iRhythm Technologies (NASDAQ:IRTC) Price Target Cut to $160.00 by Analysts at Truist Financial

iRhythm Technologies (NASDAQ:IRTC) had its price target reduced by analysts at Truist Financial from $174.00 to $160.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial’s target price would indicate a potential upside of 37.38% from the company’s previous close.

IRTC has been the topic of a number of other research reports. HC Wainwright reaffirmed a “buy” rating on shares of iRhythm Technologies in a report on Monday, June 1st. BTIG Research reissued a “buy” rating and set a $185.00 target price on shares of iRhythm Technologies in a research note on Monday, June 22nd. Bank of America decreased their target price on shares of iRhythm Technologies from $225.00 to $180.00 and set a “buy” rating for the company in a research report on Monday, May 18th. Wells Fargo & Company cut their price target on iRhythm Technologies from $200.00 to $180.00 and set an “overweight” rating on the stock in a report on Friday, May 1st. Finally, Needham & Company LLC boosted their price objective on iRhythm Technologies from $254.00 to $255.00 and gave the stock a “buy” rating 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 issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $186.62.

iRhythm Technologies Stock Up 2.8%

IRTC stock traded up $3.21 during mid-day trading on Thursday, hitting $116.47. 209,139 shares of the company were exchanged, compared to its average volume of 609,995. The firm has a fifty day simple moving average of $114.67 and a 200 day simple moving average of $131.27. The company has a market capitalization of $3.83 billion, a PE ratio of -135.60 and a beta of 1.27. iRhythm Technologies has a twelve month low of $100.85 and a twelve month high of $212.00. 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 (NASDAQ:IRTC) last posted its quarterly earnings results on Thursday, April 30th. The company reported ($0.35) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.56) by $0.21. iRhythm Technologies had a negative return on equity of 10.26% and a negative net margin of 3.53%.The business had revenue of $199.39 million for the quarter, compared to analyst estimates of $194.11 million. During the same period in the prior year, the company posted ($0.97) EPS. The business’s revenue was up 25.6% compared to the same quarter last year. On average, research analysts forecast that iRhythm Technologies will post 0.13 earnings per share for the current fiscal year.

Insider Activity at iRhythm Technologies

In other news, Director Abhijit Y. Talwalkar purchased 5,312 shares of the business’s stock in a transaction dated Monday, May 11th. The shares were acquired at an average price of $10.71 per share, for a total transaction of $56,891.52. Following the completion of the acquisition, the director directly owned 25,611 shares of the company’s stock, valued at $274,293.81. The trade was a 26.17% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 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

Institutional investors and hedge funds have recently modified their holdings of the stock. Tudor Investment Corp ET AL acquired a new stake in shares of iRhythm Technologies in the 3rd quarter valued at $3,439,800,000. Vanguard Group Inc. raised its holdings in 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 buying an additional 70,420 shares in the last quarter. RTW Investments LP acquired a new stake in shares of iRhythm Technologies in the fourth quarter worth about $209,732,000. Geode Capital Management LLC boosted its stake in shares of iRhythm Technologies by 8.6% during the 4th quarter. Geode Capital Management LLC now owns 858,405 shares of the company’s stock worth $152,337,000 after acquiring an additional 68,301 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of 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 acquiring an additional 259,800 shares during 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.