Stephens Initiates Coverage on iRhythm Technologies (NASDAQ:IRTC)

Research analysts at Stephens started coverage on shares of iRhythm Technologies (NASDAQ:IRTC) in a research report issued on Thursday, MarketBeat reports. The brokerage set an “overweight” rating and a $160.00 price target on the stock. Stephens’ target price indicates a potential upside of 46.52% from the stock’s previous close.

A number of other brokerages have also weighed in on IRTC. Truist Financial cut their target price on shares of iRhythm Technologies from $174.00 to $160.00 and set a “buy” rating on the stock in a research report on Thursday, July 16th. Bank of America dropped their price target on iRhythm Technologies from $225.00 to $180.00 and set a “buy” rating for the company in a research note on Monday, May 18th. BTIG Research reissued a “buy” rating and set a $185.00 price objective on shares of iRhythm Technologies in a report on Monday, June 22nd. Canaccord Genuity Group reduced their price objective on iRhythm Technologies from $180.00 to $152.00 and set a “buy” rating on the stock in a research report on Monday, June 1st. Finally, HC Wainwright reaffirmed a “buy” rating on shares of iRhythm Technologies in a report on Monday, June 1st. Three research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $184.71.

iRhythm Technologies Stock Performance

iRhythm Technologies stock opened at $109.20 on Thursday. The company has a quick ratio of 4.98, a current ratio of 5.17 and a debt-to-equity ratio of 4.03. The stock has a market cap of $3.59 billion, a PE ratio of -126.98 and a beta of 1.27. iRhythm Technologies has a 12-month low of $100.85 and a 12-month high of $212.00. The business’s 50-day moving average price is $113.59 and its two-hundred day moving average price is $128.29.

iRhythm Technologies (NASDAQ:IRTC) last posted its earnings results on Thursday, April 30th. The company reported ($0.35) 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 firm had revenue of $199.39 million during the quarter, compared to analysts’ expectations of $194.11 million. During the same quarter in the prior year, the business earned ($0.97) earnings per share. The business’s revenue for the quarter was up 25.6% compared to the same quarter last year. As a group, analysts expect that iRhythm Technologies will post 0.13 earnings per share for the current fiscal year.

Insider Transactions at iRhythm Technologies

In related news, Director Abhijit Y. Talwalkar bought 5,312 shares of the business’s stock in a transaction on Monday, May 11th. The shares were purchased at an average cost of $10.71 per share, with a total value of $56,891.52. Following the acquisition, the director owned 25,611 shares of the company’s stock, valued at $274,293.81. This 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 available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.98% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On iRhythm Technologies

A number of hedge funds have recently made changes to their positions in the stock. Royal Bank of Canada lifted its stake in shares of iRhythm Technologies by 423.0% in the first quarter. Royal Bank of Canada now owns 7,573 shares of the company’s stock worth $793,000 after acquiring an additional 6,125 shares during the period. Goldman Sachs Group Inc. raised its holdings in iRhythm Technologies by 33.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 433,780 shares of the company’s stock worth $45,408,000 after purchasing an additional 108,941 shares during the last quarter. Strs Ohio acquired a new position in shares of iRhythm Technologies in the 1st quarter worth approximately $147,000. Arrowstreet Capital Limited Partnership acquired a new position in shares of iRhythm Technologies in the 2nd quarter worth approximately $1,278,000. Finally, First Trust Advisors LP boosted its stake in shares of iRhythm Technologies by 66.0% in the 2nd quarter. First Trust Advisors LP now owns 56,197 shares of the company’s stock valued at $8,652,000 after purchasing an additional 22,337 shares during the last quarter.

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.