iRhythm Technologies (NASDAQ:IRTC) Price Target Cut to $145.00 by Analysts at JPMorgan Chase & Co.

iRhythm Technologies (NASDAQ:IRTC) had its price objective decreased by JPMorgan Chase & Co. from $175.00 to $145.00 in a research report report published on Friday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

A number of other analysts also recently issued reports on IRTC. Wall Street Zen downgraded shares of iRhythm Technologies from a “buy” rating to a “hold” rating in a report on Saturday, October 10th. Needham & Company LLC reduced their target price on iRhythm Technologies from $194.00 to $165.00 and set a “buy” rating on the stock in a research note on Friday. Piper Sandler lowered their price target on iRhythm Technologies from $160.00 to $150.00 and set an “overweight” rating on the stock in a research report on Friday. Citigroup lowered iRhythm Technologies from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $157.00 to $124.00 in a research note on Friday. Finally, BTIG Research cut their price objective on iRhythm Technologies from $185.00 to $170.00 and set a “buy” rating for the company in a report on Friday. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $168.93.

iRhythm Technologies Stock Performance

Shares of iRhythm Technologies stock opened at $90.22 on Friday. iRhythm Technologies has a 1 year low of $86.30 and a 1 year high of $192.47. The firm has a market cap of $2.97 billion, a PE ratio of -77.11 and a beta of 1.39. The company has a debt-to-equity ratio of 3.68, a current ratio of 3.57 and a quick ratio of 3.45. The company has a 50 day simple moving average of $114.95 and a two-hundred day simple moving average of $121.69.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings results on Thursday, November 5th. The company reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.80. The business had revenue of $221.59 million during the quarter, compared to analysts’ expectations of $222.23 million. iRhythm Technologies had a negative net margin of 4.52% and a positive return on equity of 26.88%. The business’s quarterly revenue was up 14.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.06) EPS. Analysts expect that iRhythm Technologies will post 0.54 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Versant Capital Management Inc lifted its position in iRhythm Technologies by 123.2% in the third quarter. Versant Capital Management Inc now owns 221 shares of the company’s stock valued at $25,000 after purchasing an additional 122 shares during the last quarter. Covestor Ltd grew its holdings in shares of iRhythm Technologies by 44.8% in the third quarter. Covestor Ltd now owns 417 shares of the company’s stock worth $47,000 after purchasing an additional 129 shares during the last quarter. Harbor Investment Advisory LLC bought a new position in shares of iRhythm Technologies in the second quarter worth approximately $50,000. Assetmark Inc. grew its holdings in shares of iRhythm Technologies by 30.1% in the first quarter. Assetmark Inc. now owns 821 shares of the company’s stock worth $97,000 after purchasing an additional 190 shares during the last quarter. Finally, Sterling Capital Management LLC increased its stake in shares of iRhythm Technologies by 842.2% in the third quarter. Sterling Capital Management LLC now owns 1,093 shares of the company’s stock worth $124,000 after buying an additional 977 shares during the period.

iRhythm Technologies Company Profile

iRhythm Technologies is a medical technology company that develops digital solutions for detecting and monitoring heart rhythm disorders. Its services combine wearable electrocardiogram (ECG) devices with cloud-based data analysis and clinical reporting to help healthcare professionals assess patients for conditions such as cardiac arrhythmias.

The company’s Zio product line includes wearable ECG monitors, such as Zio XT, which records a patient’s heart activity during an extended monitoring period.