iRhythm Technologies (NASDAQ:IRTC) Upgraded to “Buy” at Wall Street Zen

Wall Street Zen upgraded shares of iRhythm Technologies (NASDAQ:IRTC) from a hold rating to a buy rating in a report issued on Saturday morning.

Several other brokerages have also recently weighed in on IRTC. Truist Financial dropped their price objective on iRhythm Technologies from $174.00 to $160.00 and set a “buy” rating on the stock in a research note on Thursday. Citigroup upped their target price on shares of iRhythm Technologies from $155.00 to $157.00 and gave the stock a “buy” rating in a research note on Monday, May 4th. Needham & Company LLC increased their target price on shares of iRhythm Technologies from $254.00 to $255.00 and gave the company a “buy” rating in a report on Friday, May 1st. Wells Fargo & Company dropped their price target on shares of iRhythm Technologies from $200.00 to $180.00 and set an “overweight” rating on the stock in a research report on Friday, May 1st. Finally, HC Wainwright restated a “buy” rating on shares of iRhythm Technologies in a report on Monday, June 1st. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $186.62.

iRhythm Technologies Stock Performance

Shares of IRTC opened at $110.88 on Friday. The firm has a market capitalization of $3.64 billion, a P/E ratio of -128.93 and a beta of 1.27. iRhythm Technologies has a 52 week low of $100.85 and a 52 week high of $212.00. The stock has a 50 day moving average price of $114.28 and a two-hundred day moving average price 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.

iRhythm Technologies (NASDAQ:IRTC) last posted its earnings results on Thursday, April 30th. The company reported ($0.35) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.21. The company had revenue of $199.39 million for the quarter, compared to analyst estimates of $194.11 million. iRhythm Technologies had a negative return on equity of 10.26% and a negative net margin of 3.53%.The company’s revenue for the quarter was up 25.6% on a year-over-year basis. During the same quarter last year, the company earned ($0.97) earnings per share. Equities analysts forecast that iRhythm Technologies will post 0.13 earnings per share for the current fiscal year.

Insider Activity

In other iRhythm Technologies news, Director Abhijit Y. Talwalkar bought 5,312 shares of the firm’s stock in a transaction dated Monday, May 11th. The stock was purchased at an average cost of $10.71 per share, with a total value of $56,891.52. Following the transaction, the director directly owned 25,611 shares in the company, valued at $274,293.81. This trade represents a 26.17% increase in their position. The transaction was disclosed in a document filed 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. 0.98% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On iRhythm Technologies

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

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.