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

Key Points

• Analysts maintain a “Moderate Buy” consensus on iRhythm Technologies, with 12 buy, two strong-buy, one hold and one sell rating among 16 firms. The average 12-month price target is approximately $179.93, though several analysts recently lowered their targets.
• iRhythm reported quarterly EPS of $0.58, beating the $0.04 loss expected, while revenue rose 20.1% year over year to $224.17 million, ahead of estimates.
• Institutional interest increased, including substantial holdings growth by Royal Bank of Canada, Goldman Sachs and First Trust Advisors. Shares opened at $121.87, down 2.3%, with a 12-month trading range of $100.85 to $212.00.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) has earned a consensus rating of "Moderate Buy" from the sixteen ratings firms that are presently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $179.9286.

A number of equities analysts recently issued reports on the company. Bank of America reduced their target price on iRhythm Technologies from $225.00 to $180.00 and set a "buy" rating for the company in a research note on Monday, May 18th. Wells Fargo & Company dropped their price target on iRhythm Technologies from $180.00 to $168.00 and set an "overweight" rating on the stock in a research note on Friday, August 7th. HC Wainwright reissued a "buy" rating on shares of iRhythm Technologies in a report on Monday, June 1st. JPMorgan Chase & Co. reduced their price objective on iRhythm Technologies from $215.00 to $175.00 and set an "overweight" rating for the company in a research note on Friday, May 1st. Finally, Canaccord Genuity Group decreased their target price on iRhythm Technologies from $180.00 to $152.00 and set a "buy" rating for the company in a report on Monday, June 1st.

Hedge Funds Weigh In On iRhythm Technologies

A number of institutional investors have recently bought and sold shares of IRTC. Royal Bank of Canada boosted its holdings in shares of iRhythm Technologies by 423.0% in the 1st quarter. Royal Bank of Canada now owns 7,573 shares of the company's stock valued at $793,000 after acquiring an additional 6,125 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in shares of iRhythm Technologies by 33.5% in the first 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 period. Strs Ohio purchased a new position in shares of iRhythm Technologies during the first quarter worth $147,000. Arrowstreet Capital Limited Partnership purchased a new position in shares of iRhythm Technologies during the second quarter worth $1,278,000. Finally, First Trust Advisors LP lifted its position in iRhythm Technologies by 66.0% during the second quarter. First Trust Advisors LP now owns 56,197 shares of the company's stock valued at $8,652,000 after purchasing an additional 22,337 shares during the period.

iRhythm Technologies Trading Down 2.3%

Shares of iRhythm Technologies stock opened at $121.87 on Wednesday. The firm's 50 day simple moving average is $115.67 and its two-hundred day simple moving average is $123.69. The firm has a market capitalization of $4.02 billion, a price-to-earnings ratio of -283.42 and a beta of 1.30. iRhythm Technologies has a 12-month low of $100.85 and a 12-month high of $212.00. The company has a current ratio of 3.86, a quick ratio of 3.74 and a debt-to-equity ratio of 3.50.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported $0.58 EPS for the quarter, topping the consensus estimate 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 business's revenue for the quarter was up 20.1% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.32) earnings per share. Analysts predict that iRhythm Technologies will post 0.32 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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