iRhythm Technologies (NASDAQ:IRTC) Sets New 52-Week High - What's Next?

iRhythm Technologies, Inc. (NASDAQ:IRTC - Get Free Report) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $144.25 and last traded at $144.00, with a volume of 346959 shares trading hands. The stock had previously closed at $142.44.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Citigroup boosted their target price on iRhythm Technologies from $130.00 to $167.00 and gave the stock a "buy" rating in a report on Thursday, May 22nd. Truist Financial upped their price target on shares of iRhythm Technologies from $111.00 to $145.00 and gave the stock a "buy" rating in a research note on Friday, February 21st. Needham & Company LLC raised their price objective on shares of iRhythm Technologies from $138.00 to $151.00 and gave the company a "buy" rating in a research note on Friday, May 2nd. Wells Fargo & Company upgraded shares of iRhythm Technologies from an "equal weight" rating to an "overweight" rating and upped their target price for the stock from $104.00 to $130.00 in a research note on Friday, May 2nd. Finally, Canaccord Genuity Group cut their price target on shares of iRhythm Technologies from $152.00 to $139.00 and set a "buy" rating on the stock in a report on Friday, May 2nd. One research analyst has rated the stock with a sell rating, one has issued a hold rating and ten have assigned a buy rating to the company's stock. According to MarketBeat.com, iRhythm Technologies has a consensus rating of "Moderate Buy" and a consensus price target of $133.73.

iRhythm Technologies Stock Performance

The business has a fifty day simple moving average of $118.50 and a two-hundred day simple moving average of $105.16. 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 company has a market cap of $4.51 billion, a P/E ratio of -38.84 and a beta of 1.34.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The company reported ($0.95) EPS for the quarter, missing the consensus estimate of ($0.89) by ($0.06). The business had revenue of $158.68 million for the quarter, compared to analysts' expectations of $153.39 million. iRhythm Technologies had a negative net margin of 19.14% and a negative return on equity of 118.83%. iRhythm Technologies's revenue for the quarter was up 20.3% compared to the same quarter last year. During the same period in the previous year, the company earned ($1.23) EPS. On average, sell-side analysts anticipate that iRhythm Technologies, Inc. will post -1.98 EPS for the current year.

Institutional Investors Weigh In On iRhythm Technologies

A number of institutional investors and hedge funds have recently bought and sold shares of the business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of iRhythm Technologies by 169.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 903,084 shares of the company's stock worth $94,535,000 after acquiring an additional 568,261 shares during the last quarter. Fuller & Thaler Asset Management Inc. purchased a new stake in iRhythm Technologies in the 1st quarter worth $54,249,000. First Light Asset Management LLC bought a new position in shares of iRhythm Technologies during the 4th quarter valued at about $38,818,000. Millennium Management LLC grew its position in shares of iRhythm Technologies by 563.8% during the first quarter. Millennium Management LLC now owns 399,746 shares of the company's stock valued at $41,845,000 after purchasing an additional 339,529 shares in the last quarter. Finally, Bessemer Group Inc. grew its position in shares of iRhythm Technologies by 111.7% during the fourth quarter. Bessemer Group Inc. now owns 568,007 shares of the company's stock valued at $51,217,000 after purchasing an additional 299,726 shares in the last quarter.

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.