Truist Financial Has Lowered Expectations for iRhythm Technologies (NASDAQ:IRTC) Stock Price

Key Points

• Truist Financial cut its price target on iRhythm Technologies from $174 to $160 while keeping a buy rating, implying about 37% upside from the current share price.
• Analyst sentiment remains generally positive but mixed: the stock has a Moderate Buy consensus, though several firms have recently lowered targets or downgraded ratings, and the average target price is $186.62.
• iRhythm shares rose 2.8% to $116.47 despite recent volatility, and the company’s latest quarter beat expectations with EPS of -$0.35 versus -$0.56 expected and revenue up 25.6% year over year.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) had its target price cut by equities research analysts at Truist Financial from $174.00 to $160.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Truist Financial's target price indicates a potential upside of 37.38% from the stock's current price.

A number of other equities analysts also recently issued reports on the company. Wall Street Zen downgraded iRhythm Technologies from a "buy" rating to a "hold" rating in a research note on Saturday, May 30th. The Goldman Sachs Group reduced their target price on iRhythm Technologies from $184.00 to $147.00 and set a "neutral" rating for the company in a report on Thursday, April 9th. BTIG Research restated a "buy" rating and set a $185.00 target price on shares of iRhythm Technologies in a research report on Monday, June 22nd. Wells Fargo & Company lowered their price target on shares of iRhythm Technologies from $200.00 to $180.00 and set an "overweight" rating on the stock in a research note on Friday, May 1st. Finally, Weiss Ratings upgraded shares of iRhythm Technologies from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Thursday, June 18th. 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 given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $186.62.

iRhythm Technologies Stock Up 2.8%

NASDAQ:IRTC traded up $3.21 during mid-day trading on Thursday, hitting $116.47. The stock had a trading volume of 209,139 shares, compared to its average volume of 609,995. The company has a current ratio of 5.17, a quick ratio of 4.98 and a debt-to-equity ratio of 4.03. iRhythm Technologies has a twelve month low of $100.85 and a twelve month high of $212.00. The company has a market capitalization of $3.83 billion, a PE ratio of -135.60 and a beta of 1.27. The stock has a 50-day simple moving average of $114.67 and a two-hundred day simple moving average of $131.27.

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

Insiders Place Their Bets

In related news, Director Abhijit Y. Talwalkar acquired 5,312 shares of the business's stock in a transaction dated Monday, May 11th. The shares were acquired at an average cost of $10.71 per share, for a total transaction of $56,891.52. Following the acquisition, the director directly owned 25,611 shares in the company, valued at approximately $274,293.81. The trade was a 26.17% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.98% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Tudor Investment Corp ET AL acquired a new stake in iRhythm Technologies in the third quarter valued at approximately $3,439,800,000. RTW Investments LP acquired a new position in shares of iRhythm Technologies during the fourth quarter worth $209,732,000. Millennium Management LLC lifted its position in shares of iRhythm Technologies by 197.4% during the fourth quarter. Millennium Management LLC now owns 826,376 shares of the company's stock worth $146,632,000 after purchasing an additional 548,519 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in shares of iRhythm Technologies by 6,415.4% in the third quarter. Arrowstreet Capital Limited Partnership now owns 541,039 shares of the company's stock valued at $93,053,000 after purchasing an additional 532,735 shares during the period. Finally, Polar Capital Holdings Plc grew its holdings in iRhythm Technologies by 24,782.1% during the 3rd quarter. Polar Capital Holdings Plc now owns 335,908 shares of the company's stock valued at $57,773,000 after purchasing an additional 334,558 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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