iRhythm Technologies (NASDAQ:IRTC) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of iRhythm Technologies (NASDAQ:IRTC) have been given an average rating of “Moderate Buy” by the sixteen brokerages that are presently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, twelve have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $179.9286.

A number of analysts have commented on the company. Stephens began coverage on iRhythm Technologies in a report on Thursday, July 23rd. They set an “overweight” rating and a $160.00 price objective for the company. BTIG Research restated a “buy” rating and issued a $185.00 target price on shares of iRhythm Technologies in a report on Monday, June 22nd. Citigroup lifted their target price on iRhythm Technologies from $155.00 to $157.00 and gave the company a “buy” rating in a research report on Monday, May 4th. Wall Street Zen downgraded iRhythm Technologies from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Finally, Needham & Company LLC lowered their price target on iRhythm Technologies from $255.00 to $192.00 and set a “buy” rating for the company in a research report on Friday, August 7th.

iRhythm Technologies Stock Down 1.4%

Shares of NASDAQ IRTC opened at $115.24 on Wednesday. The stock has a market capitalization of $3.80 billion, a P/E ratio of -268.00 and a beta of 1.30. The company has a 50-day moving average price of $116.99 and a 200-day moving average price of $122.37. iRhythm Technologies has a 1 year low of $100.85 and a 1 year high of $212.00. The company has a debt-to-equity ratio of 3.50, a current ratio of 3.86 and a quick ratio of 3.74.

iRhythm Technologies (NASDAQ:IRTC) last posted its earnings results on Thursday, August 6th. The company reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.62. iRhythm Technologies had a negative net margin of 1.69% and a positive return on equity of 10.11%. The company had revenue of $224.17 million for the quarter, compared to analyst estimates of $219.30 million. During the same quarter in the prior year, the business posted ($0.32) EPS. The firm’s revenue was up 20.1% compared to the same quarter last year. On average, equities research analysts forecast that iRhythm Technologies will post 0.43 EPS for the current fiscal year.

Institutional Trading of iRhythm Technologies

Several institutional investors and hedge funds have recently made changes to their positions in IRTC. WoodTrust Financial Corp raised its stake in shares of iRhythm Technologies by 0.7% during the fourth quarter. WoodTrust Financial Corp now owns 10,070 shares of the company’s stock worth $1,787,000 after acquiring an additional 70 shares in the last quarter. US Bancorp DE boosted its stake in shares of iRhythm Technologies by 7.8% in the 3rd quarter. US Bancorp DE now owns 1,042 shares of the company’s stock valued at $179,000 after purchasing an additional 75 shares in the last quarter. State of Wyoming boosted its stake in shares of iRhythm Technologies by 16.0% in the 4th quarter. State of Wyoming now owns 616 shares of the company’s stock valued at $109,000 after purchasing an additional 85 shares in the last quarter. Alliancebernstein L.P. grew its holdings in shares of iRhythm Technologies by 0.3% during the 3rd quarter. Alliancebernstein L.P. now owns 37,489 shares of the company’s stock valued at $6,448,000 after purchasing an additional 95 shares during the last quarter. Finally, California State Teachers Retirement System grew its holdings in shares of iRhythm Technologies by 0.3% during the 2nd quarter. California State Teachers Retirement System now owns 28,917 shares of the company’s stock valued at $4,452,000 after purchasing an additional 99 shares during the last quarter.

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.