iRhythm Technologies (NASDAQ:IRTC) Stock Price Expected to Rise, Truist Financial Analyst Says

Key Points

• Truist Financial raised iRhythm Technologies’ price target from $160 to $168 and maintained a “buy” rating, implying 34.59% upside from the stock’s $124.82 price.
• Analyst sentiment remains broadly positive, with a MarketBeat consensus rating of “Moderate Buy” and an average target price of $179.93, despite several firms recently lowering their targets.
• iRhythm reported quarterly earnings of $0.58 per share, beating estimates by $0.62, while revenue rose 20.1% year over year to $224.17 million.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) had its price objective boosted by stock analysts at Truist Financial from $160.00 to $168.00 in a research report issued on Monday,Benzinga reports. The firm currently has a "buy" rating on the stock. Truist Financial's price objective would indicate a potential upside of 34.59% from the company's current price.

Several other research analysts also recently commented on IRTC. Canaccord Genuity Group cut their price objective on shares of iRhythm Technologies from $180.00 to $152.00 and set a "buy" rating for the company in a report on Monday, June 1st. Wells Fargo & Company lowered their target price on shares of iRhythm Technologies from $180.00 to $168.00 and set an "overweight" rating on the stock in a report on Friday. Needham & Company LLC dropped their target price on iRhythm Technologies from $255.00 to $192.00 and set a "buy" rating on the stock in a research report on Friday. Stephens initiated coverage on iRhythm Technologies in a report on Thursday, July 23rd. They issued an "overweight" rating and a $160.00 price target for the company. Finally, Citigroup raised their price target on iRhythm Technologies from $155.00 to $157.00 and gave the stock a "buy" rating in a report on Monday, May 4th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, iRhythm Technologies has an average rating of "Moderate Buy" and an average target price of $179.93.

iRhythm Technologies Stock Performance

IRTC traded down $3.02 during trading hours on Monday, hitting $124.82. The stock had a trading volume of 551,093 shares, compared to its average volume of 615,015. iRhythm Technologies has a 1 year low of $100.85 and a 1 year high of $212.00. The company's fifty day simple moving average is $115.03 and its 200 day simple moving average is $124.27. The stock has a market cap of $4.11 billion, a PE ratio of -289.55 and a beta of 1.30. The company has a quick ratio of 3.74, a current ratio of 3.86 and a debt-to-equity ratio of 3.50.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported $0.58 EPS for the quarter, beating the consensus estimate of ($0.04) by $0.62. The business had revenue of $224.17 million for 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 company's revenue was up 20.1% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.32) earnings per share. Equities analysts anticipate that iRhythm Technologies will post 0.13 earnings per share for the current year.

Hedge Funds Weigh In On iRhythm Technologies

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in iRhythm Technologies by 2.2% in the 4th quarter. Vanguard Group Inc. now owns 3,310,519 shares of the company's stock valued at $587,418,000 after purchasing an additional 70,420 shares during the period. RTW Investments LP purchased a new position in shares of iRhythm Technologies during the 4th quarter valued at $209,732,000. Geode Capital Management LLC increased its holdings in shares of iRhythm Technologies by 8.6% in the fourth quarter. Geode Capital Management LLC now owns 858,405 shares of the company's stock worth $152,337,000 after purchasing an additional 68,301 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of iRhythm Technologies by 45.6% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 829,862 shares of the company's stock worth $147,251,000 after purchasing an additional 259,800 shares during the period. Finally, Millennium Management LLC raised its position in shares of iRhythm Technologies by 197.4% in the fourth quarter. Millennium Management LLC now owns 826,376 shares of the company's stock worth $146,632,000 after buying an additional 548,519 shares in the last quarter.

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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