Morgan Stanley Forecasts Strong Price Appreciation for iRhythm Technologies (NASDAQ:IRTC) Stock

iRhythm Technologies (NASDAQ:IRTC) had its price target upped by investment analysts at Morgan Stanley from $130.00 to $160.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Morgan Stanley’s price target would indicate a potential upside of 9.98% from the company’s current price.

Several other research firms have also recently issued reports on IRTC. Canaccord Genuity Group decreased their target price on shares of iRhythm Technologies from $152.00 to $139.00 and set a “buy” rating on the stock in a research report on Friday, May 2nd. Truist Financial lifted their price target on shares of iRhythm Technologies from $111.00 to $145.00 and gave the company a “buy” rating in a research report on Friday, February 21st. Wall Street Zen cut shares of iRhythm Technologies from a “hold” rating to a “sell” rating in a research report on Monday, May 5th. Needham & Company LLC lifted their price target on shares of iRhythm Technologies from $138.00 to $151.00 and gave the company a “buy” rating in a research report on Friday, May 2nd. Finally, Wells Fargo & Company raised shares of iRhythm Technologies from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $104.00 to $130.00 in a research report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $136.45.

iRhythm Technologies Stock Performance

NASDAQ:IRTC opened at $145.48 on Wednesday. The company has a current ratio of 6.27, a quick ratio of 6.12 and a debt-to-equity ratio of 9.00. The firm has a 50-day moving average price of $125.86 and a two-hundred day moving average price of $109.32. iRhythm Technologies has a twelve month low of $55.92 and a twelve month high of $150.00. The company has a market capitalization of $4.64 billion, a P/E ratio of -39.97 and a beta of 1.40.

iRhythm Technologies (NASDAQ:IRTC) last posted its earnings results on Thursday, May 1st. The company reported ($0.95) earnings per share for the quarter, missing the consensus estimate of ($0.89) by ($0.06). iRhythm Technologies had a negative net margin of 19.14% and a negative return on equity of 118.83%. The business had revenue of $158.68 million for the quarter, compared to analysts’ expectations of $153.39 million. During the same quarter last year, the business posted ($1.23) earnings per share. The business’s revenue was up 20.3% compared to the same quarter last year. As a group, research analysts expect that iRhythm Technologies will post -1.98 earnings per share for the current fiscal year.

Hedge Funds Weigh In On iRhythm Technologies

Several hedge funds and other institutional investors have recently modified their holdings of the company. Cim Investment Management Inc. lifted its holdings in iRhythm Technologies by 97.6% in the first quarter. Cim Investment Management Inc. now owns 11,530 shares of the company’s stock worth $1,122,000 after purchasing an additional 5,696 shares during the period. Rhumbline Advisers lifted its holdings in iRhythm Technologies by 7.0% in the first quarter. Rhumbline Advisers now owns 45,946 shares of the company’s stock worth $4,810,000 after purchasing an additional 2,995 shares during the period. Strs Ohio acquired a new stake in iRhythm Technologies in the 1st quarter valued at about $147,000. Intech Investment Management LLC lifted its holdings in iRhythm Technologies by 17.1% in the 1st quarter. Intech Investment Management LLC now owns 17,484 shares of the company’s stock valued at $1,830,000 after acquiring an additional 2,557 shares during the last quarter. Finally, Bayforest Capital Ltd lifted its holdings in iRhythm Technologies by 153.2% in the 1st quarter. Bayforest Capital Ltd now owns 4,213 shares of the company’s stock valued at $441,000 after acquiring an additional 2,549 shares during the last quarter.

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.