iRhythm Technologies (NASDAQ:IRTC) Cut to “Hold” at Wall Street Zen

Wall Street Zen downgraded shares of iRhythm Technologies (NASDAQ:IRTC) from a buy rating to a hold rating in a research report sent to investors on Saturday morning,Wall Street Zen reports.

A number of other brokerages have also commented on IRTC. Needham & Company LLC raised their price objective on shares of iRhythm Technologies from $192.00 to $194.00 and gave the stock a “buy” rating in a report on Monday, October 5th. Wells Fargo & Company reduced their target price on shares of iRhythm Technologies from $168.00 to $150.00 and set an “overweight” rating for the company in a research note on Tuesday, October 6th. BTIG Research reiterated a “buy” rating and set a $185.00 target price on shares of iRhythm Technologies in a report on Monday, June 22nd. Stephens began coverage on iRhythm Technologies in a report on Thursday, July 23rd. They set an “overweight” rating and a $160.00 target price for the company. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of iRhythm Technologies in a research note on Monday, September 14th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, iRhythm Technologies currently has an average rating of “Moderate Buy” and an average price target of $178.79.

iRhythm Technologies Price Performance

IRTC opened at $106.68 on Friday. The company has a fifty day moving average price of $117.17 and a two-hundred day moving average price of $116.72. The firm has a market capitalization of $3.52 billion, a PE ratio of -248.09 and a beta of 1.45. iRhythm Technologies has a 52 week low of $100.70 and a 52 week high of $212.00. The company has a debt-to-equity ratio of 3.50, a quick ratio of 3.74 and a current ratio of 3.86.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.62. The company had revenue of $224.17 million during the quarter, compared to analysts’ expectations of $219.30 million. iRhythm Technologies had a positive return on equity of 10.11% and a negative net margin of 1.69%. iRhythm Technologies’s revenue was up 20.1% on a year-over-year basis. During the same period in the prior year, the business posted ($0.32) EPS. As a group, analysts anticipate that iRhythm Technologies will post 0.60 earnings per share for the current year.

Hedge Funds Weigh In On iRhythm Technologies

Several institutional investors and hedge funds have recently modified their holdings of IRTC. Hsbc Holdings PLC bought a new stake in shares of iRhythm Technologies during the 2nd quarter valued at $528,000. Rock Springs Capital Management LP lifted its holdings in iRhythm Technologies by 11.4% during the 1st quarter. Rock Springs Capital Management LP now owns 261,750 shares of the company’s stock worth $30,892,000 after purchasing an additional 26,750 shares in the last quarter. Squarepoint Ops LLC lifted its holdings in iRhythm Technologies by 1,065.8% during the 2nd quarter. Squarepoint Ops LLC now owns 71,862 shares of the company’s stock worth $8,548,000 after purchasing an additional 65,698 shares in the last quarter. Quantinno Capital Management LP boosted its stake in iRhythm Technologies by 1,172.8% in the 1st quarter. Quantinno Capital Management LP now owns 18,621 shares of the company’s stock worth $2,198,000 after purchasing an additional 17,158 shares during the period. Finally, First Light Asset Management LLC boosted its stake in iRhythm Technologies by 9.3% in the 1st quarter. First Light Asset Management LLC now owns 168,116 shares of the company’s stock worth $19,841,000 after purchasing an additional 14,245 shares during the period.

iRhythm Technologies Company Profile

iRhythm Technologies, Inc is a digital health care company focused on ambulatory cardiac monitoring and the diagnosis of cardiac arrhythmias. The company combines wearable biosensor technology, cloud-based data analysis and clinical services to help physicians detect and manage irregular heart rhythms, including atrial fibrillation.

Its principal products include the Zio monitor portfolio, which is designed for extended, continuous electrocardiogram monitoring in an easy-to-use wearable format.