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 research note released on Saturday,Wall Street Zen reports.

IRTC has been the topic of several other research reports. HC Wainwright reiterated a “buy” rating on shares of iRhythm Technologies in a report on Monday, June 1st. Stephens started coverage on shares of iRhythm Technologies in a report on Thursday, July 23rd. They issued an “overweight” rating and a $160.00 price objective for the company. BTIG Research reaffirmed a “buy” rating and issued a $185.00 target price on shares of iRhythm Technologies in a research report on Monday, June 22nd. Truist Financial lifted their target price on shares of iRhythm Technologies from $160.00 to $168.00 and gave the company a “buy” rating in a research note on Monday, August 10th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of iRhythm Technologies in a research report on Monday, September 14th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $179.93.

iRhythm Technologies Trading Down 0.4%

NASDAQ IRTC opened at $110.38 on Friday. iRhythm Technologies has a fifty-two week low of $100.85 and a fifty-two 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. The stock has a 50 day simple moving average of $118.31 and a two-hundred day simple moving average of $117.38. The stock has a market cap of $3.64 billion, a P/E ratio of -256.70 and a beta of 1.31.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings data 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 positive return on equity of 10.11% and a negative net margin of 1.69%.The firm had revenue of $224.17 million for the quarter, compared to analyst estimates of $219.30 million. During the same period last year, the company earned ($0.32) EPS. The business’s quarterly revenue was up 20.1% compared to the same quarter last year. On average, analysts forecast that iRhythm Technologies will post 0.6 earnings per share for the current year.

Institutional Investors Weigh In On iRhythm Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Harbor Investment Advisory LLC purchased a new position in iRhythm Technologies during the second quarter valued at $50,000. Clearstead Advisors LLC grew its position in shares of iRhythm Technologies by 203.7% in the 4th quarter. Clearstead Advisors LLC now owns 662 shares of the company’s stock worth $117,000 after buying an additional 444 shares during the period. Assetmark Inc. grew its position in shares of iRhythm Technologies by 30.1% in the 1st quarter. Assetmark Inc. now owns 821 shares of the company’s stock worth $97,000 after buying an additional 190 shares during the period. MidFirst Bank bought a new position in shares of iRhythm Technologies in the 4th quarter worth about $235,000. Finally, Rockefeller Capital Management L.P. increased its stake in shares of iRhythm Technologies by 89.8% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,361 shares of the company’s stock worth $241,000 after acquiring an additional 644 shares in the last quarter.

About iRhythm Technologies

iRhythm Technologies, Inc is a digital health company focused on ambulatory cardiac monitoring and the detection of cardiac arrhythmias. The company combines wearable electrocardiogram (ECG) sensors, cloud-based data analysis and clinical support services to help healthcare professionals identify and manage irregular heart rhythms.

Its product portfolio includes the Zio monitor and related services, including Zio XT and Zio AT. These single-use, wearable devices continuously record cardiac activity over an extended period, after which iRhythm analyzes the data and provides reports to physicians.