iRhythm Technologies (NASDAQ:IRTC) had its price target dropped by equities research analysts at Truist Securities from $220.00 to $115.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Securities’ target price suggests a potential upside of 26.46% from the stock’s current price.
A number of other equities research analysts have also weighed in on the company. Morgan Stanley lowered iRhythm Technologies from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $288.00 to $94.00 in a research report on Wednesday, April 14th. Truist reduced their price objective on iRhythm Technologies from $220.00 to $115.00 in a research report on Tuesday, April 13th. Colliers Securities restated a “neutral” rating on shares of iRhythm Technologies in a research report on Thursday, March 4th. TheStreet lowered iRhythm Technologies from a “c-” rating to a “d+” rating in a research report on Friday, March 12th. Finally, BTIG Research lowered iRhythm Technologies from a “buy” rating to a “neutral” rating in a research report on Tuesday, April 13th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $176.43.
iRhythm Technologies stock opened at $90.94 on Monday. The stock has a market capitalization of $2.65 billion, a P/E ratio of -47.61 and a beta of 1.68. iRhythm Technologies has a 52 week low of $77.43 and a 52 week high of $286.19. The company has a debt-to-equity ratio of 0.07, a quick ratio of 6.46 and a current ratio of 6.55. The stock has a fifty day moving average of $135.25 and a 200-day moving average of $199.18.
iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings data on Thursday, February 25th. The company reported ($0.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02). iRhythm Technologies had a negative return on equity of 28.89% and a negative net margin of 20.97%. On average, research analysts forecast that iRhythm Technologies will post -1.56 earnings per share for the current year.
In related news, EVP David A. Vort sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 26th. The stock was sold at an average price of $247.70, for a total transaction of $1,238,500.00. Following the transaction, the executive vice president now directly owns 27,126 shares of the company’s stock, valued at approximately $6,719,110.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 3.10% of the stock is currently owned by corporate insiders.
Institutional investors have recently modified their holdings of the company. Sands Capital Management LLC grew its holdings in shares of iRhythm Technologies by 61.3% in the fourth quarter. Sands Capital Management LLC now owns 3,074,149 shares of the company’s stock valued at $729,219,000 after acquiring an additional 1,168,349 shares in the last quarter. Artisan Partners Limited Partnership grew its holdings in shares of iRhythm Technologies by 234.7% in the fourth quarter. Artisan Partners Limited Partnership now owns 1,356,864 shares of the company’s stock valued at $321,862,000 after acquiring an additional 951,511 shares in the last quarter. Jackson Square Partners LLC bought a new position in iRhythm Technologies during the fourth quarter valued at $176,116,000. Price T Rowe Associates Inc. MD grew its holdings in iRhythm Technologies by 30.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,812,756 shares of the company’s stock valued at $430,004,000 after purchasing an additional 420,419 shares during the period. Finally, Norges Bank bought a new position in shares of iRhythm Technologies in the fourth quarter worth $91,506,000.
About iRhythm Technologies
iRhythm Technologies, Inc, a digital healthcare company, provides ambulatory electrocardiogram (ECG) monitoring products for patients at risk for arrhythmias in the United States. It offers Zio service, an ambulatory cardiac monitoring solution that combines a wire-free, patch-based, and wearable biosensor with a cloud-based data analytic platform to help physicians to monitor patients and diagnose arrhythmias.
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