Stephens Upgrades iRhythm Technologies (NASDAQ:IRTC) to “Strong-Buy”

iRhythm Technologies (NASDAQ:IRTC) was upgraded by research analysts at Stephens to a “strong-buy” rating in a research report issued on Wednesday,Zacks.com reports.

Other equities research analysts also recently issued reports about the company. JPMorgan Chase & Co. dropped their target price on iRhythm Technologies from $215.00 to $175.00 and set an “overweight” rating on the stock in a report on Friday, May 1st. Wells Fargo & Company reduced their price target on iRhythm Technologies from $200.00 to $180.00 and set an “overweight” rating for the company in a report on Friday, May 1st. BTIG Research restated a “buy” rating and set a $185.00 price target on shares of iRhythm Technologies in a report on Monday, June 22nd. Canaccord Genuity Group lowered their price target on iRhythm Technologies from $180.00 to $152.00 and set a “buy” rating for the company in a research report on Monday, June 1st. Finally, Truist Financial dropped their price target on shares of iRhythm Technologies from $174.00 to $160.00 and set a “buy” rating on the stock in a research note on Thursday, July 16th. Three research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $184.71.

iRhythm Technologies Price Performance

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

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

Insiders Place Their Bets

In other iRhythm Technologies news, Director Abhijit Y. Talwalkar acquired 5,312 shares of the stock in a transaction that occurred on Monday, May 11th. The shares were acquired at an average cost of $10.71 per share, with a total value of $56,891.52. Following the transaction, the director owned 25,611 shares of the company’s stock, valued at $274,293.81. The trade was a 26.17% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.98% of the stock is currently owned by insiders.

Institutional Trading of iRhythm Technologies

A number of institutional investors and hedge funds have recently modified their holdings of the business. Handelsbanken Fonder AB raised its stake in shares of iRhythm Technologies by 17.2% in the second quarter. Handelsbanken Fonder AB now owns 12,239 shares of the company’s stock worth $1,456,000 after purchasing an additional 1,800 shares during the last quarter. Harbor Investment Advisory LLC purchased a new stake in shares of iRhythm Technologies during the second quarter valued at $50,000. Amundi boosted its position in shares of iRhythm Technologies by 48.4% during the first quarter. Amundi now owns 49,575 shares of the company’s stock valued at $5,851,000 after buying an additional 16,165 shares during the last quarter. California State Teachers Retirement System increased its holdings in iRhythm Technologies by 22.1% in the 1st quarter. California State Teachers Retirement System now owns 37,324 shares of the company’s stock worth $4,405,000 after buying an additional 6,763 shares in the last quarter. Finally, Rock Springs Capital Management LP increased its holdings in iRhythm Technologies by 11.4% in the 1st quarter. Rock Springs Capital Management LP now owns 261,750 shares of the company’s stock worth $30,892,000 after buying an additional 26,750 shares in the last quarter.

About iRhythm Technologies

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.