iRhythm Technologies (NASDAQ:IRTC) Stock Rating Lowered by Wall Street Zen

Key Points

• Wall Street Zen downgraded iRhythm Technologies from “Buy” to “Hold,” although the broader analyst consensus remains “Moderate Buy” with an average price target of $178.79.
• IRTC opened at $106.70, near its 12-month low of $100.70 and well below its $212.00 high; Wells Fargo also reduced its price target to $150 while other firms maintained buy ratings.
• The company’s latest quarterly results exceeded expectations, with revenue rising 20.1% year over year to $224.17 million and earnings per share of $0.58 versus the estimated loss of $0.04.

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

IRTC has been the topic of several other reports. Wells Fargo & Company cut their target price on iRhythm Technologies from $168.00 to $150.00 and set an "overweight" rating on the stock in a research report on Tuesday. Weiss Ratings reissued a "sell (d-)" rating on shares of iRhythm Technologies in a research report on Monday, September 14th. Needham & Company LLC upped 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. BTIG Research restated a "buy" rating and issued a $185.00 price objective on shares of iRhythm Technologies in a report on Monday, June 22nd. Finally, Truist Financial lifted their price objective 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 investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, iRhythm Technologies presently has a consensus rating of "Moderate Buy" and an average price target of $178.79.

iRhythm Technologies Stock Up 4.0%

IRTC opened at $106.70 on Friday. iRhythm Technologies has a 12 month low of $100.70 and a 12 month high of $212.00. The business has a 50-day moving average of $117.53 and a two-hundred day moving average of $116.81. The company has a debt-to-equity ratio of 3.50, a current ratio of 3.86 and a quick ratio of 3.74. The stock has a market capitalization of $3.52 billion, a price-to-earnings ratio of -248.14 and a beta of 1.45.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported $0.58 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $224.17 million for the quarter, compared to analyst estimates of $219.30 million. During the same period in the prior year, the firm posted ($0.32) EPS. The company's revenue was up 20.1% on a year-over-year basis. On average, research analysts expect that iRhythm Technologies will post 0.60 earnings per share for the current year.

Institutional Trading of iRhythm Technologies

Institutional investors have recently added to or reduced their stakes in the business. Hsbc Holdings PLC acquired a new position in shares of iRhythm Technologies during the second quarter worth about $528,000. Rock Springs Capital Management LP boosted its position in shares of iRhythm Technologies by 11.4% in the first quarter. Rock Springs Capital Management LP now owns 261,750 shares of the company's stock worth $30,892,000 after buying an additional 26,750 shares during the period. Quantinno Capital Management LP grew its stake in shares of iRhythm Technologies by 1,172.8% in the first quarter. Quantinno Capital Management LP now owns 18,621 shares of the company's stock valued at $2,198,000 after buying an additional 17,158 shares in the last quarter. Squarepoint Ops LLC grew its stake 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 valued at $8,548,000 after buying an additional 65,698 shares in the last quarter. Finally, First Light Asset Management LLC raised its holdings in shares of iRhythm Technologies by 9.3% during the 1st quarter. First Light Asset Management LLC now owns 168,116 shares of the company's stock valued at $19,841,000 after buying an additional 14,245 shares during the period.

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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