iRhythm Technologies (NASDAQ:IRTC) Stock Has Consensus Price Target of $177.53 According to Brokerages

Key Points

• Analysts maintain a moderately bullish view of iRhythm Technologies, with 13 buy, two strong-buy, one hold, and one sell recommendation among 17 firms. The average 12-month price target is $177.53 versus a recent share price of $121.27.
• iRhythm reported quarterly EPS of $0.58, beating the $0.04 loss analysts expected, while revenue rose 20.1% year over year to $224.17 million. Analysts expect full-year EPS of $0.54.
• Several institutional investors increased their positions, including Squarepoint Ops, which boosted its stake by more than 1,000%, and Sterling Capital Management, which increased its stake by 842.2%.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) has received an average recommendation of "Moderate Buy" from the seventeen research firms that are currently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, thirteen have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $177.53.

IRTC has been the subject of several research reports. Stephens assumed coverage on iRhythm Technologies in a research note on Thursday, July 23rd. They issued an "overweight" rating and a $160.00 target price for the company. Wall Street Zen lowered shares of iRhythm Technologies from a "buy" rating to a "hold" rating in a report on Saturday, October 10th. Weiss Ratings cut shares of iRhythm Technologies from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Monday, October 12th. Wells Fargo & Company reduced their target price on shares of iRhythm Technologies from $168.00 to $150.00 and set an "overweight" rating on the stock in a report on Tuesday, October 6th. Finally, Truist Financial increased their target price on shares of iRhythm Technologies from $160.00 to $168.00 and gave the company a "buy" rating in a report on Monday, August 10th.

Institutional Trading of iRhythm Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Sterling Capital Management LLC boosted its stake in shares of iRhythm Technologies by 842.2% during the third quarter. Sterling Capital Management LLC now owns 1,093 shares of the company's stock valued at $124,000 after purchasing an additional 977 shares during the period. Abel Hall LLC bought a new position in shares of iRhythm Technologies in the third quarter worth approximately $256,000. Versant Capital Management Inc increased its stake in shares of iRhythm Technologies by 123.2% in 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 period. Cim Investment Management Inc. increased its stake 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 period. Finally, Squarepoint Ops LLC increased 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 worth $8,548,000 after buying an additional 65,698 shares during the period.

iRhythm Technologies Stock Performance

Shares of IRTC stock opened at $121.27 on Monday. 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 business has a 50-day moving average price of $114.78 and a two-hundred day moving average price of $116.33. iRhythm Technologies has a 12-month low of $100.70 and a 12-month high of $212.00. The firm has a market cap of $4.00 billion, a P/E ratio of -282.02 and a beta of 1.45.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported $0.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.04) by $0.62. The firm had revenue of $224.17 million during the quarter, compared to analysts' expectations of $219.30 million. iRhythm Technologies had a positive return on equity of 10.11% and a negative net margin of 1.69%. The company's revenue for the quarter was up 20.1% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.32) EPS. Equities analysts anticipate that iRhythm Technologies will post 0.54 EPS for the current fiscal year.

iRhythm Technologies Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.