iRhythm Technologies (NASDAQ:IRTC) Stock Price Up 4.7% Following Analyst Upgrade

Shares of iRhythm Technologies, Inc. (NASDAQ:IRTC - Get Free Report) rose 4.7% during trading on Monday 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 $136.03 and last traded at $137.28. Approximately 308,918 shares traded hands during mid-day trading, a decline of 33% from the average daily volume of 463,409 shares. The stock had previously closed at $131.12.

Other equities research analysts have also issued research reports about the company. Truist Financial boosted their price objective on iRhythm Technologies from $111.00 to $145.00 and gave the stock a "buy" rating in a research report on Friday, February 21st. StockNews.com upgraded iRhythm Technologies from a "sell" rating to a "hold" rating in a report on Monday, February 24th. Wells Fargo & Company upgraded shares of iRhythm Technologies from an "equal weight" rating to an "overweight" rating and raised their price target for the stock from $104.00 to $130.00 in a report on Friday, May 2nd. Needham & Company LLC upped 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. Finally, The Goldman Sachs Group lifted their target price on shares of iRhythm Technologies from $91.00 to $124.00 and gave the stock a "neutral" rating in a research note on Monday, February 24th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $128.55.

Hedge Funds Weigh In On iRhythm Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Barclays PLC boosted its holdings in iRhythm Technologies by 34.3% in the third quarter. Barclays PLC now owns 209,247 shares of the company's stock worth $15,534,000 after acquiring an additional 53,498 shares in the last quarter. Stephens Investment Management Group LLC raised its position 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 worth $45,349,000 after purchasing an additional 102,600 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in shares of iRhythm Technologies by 9.6% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 570,048 shares of the company's stock worth $50,991,000 after purchasing an additional 50,075 shares in the last quarter. KBC Group NV grew its position in iRhythm Technologies by 45.1% in the 4th quarter. KBC Group NV now owns 1,319 shares of the company's stock valued at $119,000 after purchasing an additional 410 shares during the period. Finally, Invesco Ltd. increased its stake in iRhythm Technologies by 1.1% during the 4th quarter. Invesco Ltd. now owns 19,200 shares of the company's stock valued at $1,731,000 after purchasing an additional 207 shares in the last quarter.

iRhythm Technologies Stock Performance

The stock has a market cap of $4.40 billion, a price-to-earnings ratio of -37.83 and a beta of 1.34. The company's fifty day simple moving average is $106.91 and its two-hundred day simple moving average is $98.90. The company has a debt-to-equity ratio of 9.00, a current ratio of 6.27 and a quick ratio of 6.12.

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

iRhythm Technologies Company Profile

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.