Truist Financial Lowers iRhythm Technologies (NASDAQ:IRTC) Price Target to $160.00

iRhythm Technologies (NASDAQ:IRTC) had its price objective lowered by equities research analysts at Truist Financial from $174.00 to $160.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s target price would indicate a potential upside of 44.30% from the company’s current price.

Several other equities analysts have also commented on the company. HC Wainwright reaffirmed a “buy” rating on shares of iRhythm Technologies in a report on Monday, June 1st. Bank of America cut their price target on iRhythm Technologies from $225.00 to $180.00 and set a “buy” rating on the stock in a report on Monday, May 18th. The Goldman Sachs Group reduced their price objective on iRhythm Technologies from $184.00 to $147.00 and set a “neutral” rating for the company in a research report on Thursday, April 9th. Wells Fargo & Company lowered their price objective on iRhythm Technologies from $200.00 to $180.00 and set an “overweight” rating for the company in a research note on Friday, May 1st. Finally, Wall Street Zen lowered iRhythm Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, May 30th. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, iRhythm Technologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $186.62.

iRhythm Technologies Trading Down 3.9%

NASDAQ IRTC opened at $110.88 on Thursday. iRhythm Technologies has a one year low of $100.85 and a one year high of $212.00. The company has a 50-day simple moving average of $114.28 and a 200-day simple moving average of $130.70. The company has a debt-to-equity ratio of 4.03, a quick ratio of 4.98 and a current ratio of 5.17. The firm has a market capitalization of $3.64 billion, a PE ratio of -128.93 and a beta of 1.27.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings data 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. iRhythm Technologies had a negative net margin of 3.53% and a negative return on equity of 10.26%. The firm had revenue of $199.39 million for the quarter, compared to analyst estimates of $194.11 million. During the same quarter in the prior year, the business earned ($0.97) earnings per share. iRhythm Technologies’s quarterly revenue was up 25.6% on a year-over-year basis. On average, equities analysts forecast that iRhythm Technologies will post 0.13 earnings per share for the current year.

Insider Activity at iRhythm Technologies

In other news, Director Abhijit Y. Talwalkar purchased 5,312 shares of the company’s stock in a transaction on Monday, May 11th. The shares were bought at an average price of $10.71 per share, for a total transaction of $56,891.52. Following the completion of the purchase, the director owned 25,611 shares of the company’s stock, valued at $274,293.81. This trade represents a 26.17% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.98% of the company’s stock.

Institutional Investors Weigh In On iRhythm Technologies

Hedge funds and other institutional investors have recently modified their holdings of the stock. Measured Wealth Private Client Group LLC acquired a new position in iRhythm Technologies during the 3rd quarter valued at about $30,000. GAMMA Investing LLC lifted its stake in shares of iRhythm Technologies by 48.4% in the 4th quarter. GAMMA Investing LLC now owns 184 shares of the company’s stock worth $33,000 after acquiring an additional 60 shares during the period. FNY Investment Advisers LLC bought a new position in shares of iRhythm Technologies in the third quarter valued at approximately $34,000. Employees Retirement System of Texas bought a new position in shares of iRhythm Technologies in the third quarter valued at approximately $36,000. Finally, Harbor Investment Advisory LLC acquired a new position in shares of iRhythm Technologies during the second quarter valued at approximately $50,000.

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.