iRhythm Technologies (NASDAQ:IRTC) Upgraded at Wall Street Zen

iRhythm Technologies (NASDAQ:IRTC) was upgraded by stock analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report issued on Saturday.

A number of other research analysts also recently weighed in on IRTC. Bank of America reduced their target price on iRhythm Technologies from $225.00 to $180.00 and set a “buy” rating on the stock in a report on Monday, May 18th. Needham & Company LLC lifted their price target on iRhythm Technologies from $254.00 to $255.00 and gave the company a “buy” rating in a research report on Friday, May 1st. Truist Financial reduced their price target on iRhythm Technologies from $174.00 to $160.00 and set a “buy” rating on the stock in a research note on Thursday. Weiss Ratings upgraded iRhythm Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, June 18th. Finally, JPMorgan Chase & Co. lowered their price objective on iRhythm Technologies from $215.00 to $175.00 and set an “overweight” rating for the company in a research report on Friday, May 1st. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, iRhythm Technologies presently has a consensus rating of “Moderate Buy” and a consensus price target of $186.62.

iRhythm Technologies Trading Down 3.9%

Shares of IRTC opened at $110.88 on Friday. The firm’s 50-day moving average price is $114.28 and its 200-day moving average price is $130.70. The firm has a market capitalization of $3.64 billion, a price-to-earnings ratio of -128.93 and a beta of 1.27. 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 1-year low of $100.85 and a 1-year high of $212.00.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings results on Thursday, April 30th. The company reported ($0.35) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.21. iRhythm Technologies had a negative net margin of 3.53% and a negative return on equity of 10.26%. The company had revenue of $199.39 million during the quarter, compared to the consensus estimate of $194.11 million. During the same period in the prior year, the firm earned ($0.97) earnings per share. iRhythm Technologies’s revenue was up 25.6% on a year-over-year basis. Sell-side 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 iRhythm Technologies stock in a transaction that occurred on Monday, May 11th. The stock was bought at an average price of $10.71 per share, with a total value of $56,891.52. Following the transaction, the director directly owned 25,611 shares in the company, valued at approximately $274,293.81. This represents a 26.17% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.98% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On iRhythm Technologies

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of iRhythm Technologies by 2.2% during the fourth quarter. Vanguard Group Inc. now owns 3,310,519 shares of the company’s stock valued at $587,418,000 after acquiring an additional 70,420 shares in the last quarter. RTW Investments LP bought a new position in iRhythm Technologies in the 4th quarter worth about $209,732,000. Geode Capital Management LLC grew its position in iRhythm Technologies by 8.6% during the 4th quarter. Geode Capital Management LLC now owns 858,405 shares of the company’s stock valued at $152,337,000 after purchasing an additional 68,301 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in iRhythm Technologies by 45.6% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 829,862 shares of the company’s stock valued at $147,251,000 after purchasing an additional 259,800 shares during the last quarter. Finally, Millennium Management LLC increased its stake in iRhythm Technologies by 197.4% during the 4th quarter. Millennium Management LLC now owns 826,376 shares of the company’s stock valued at $146,632,000 after purchasing an additional 548,519 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.