iRhythm Technologies (NASDAQ:IRTC) Stock Rated "Overweight" in New Coverage at Piper Sandler

Key Points

• Piper Sandler initiated coverage of iRhythm Technologies with an “overweight” rating and a $160 price target, implying 46.32% upside from the prior close.
• Analyst sentiment is broadly positive: iRhythm has a consensus “Moderate Buy” rating and an average price target of $177.53, though some firms recently downgraded the stock.
• The company’s latest quarterly results exceeded expectations, with EPS of $0.58 versus a consensus loss of $0.04 and revenue of $224.17 million, up 20.1% year over year.

Investment analysts at Piper Sandler started coverage on shares of iRhythm Technologies (NASDAQ:IRTC - Get Free Report) in a research note issued to investors on Friday, Benzinga reports. The firm set an "overweight" rating and a $160.00 price target on the stock. Piper Sandler's target price would indicate a potential upside of 46.32% from the stock's previous close.

Other research analysts also recently issued research reports about the company. Wall Street Zen downgraded iRhythm Technologies from a "buy" rating to a "hold" rating in a research note on Saturday, October 10th. Needham & Company LLC raised their price target on iRhythm Technologies from $192.00 to $194.00 and gave the stock a "buy" rating in a research note on Monday, October 5th. Weiss Ratings downgraded iRhythm Technologies from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Monday. Stephens initiated coverage on iRhythm Technologies in a report on Thursday, July 23rd. They set an "overweight" rating and a $160.00 price target for the company. Finally, Truist Financial boosted their price target on iRhythm Technologies from $160.00 to $168.00 and gave the company a "buy" rating in a research note on Monday, August 10th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $177.53.

iRhythm Technologies Stock Up 3.1%

IRTC stock opened at $109.35 on Friday. iRhythm Technologies has a 12-month low of $100.70 and a 12-month high of $212.00. The company has a quick ratio of 3.74, a current ratio of 3.86 and a debt-to-equity ratio of 3.50. The company has a market cap of $3.60 billion, a price-to-earnings ratio of 230.54 and a beta of 1.45. The company has a 50 day moving average of $116.04 and a two-hundred day moving average of $116.44.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported $0.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.04) by $0.62. iRhythm Technologies had a negative net margin of 1.69% and a positive return on equity of 10.11%. The company had revenue of $224.17 million during the quarter, compared to analyst estimates of $219.30 million. During the same quarter last year, the business posted ($0.32) EPS. The company's revenue for the quarter was up 20.1% on a year-over-year basis. On average, equities analysts anticipate that iRhythm Technologies will post 0.60 earnings per share for the current fiscal year.

Institutional Investors Weigh In On iRhythm Technologies

Several institutional investors and hedge funds have recently modified their holdings of the business. Versant Capital Management Inc increased its position in iRhythm Technologies by 123.2% during the third quarter. Versant Capital Management Inc now owns 221 shares of the company's stock worth $25,000 after buying an additional 122 shares during the last quarter. Cim Investment Management Inc. lifted its position in shares of iRhythm Technologies by 7.4% in the second quarter. Cim Investment Management Inc. now owns 4,824 shares of the company's stock worth $574,000 after buying an additional 333 shares during the last quarter. Squarepoint Ops LLC lifted its position in shares of iRhythm Technologies by 1,065.8% in the second quarter. Squarepoint Ops LLC now owns 71,862 shares of the company's stock worth $8,548,000 after buying an additional 65,698 shares during the last quarter. Nykredit A S acquired a new stake in shares of iRhythm Technologies in the second quarter worth about $236,000. Finally, Amundi boosted its stake in shares of iRhythm Technologies by 14.0% during the 2nd quarter. Amundi now owns 56,534 shares of the company's stock worth $6,725,000 after acquiring an additional 6,959 shares in the last quarter.

iRhythm Technologies Company Profile

iRhythm Technologies, Inc is a digital health care company focused on ambulatory cardiac monitoring and the diagnosis of cardiac arrhythmias. The company combines wearable biosensor technology, cloud-based data analysis and clinical services to help physicians detect and manage irregular heart rhythms, including atrial fibrillation.

Its principal products include the Zio monitor portfolio, which is designed for extended, continuous electrocardiogram monitoring in an easy-to-use wearable format.

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