Morgan Stanley Increases iRhythm Technologies (NASDAQ:IRTC) Price Target to $160.00

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) had its price objective upped by Morgan Stanley from $130.00 to $160.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Morgan Stanley's target price would suggest a potential upside of 11.23% from the stock's previous close.

A number of other research analysts have also recently issued reports on IRTC. Citigroup lifted their price objective on shares of iRhythm Technologies from $130.00 to $167.00 and gave the company a "buy" rating in a report on Thursday, May 22nd. Truist Financial lifted their price objective on shares of iRhythm Technologies from $111.00 to $145.00 and gave the company a "buy" rating in a report on Friday, February 21st. Wall Street Zen cut shares of iRhythm Technologies from a "hold" rating to a "sell" rating in a report on Monday, May 5th. 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. Finally, The Goldman Sachs Group boosted their price target on shares of iRhythm Technologies from $91.00 to $124.00 and gave the stock a "neutral" rating in a report on Monday, February 24th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $136.45.

iRhythm Technologies Stock Down 1.1%

NASDAQ:IRTC traded down $1.63 during trading hours on Wednesday, reaching $143.85. The company had a trading volume of 315,736 shares, compared to its average volume of 483,528. 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 $4.59 billion, a price-to-earnings ratio of -39.52 and a beta of 1.40. The business's 50-day simple moving average is $126.80 and its two-hundred day simple moving average is $109.88. iRhythm Technologies has a twelve month low of $55.92 and a twelve month high of $150.00.

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

Institutional Trading of iRhythm Technologies

Several hedge funds and other institutional investors have recently modified their holdings of the business. Xponance Inc. raised its position in shares of iRhythm Technologies by 6.1% in the first quarter. Xponance Inc. now owns 2,390 shares of the company's stock valued at $250,000 after purchasing an additional 137 shares during the period. Hsbc Holdings PLC grew its stake in iRhythm Technologies by 3.1% during the first quarter. Hsbc Holdings PLC now owns 4,590 shares of the company's stock valued at $474,000 after acquiring an additional 138 shares in the last quarter. Van ECK Associates Corp grew its stake in iRhythm Technologies by 41.3% during the fourth quarter. Van ECK Associates Corp now owns 554 shares of the company's stock valued at $50,000 after acquiring an additional 162 shares in the last quarter. CWM LLC grew its stake in iRhythm Technologies by 54.3% during the first quarter. CWM LLC now owns 517 shares of the company's stock valued at $54,000 after acquiring an additional 182 shares in the last quarter. Finally, Bank Pictet & Cie Europe AG grew its stake in iRhythm Technologies by 5.9% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 3,289 shares of the company's stock valued at $297,000 after acquiring an additional 184 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.