iRhythm Technologies (NASDAQ:IRTC) Given Consensus Recommendation of "Moderate Buy" by Analysts

Key Points

• Analysts maintain a “Moderate Buy” consensus on iRhythm Technologies, with 12 buy ratings, two strong-buy ratings, one hold and one sell. The average 12-month price target is approximately $179.93, well above the recent $123.07 share price.
• Recent analyst actions were largely positive, including Truist raising its target to $168 and BTIG maintaining a $185 target, although Canaccord lowered its target to $152 and Weiss Ratings retained a sell rating.
• iRhythm reported stronger-than-expected quarterly results, posting adjusted EPS of $0.58 versus a $0.04 loss consensus and revenue of $224.17 million, up 20.1% year over year. Institutional investors including Goldman Sachs, Royal Bank of Canada and First Trust increased their holdings.

Shares of iRhythm Technologies (NASDAQ:IRTC - Get Free Report) have been given an average recommendation of "Moderate Buy" by the sixteen ratings firms that are covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell rating, one has issued a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $179.9286.

IRTC has been the topic of a number of research reports. Canaccord Genuity Group dropped their price target on iRhythm Technologies from $180.00 to $152.00 and set a "buy" rating on the stock in a research note on Monday, June 1st. BTIG Research reiterated a "buy" rating and set a $185.00 price objective on shares of iRhythm Technologies in a research report on Monday, June 22nd. HC Wainwright reissued a "buy" rating on shares of iRhythm Technologies in a report on Monday, June 1st. 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. Finally, Weiss Ratings raised shares of iRhythm Technologies from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Thursday, June 18th.

Institutional Trading of iRhythm Technologies

Several large investors have recently added to or reduced their stakes in the business. Royal Bank of Canada increased its holdings in iRhythm Technologies by 423.0% during the first quarter. Royal Bank of Canada now owns 7,573 shares of the company's stock valued at $793,000 after buying an additional 6,125 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of iRhythm Technologies by 33.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 433,780 shares of the company's stock worth $45,408,000 after acquiring an additional 108,941 shares during the last quarter. Strs Ohio bought a new stake in shares of iRhythm Technologies during the 1st quarter valued at $147,000. Arrowstreet Capital Limited Partnership bought a new stake in shares of iRhythm Technologies during the 2nd quarter valued at $1,278,000. Finally, First Trust Advisors LP grew its position in shares of iRhythm Technologies by 66.0% during the 2nd quarter. First Trust Advisors LP now owns 56,197 shares of the company's stock valued at $8,652,000 after acquiring an additional 22,337 shares during the period.

iRhythm Technologies Stock Down 0.3%

Shares of iRhythm Technologies stock opened at $123.07 on Friday. The company has a market cap of $4.06 billion, a price-to-earnings ratio of -286.21 and a beta of 1.31. The company's 50 day moving average is $120.18 and its 200 day moving average is $120.00. iRhythm Technologies has a twelve month low of $100.85 and a twelve 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.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported $0.58 EPS for the quarter, topping analysts' consensus estimates of ($0.04) by $0.62. The business had revenue of $224.17 million during the quarter, compared to the consensus estimate of $219.30 million. iRhythm Technologies had a negative net margin of 1.69% and a positive return on equity of 10.11%. The firm's revenue was up 20.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.32) EPS. Research analysts anticipate that iRhythm Technologies will post 0.6 EPS for the current year.

iRhythm Technologies Company Profile

iRhythm Technologies, Inc is a medical technology company that develops and commercializes wearable cardiac monitoring devices and associated data analytics services. Founded in 2006 and headquartered in San Francisco, California, the company's flagship product is the Zio® patch, a discreet, single-use, continuous ECG recorder designed to monitor heart rhythms for up to 14 days. iRhythm's digital diagnostics platform combines biosensor technology with proprietary algorithms to detect arrhythmias and streamline data interpretation for physicians.

The Zio service is prescribed by cardiologists and other healthcare providers to aid in the diagnosis of atrial fibrillation, bradycardia, tachycardia and other rhythm disorders.

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