iRhythm Technologies (NASDAQ:IRTC) Upgraded to Strong-Buy at Stephens

Stephens upgraded shares of iRhythm Technologies (NASDAQ:IRTC) to a strong-buy rating in a report released on Wednesday,Zacks.com reports.

Several other equities research analysts also recently weighed in on IRTC. The Goldman Sachs Group dropped their target price on shares of iRhythm Technologies from $184.00 to $147.00 and set a “neutral” rating for the company in a research report on Thursday, April 9th. JPMorgan Chase & Co. decreased their price target on iRhythm Technologies from $215.00 to $175.00 and set an “overweight” rating for the company in a research note on Friday, May 1st. Weiss Ratings raised iRhythm Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, June 18th. Needham & Company LLC upped their price objective on iRhythm Technologies from $254.00 to $255.00 and gave the company a “buy” rating in a research note on Friday, May 1st. Finally, Canaccord Genuity Group reduced their target price on iRhythm Technologies from $180.00 to $152.00 and set a “buy” rating on the stock in a report on Monday, June 1st. Three equities research 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 assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $184.71.

iRhythm Technologies Stock Performance

iRhythm Technologies stock opened at $107.67 on Wednesday. The stock has a market cap of $3.54 billion, a P/E ratio of -125.20 and a beta of 1.27. The company has a current ratio of 5.17, a quick ratio of 4.98 and a debt-to-equity ratio of 4.03. The stock has a 50 day moving average of $113.68 and a 200-day moving average of $128.43. iRhythm Technologies has a 52 week low of $100.85 and a 52 week high of $212.00.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings results on Thursday, April 30th. The company reported ($0.35) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.21. The business had revenue of $199.39 million during the quarter, compared to the consensus estimate of $194.11 million. iRhythm Technologies had a negative net margin of 3.53% and a negative return on equity of 10.26%. The business’s quarterly revenue was up 25.6% compared to the same quarter last year. During the same quarter last year, the company earned ($0.97) earnings per share. On average, analysts expect that iRhythm Technologies will post 0.13 EPS for the current fiscal year.

Insider Activity

In related news, Director Abhijit Y. Talwalkar acquired 5,312 shares of the stock in a transaction that occurred on Monday, May 11th. The stock was purchased at an average cost of $10.71 per share, for a total transaction of $56,891.52. Following the purchase, the director directly owned 25,611 shares in the company, 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 SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.98% of the company’s stock.

Hedge Funds Weigh In On iRhythm Technologies

Several hedge funds and other institutional investors have recently modified their holdings of IRTC. Measured Wealth Private Client Group LLC bought a new stake in iRhythm Technologies in the 3rd quarter valued at about $30,000. GAMMA Investing LLC increased its stake in shares of iRhythm Technologies by 48.4% in the fourth quarter. GAMMA Investing LLC now owns 184 shares of the company’s stock valued at $33,000 after purchasing an additional 60 shares during the period. Employees Retirement System of Texas acquired a new stake in shares of iRhythm Technologies in the third quarter valued at approximately $36,000. Harbor Investment Advisory LLC bought a new stake in shares of iRhythm Technologies during the second quarter valued at approximately $50,000. Finally, Torren Management LLC bought a new stake in shares of iRhythm Technologies during the fourth quarter valued at approximately $53,000.

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.