of 1.69%.The company had revenue of $224.17 million during the quarter, compared to the consensus estimate of $219.30 million. During the same quarter in the prior year, the firm posted ($0.32) EPS. The firm's revenue for the quarter was up 20.1% compared to the same quarter last year. Equities research analysts expect that iRhythm Technologies will post 0.6 earnings per share for the current fiscal year.

Institutional Trading of iRhythm Technologies

A number of hedge funds have recently modified their holdings of the stock. Harbor Investment Advisory LLC acquired a new position in shares of iRhythm Technologies in the second quarter valued at about $50,000. Assetmark Inc. raised its stake in iRhythm Technologies by 30.1% in 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. Clearstead Advisors LLC raised its stake in iRhythm Technologies by 203.7% in the 4th quarter. Clearstead Advisors LLC now owns 662 shares of the company's stock worth $117,000 after purchasing an additional 444 shares in the last quarter. Group One Trading LLC bought a new stake in iRhythm Technologies in the 1st quarter valued at about $206,000. Finally, MidFirst Bank bought a new stake in iRhythm Technologies in the 4th quarter valued at about $235,000.

iRhythm Technologies Company Profile

iRhythm Technologies, Inc is a digital health company focused on ambulatory cardiac monitoring and the detection of cardiac arrhythmias. The company combines wearable electrocardiogram (ECG) sensors, cloud-based data analysis and clinical support services to help healthcare professionals identify and manage irregular heart rhythms.

Its product portfolio includes the Zio monitor and related services, including Zio XT and Zio AT. These single-use, wearable devices continuously record cardiac activity over an extended period, after which iRhythm analyzes the data and provides reports to physicians.

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