iRhythm Technologies (NASDAQ:IRTC) Given Consensus Rating of "Moderate Buy" by Brokerages

Key Points

• iRhythm Technologies has a consensus analyst rating of "Moderate Buy", based on coverage from 16 brokerages. The average 12-month price target is about $186.62.
• The company recently reported better-than-expected quarterly results, with EPS of -$0.35 versus estimates of -$0.56 and revenue of $199.39 million, up 25.6% year over year.
• Shares opened at $110.88, near the lower end of the stock’s $100.85 to $212.00 52-week range, while recent analyst actions were mixed, including several price-target cuts alongside rating upgrades.

Shares of iRhythm Technologies (NASDAQ:IRTC - Get Free Report) have earned a consensus rating of "Moderate Buy" from the sixteen brokerages that are currently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, twelve have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $186.6154.

A number of brokerages have issued reports on IRTC. Canaccord Genuity Group cut their price target on shares of iRhythm Technologies from $180.00 to $152.00 and set a "buy" rating on the stock in a research note on Monday, June 1st. Wall Street Zen upgraded iRhythm Technologies from a "hold" rating to a "buy" rating in a report on Saturday. Citigroup upped their target price on iRhythm Technologies from $155.00 to $157.00 and gave the company a "buy" rating in a report on Monday, May 4th. Weiss Ratings raised iRhythm Technologies from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Thursday, June 18th. Finally, The Goldman Sachs Group reduced their price objective on iRhythm Technologies from $184.00 to $147.00 and set a "neutral" rating on the stock in a research note on Thursday, April 9th.

iRhythm Technologies Price Performance

Shares of IRTC stock opened at $110.88 on Friday. The company has a current ratio of 5.17, a quick ratio of 4.98 and a debt-to-equity ratio of 4.03. iRhythm Technologies has a twelve month low of $100.85 and a twelve month high of $212.00. The stock has a fifty day simple moving average of $114.28 and a two-hundred day simple moving average of $130.70. The stock has a market capitalization of $3.64 billion, a price-to-earnings ratio of -128.93 and a beta of 1.27.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The company reported ($0.35) earnings per share for the quarter, topping analysts' consensus estimates of ($0.56) by $0.21. iRhythm Technologies had a negative return on equity of 10.26% and a negative net margin of 3.53%.The firm had revenue of $199.39 million during the quarter, compared to analysts' expectations of $194.11 million. During the same period in the prior year, the business posted ($0.97) EPS. The firm's quarterly revenue was up 25.6% on a year-over-year basis. On average, analysts predict that iRhythm Technologies will post 0.13 EPS for the current fiscal year.

Insider Activity

In related news, Director Abhijit Y. Talwalkar bought 5,312 shares of the company's stock in a transaction that occurred on Monday, May 11th. The shares were purchased at an average cost of $10.71 per share, with a total value of $56,891.52. Following the transaction, the director directly owned 25,611 shares of the company's stock, valued at approximately $274,293.81. This represents a 26.17% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.98% of the company's stock.

Institutional Investors Weigh In On iRhythm Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Measured Wealth Private Client Group LLC acquired a new stake in shares of iRhythm Technologies in the 3rd quarter worth $30,000. GAMMA Investing LLC raised its holdings in iRhythm Technologies by 48.4% in the 4th quarter. GAMMA Investing LLC now owns 184 shares of the company's stock valued at $33,000 after acquiring an additional 60 shares during the last quarter. FNY Investment Advisers LLC acquired a new stake in iRhythm Technologies in the 3rd quarter worth about $34,000. Employees Retirement System of Texas acquired a new position in shares of iRhythm Technologies in the 3rd quarter valued at $36,000. Finally, Harbor Investment Advisory LLC acquired a new stake in shares of iRhythm Technologies during the 2nd quarter worth $50,000.

About iRhythm Technologies

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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