iRhythm Technologies (NASDAQ:IRTC) Trading Up 4.7% on Analyst Upgrade

iRhythm Technologies, Inc. (NASDAQ:IRTC) shot up 4.7% during mid-day trading on Monday after Robert W. Baird raised their price target on the stock from $133.00 to $150.00. Robert W. Baird currently has an outperform rating on the stock. iRhythm Technologies traded as high as $136.03 and last traded at $137.28. 308,918 shares were traded during trading, a decline of 33% from the average session volume of 463,409 shares. The stock had previously closed at $131.12.

Several other research analysts have also recently issued reports on the company. Oppenheimer increased their price objective on iRhythm Technologies from $105.00 to $120.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 8th. The Goldman Sachs Group raised their price objective on shares of iRhythm Technologies from $91.00 to $124.00 and gave the company a “neutral” rating in a research note on Monday, February 24th. StockNews.com raised shares of iRhythm Technologies from a “sell” rating to a “hold” rating in a report on Monday, February 24th. Needham & Company LLC boosted their price target on iRhythm Technologies from $138.00 to $151.00 and gave the stock a “buy” rating in a research note on Friday, May 2nd. Finally, Truist Financial raised their price objective on iRhythm Technologies from $111.00 to $145.00 and gave the company a “buy” rating in a research note on Friday, February 21st. 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’s stock. According to MarketBeat.com, iRhythm Technologies presently has an average rating of “Moderate Buy” and a consensus price target of $128.55.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. MCF Advisors LLC purchased a new position in shares of iRhythm Technologies during the first quarter valued at approximately $25,000. R Squared Ltd purchased a new position in iRhythm Technologies during the fourth quarter worth about $45,000. Van ECK Associates Corp boosted its stake in iRhythm Technologies by 41.3% in the 4th quarter. Van ECK Associates Corp now owns 554 shares of the company’s stock worth $50,000 after buying an additional 162 shares during the last quarter. CWM LLC grew its holdings in iRhythm Technologies by 54.3% in the 1st quarter. CWM LLC now owns 517 shares of the company’s stock valued at $54,000 after buying an additional 182 shares during the period. Finally, Raiffeisen Bank International AG acquired a new position in shares of iRhythm Technologies during the 4th quarter valued at about $60,000.

iRhythm Technologies Stock Performance

The company’s fifty day moving average price is $105.22 and its two-hundred day moving average price is $97.68. The company has a debt-to-equity ratio of 9.00, a quick ratio of 6.12 and a current ratio of 6.27. The firm has a market capitalization of $4.31 billion, a PE ratio of -37.11 and a beta of 1.34.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings results on Thursday, May 1st. The company reported ($0.95) earnings per share 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 net margin of 19.14% and a negative return on equity of 118.83%. The firm’s revenue for the quarter was up 20.3% compared to the same quarter last year. During the same quarter last year, the business earned ($1.23) EPS. As a group, equities analysts expect that iRhythm Technologies, Inc. will post -1.98 earnings per share for the current year.

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.