Robert W. Baird Issues Positive Forecast for iRhythm Technologies (NASDAQ:IRTC) Stock Price

iRhythm Technologies (NASDAQ:IRTC - Free Report) had its price objective increased by Robert W. Baird from $133.00 to $150.00 in a research report sent to investors on Friday morning,Benzinga reports. The firm currently has an outperform rating on the stock.

Several other analysts have also recently issued reports on IRTC. StockNews.com upgraded iRhythm Technologies from a "sell" rating to a "hold" rating in a research note on Monday, February 24th. Wells Fargo & Company upgraded shares of iRhythm Technologies from an "equal weight" rating to an "overweight" rating and increased their target price for the company from $104.00 to $130.00 in a research report on Friday, May 2nd. Oppenheimer raised their target price on iRhythm Technologies from $105.00 to $120.00 and gave the company an "outperform" rating in a research note on Wednesday, January 8th. Truist Financial upped their price target on iRhythm Technologies from $111.00 to $145.00 and gave the company a "buy" rating in a report on Friday, February 21st. Finally, Needham & Company LLC increased their price target on iRhythm Technologies from $138.00 to $151.00 and gave the company a "buy" rating in a research report on Friday, May 2nd. One investment 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. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $128.55.

iRhythm Technologies Price Performance

Shares of IRTC stock traded up $1.85 during midday trading on Friday, reaching $137.03. 271,633 shares of the company traded hands, compared to its average volume of 467,214. The firm's 50 day simple moving average is $105.22 and its two-hundred day simple moving average is $97.68. The firm has a market cap of $4.37 billion, a PE ratio of -37.65 and a beta of 1.34. iRhythm Technologies has a 1-year low of $55.92 and a 1-year high of $137.91. 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 released its earnings results on Thursday, May 1st. The company reported ($0.95) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.89) by ($0.06). iRhythm Technologies had a negative net margin of 19.14% and a negative return on equity of 118.83%. The firm had revenue of $158.68 million during the quarter, compared to analysts' expectations of $153.39 million. During the same quarter last year, the company posted ($1.23) earnings per share. iRhythm Technologies's revenue for the quarter was up 20.3% on a year-over-year basis. On average, equities research analysts expect that iRhythm Technologies will post -1.98 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Barclays PLC grew its position in iRhythm Technologies by 34.3% during the 3rd quarter. Barclays PLC now owns 209,247 shares of the company's stock worth $15,534,000 after acquiring an additional 53,498 shares during the last quarter. Stephens Investment Management Group LLC lifted its holdings in iRhythm Technologies by 25.6% in the fourth quarter. Stephens Investment Management Group LLC now owns 502,925 shares of the company's stock valued at $45,349,000 after buying an additional 102,600 shares during the period. Allspring Global Investments Holdings LLC boosted its position in iRhythm Technologies by 9.6% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 570,048 shares of the company's stock valued at $50,991,000 after acquiring an additional 50,075 shares during the last quarter. KBC Group NV lifted its stake in shares of 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 holdings in iRhythm Technologies by 1.1% in the fourth quarter. Invesco Ltd. now owns 19,200 shares of the company's stock worth $1,731,000 after purchasing an additional 207 shares in the last quarter.

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.