iRhythm Technologies (NASDAQ:IRTC) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded iRhythm Technologies from “hold” to “buy,” adding to a generally bullish analyst backdrop for the stock.
• Despite the positive rating action, IRTC shares were down 3.9% and traded at $110.88, well below the stock’s 52-week high of $212.00.
• The company recently beat quarterly earnings and revenue estimates, reporting EPS of -$0.35 versus -$0.56 expected and revenue of $199.39 million, up 25.6% year over year.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a report released on Saturday.

A number of other research analysts have also recently issued reports on IRTC. Canaccord Genuity Group reduced their price objective on iRhythm Technologies from $180.00 to $152.00 and set a "buy" rating on the stock in a research note on Monday, June 1st. Needham & Company LLC boosted their target price on iRhythm Technologies from $254.00 to $255.00 and gave the company a "buy" rating in a research note on Friday, May 1st. BTIG Research restated a "buy" rating and set a $185.00 target price on shares of iRhythm Technologies in a report on Monday, June 22nd. HC Wainwright restated a "buy" rating on shares of iRhythm Technologies in a research report on Monday, June 1st. Finally, JPMorgan Chase & Co. decreased their price target on iRhythm Technologies from $215.00 to $175.00 and set an "overweight" rating on the stock in a research note on Friday, May 1st. Two research 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. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $186.62.

iRhythm Technologies Trading Down 3.9%

Shares of IRTC opened at $110.88 on Friday. iRhythm Technologies has a fifty-two week low of $100.85 and a fifty-two week high of $212.00. The firm has a market cap of $3.64 billion, a price-to-earnings ratio of -128.93 and a beta of 1.27. The firm has a 50 day moving average price of $114.28 and a 200-day moving average price of $130.70. The company has a debt-to-equity ratio of 4.03, a quick ratio of 4.98 and a current ratio of 5.17.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last released its earnings results on Thursday, April 30th. The company reported ($0.35) EPS for the quarter, beating the consensus estimate of ($0.56) by $0.21. The company had revenue of $199.39 million for the quarter, compared to analyst estimates of $194.11 million. iRhythm Technologies had a negative net margin of 3.53% and a negative return on equity of 10.26%. The firm's quarterly revenue was up 25.6% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.97) EPS. As a group, equities research analysts forecast that iRhythm Technologies will post 0.13 earnings per share for the current year.

Insider Transactions at iRhythm Technologies

In other news, Director Abhijit Y. Talwalkar acquired 5,312 shares of the firm's stock in a transaction on Monday, May 11th. The shares were purchased at an average price of $10.71 per share, for a total transaction of $56,891.52. Following the completion of the transaction, the director owned 25,611 shares of the company's stock, valued at $274,293.81. The trade was a 26.17% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.98% of the stock is currently owned by company insiders.

Institutional Trading of iRhythm Technologies

Several large investors have recently modified their holdings of the business. Hussman Strategic Advisors Inc. purchased a new stake in iRhythm Technologies in the 4th quarter worth approximately $2,608,000. UBS Group AG grew its position in shares of iRhythm Technologies by 190.3% in the 4th quarter. UBS Group AG now owns 153,218 shares of the company's stock worth $27,187,000 after buying an additional 100,435 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in shares of iRhythm Technologies by 189.2% during the fourth quarter. Assenagon Asset Management S.A. now owns 225,205 shares of the company's stock valued at $39,960,000 after buying an additional 147,329 shares during the period. M&T Bank Corp purchased a new position in shares of iRhythm Technologies during the fourth quarter valued at approximately $3,933,000. Finally, Legal & General Group Plc raised its holdings in shares of iRhythm Technologies by 24.0% during the fourth quarter. Legal & General Group Plc now owns 52,070 shares of the company's stock valued at $9,239,000 after acquiring an additional 10,065 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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