iRhythm Technologies (NASDAQ:IRTC) Hits New 1-Year High After Analyst Upgrade

Shares of iRhythm Technologies, Inc. (NASDAQ:IRTC - Get Free Report) hit a new 52-week high during trading on Friday after Robert W. Baird raised their price target on the stock from $133.00 to $150.00. Robert W. Baird currently has an outperform rating on the stock. iRhythm Technologies traded as high as $131.00 and last traded at $127.67, with a volume of 574751 shares traded. The stock had previously closed at $108.59.

A number of other equities research analysts also recently weighed in on the company. Oppenheimer lifted their price objective on iRhythm Technologies from $105.00 to $120.00 and gave the company an "outperform" rating in a report on Wednesday, January 8th. StockNews.com raised iRhythm Technologies from a "sell" rating to a "hold" rating in a research note on Monday, February 24th. The Goldman Sachs Group increased their price objective on iRhythm Technologies from $91.00 to $124.00 and gave the stock a "neutral" rating in a research note on Monday, February 24th. Needham & Company LLC boosted their target price on shares of iRhythm Technologies from $138.00 to $151.00 and gave the company a "buy" rating in a research note on Friday. Finally, Wells Fargo & Company upgraded shares of iRhythm Technologies from an "equal weight" rating to an "overweight" rating and increased their target price for the stock from $104.00 to $130.00 in a research report on Friday. Two investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $128.55.

Hedge Funds Weigh In On iRhythm Technologies

Institutional investors have recently modified their holdings of the stock. First Light Asset Management LLC bought a new stake in shares of iRhythm Technologies during the fourth quarter valued at approximately $38,818,000. Bessemer Group Inc. boosted its position in iRhythm Technologies by 111.7% in the 4th quarter. Bessemer Group Inc. now owns 568,007 shares of the company's stock valued at $51,217,000 after buying an additional 299,726 shares during the last quarter. Frontier Capital Management Co. LLC increased its stake in shares of iRhythm Technologies by 364.8% in the 4th quarter. Frontier Capital Management Co. LLC now owns 355,147 shares of the company's stock valued at $32,024,000 after buying an additional 278,743 shares during the period. Deerfield Management Company L.P. Series C bought a new stake in shares of iRhythm Technologies during the fourth quarter worth $14,068,000. Finally, Stephens Investment Management Group LLC lifted its stake in shares of iRhythm Technologies by 25.6% during the fourth quarter. Stephens Investment Management Group LLC now owns 502,925 shares of the company's stock valued at $45,349,000 after acquiring an additional 102,600 shares during the period.

iRhythm Technologies Stock Performance

The firm has a fifty day moving average of $104.12 and a 200-day moving average of $96.91. The company has a quick ratio of 6.12, a current ratio of 6.27 and a debt-to-equity ratio of 9.00. The firm has a market cap of $4.19 billion, a P/E ratio of -36.02 and a beta of 1.34.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last issued its earnings results on Thursday, May 1st. The company reported ($0.95) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.89) by ($0.06). iRhythm Technologies had a negative net margin of 19.14% and a negative return on equity of 118.83%. The business had revenue of $158.68 million during the quarter, compared to the consensus estimate of $153.39 million. During the same period last year, the business posted ($1.23) EPS. The firm's revenue for the quarter was up 20.3% compared to the same quarter last year. Research analysts predict that iRhythm Technologies, Inc. will post -1.98 earnings per share for the current fiscal year.

About iRhythm Technologies

iRhythm Technologies, Inc, a digital healthcare company, engages in the design, development, and commercialization of device-based technology to provide ambulatory cardiac monitoring services to diagnose arrhythmias in the United States. It offers Zio services, an ambulatory monitoring solution, including long-term and short-term continuous monitoring and mobile cardiac telemetry monitoring services.