Wells Fargo & Company Issues Pessimistic Forecast for iRhythm Technologies (NASDAQ:IRTC) Stock Price

Key Points

• Wells Fargo lowered iRhythm Technologies’ price target from $180 to $168 while maintaining an “overweight” rating, implying 42.18% upside from the prior close.
• Analyst sentiment remains broadly positive: iRhythm has a consensus “Moderate Buy” rating and an average price target of $179.93, despite several recent target reductions.
• The company reported quarterly revenue of $224.17 million, up 20.1% year over year, and earnings per share of $0.58, beating the consensus estimate of a $0.04 loss.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) had its target price decreased by Wells Fargo & Company from $180.00 to $168.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Wells Fargo & Company's target price points to a potential upside of 42.18% from the stock's previous close.

IRTC has been the topic of several other reports. Truist Financial raised their price target on shares of iRhythm Technologies from $160.00 to $168.00 and gave the stock a "buy" rating in a research note on Monday, August 10th. Bank of America cut their price objective on shares of iRhythm Technologies from $225.00 to $180.00 and set a "buy" rating for the company in a research report on Monday, May 18th. HC Wainwright reissued a "buy" rating on shares of iRhythm Technologies in a research note on Monday, June 1st. Needham & Company LLC decreased their target price on shares of iRhythm Technologies from $255.00 to $192.00 and set a "buy" rating on the stock in a research report on Friday, August 7th. Finally, Stephens began coverage on shares of iRhythm Technologies in a research report on Thursday, July 23rd. They set an "overweight" rating and a $160.00 target price on the stock. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, iRhythm Technologies has an average rating of "Moderate Buy" and a consensus price target of $179.93.

iRhythm Technologies Stock Performance

NASDAQ IRTC opened at $118.16 on Tuesday. The company has a quick ratio of 3.74, a current ratio of 3.86 and a debt-to-equity ratio of 3.50. iRhythm Technologies has a fifty-two week low of $100.85 and a fifty-two week high of $212.00. The business has a fifty day moving average of $116.97 and a 200-day moving average of $122.63. The stock has a market cap of $3.90 billion, a price-to-earnings ratio of -274.38 and a beta of 1.30.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported $0.58 EPS for the quarter, beating analysts' consensus estimates of ($0.04) by $0.62. The business had revenue of $224.17 million for the quarter, compared to analyst estimates of $219.30 million. iRhythm Technologies had a positive return on equity of 10.11% and a negative net margin of 1.69%.The business's revenue for the quarter was up 20.1% compared to the same quarter last year. During the same quarter last year, the company earned ($0.32) earnings per share. As a group, analysts predict that iRhythm Technologies will post 0.43 earnings per share for the current fiscal year.

Institutional Trading of iRhythm Technologies

Several institutional investors have recently made changes to their positions in IRTC. RTW Investments LP purchased a new position in shares of iRhythm Technologies in the 4th quarter worth $209,732,000. Millennium Management LLC grew its position in iRhythm Technologies by 197.4% during the fourth quarter. Millennium Management LLC now owns 826,376 shares of the company's stock valued at $146,632,000 after acquiring an additional 548,519 shares during the period. Arrowstreet Capital Limited Partnership increased its stake in iRhythm Technologies by 6,415.4% during the third quarter. Arrowstreet Capital Limited Partnership now owns 541,039 shares of the company's stock worth $93,053,000 after acquiring an additional 532,735 shares during the last quarter. Polar Capital Holdings Plc increased its stake in iRhythm Technologies by 24,782.1% during the third quarter. Polar Capital Holdings Plc now owns 335,908 shares of the company's stock worth $57,773,000 after acquiring an additional 334,558 shares during the last quarter. Finally, Holocene Advisors LP raised its holdings in shares of iRhythm Technologies by 2,023.1% in the 2nd quarter. Holocene Advisors LP now owns 313,094 shares of the company's stock worth $48,204,000 after purchasing an additional 298,347 shares during the period.

iRhythm Technologies Company Profile

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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