iRhythm Technologies (NASDAQ:IRTC) Price Target Cut to $155.00 by Analysts at BTIG Research – MarketBeat

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iRhythm Technologies (NASDAQ:IRTC – Get Rating) had its price target decreased by analysts at BTIG Research from $180.00 to $155.00 in a research report issued on Friday, The Fly reports. BTIG Research’s price target indicates a potential upside of 40.93% from the stock’s previous close.
A number of other analysts have also recently commented on the stock. Citigroup cut shares of iRhythm Technologies from a “buy” rating to a “neutral” rating and cut their price target for the company from $180.00 to $155.00 in a research note on Thursday, June 9th. Truist Financial cut their price target on shares of iRhythm Technologies from $200.00 to $165.00 and set a “buy” rating for the company in a research note on Thursday, June 16th. Needham & Company LLC upgraded shares of iRhythm Technologies from a “hold” rating to a “buy” rating and set a $135.00 target price for the company in a research note on Thursday, February 24th. JPMorgan Chase & Co. raised their target price on shares of iRhythm Technologies from $156.00 to $192.00 and gave the stock an “overweight” rating in a research note on Monday, April 4th. Finally, Morgan Stanley cut their target price on shares of iRhythm Technologies from $167.00 to $151.00 and set an “overweight” rating for the company in a research note on Thursday, February 24th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $158.42.
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Shares of IRTC stock opened at $109.98 on Friday. The stock has a market cap of $3.28 billion, a P/E ratio of -26.12 and a beta of 1.23. The company has a debt-to-equity ratio of 0.14, a current ratio of 4.63 and a quick ratio of 4.43. The company has a fifty day moving average price of $130.02 and a two-hundred day moving average price of $127.97. iRhythm Technologies has a one year low of $41.66 and a one year high of $169.54.
iRhythm Technologies (NASDAQ:IRTC – Get Rating) last announced its quarterly earnings results on Thursday, May 5th. The company reported ($0.80) EPS for the quarter, beating analysts’ consensus estimates of ($1.06) by $0.26. The firm had revenue of $92.40 million during the quarter, compared to analysts’ expectations of $86.76 million. iRhythm Technologies had a negative net margin of 36.43% and a negative return on equity of 34.55%. The company’s revenue for the quarter was up 24.4% compared to the same quarter last year. During the same quarter last year, the company posted ($0.95) earnings per share. As a group, equities research analysts anticipate that iRhythm Technologies will post -3.28 EPS for the current fiscal year.
In other iRhythm Technologies news, Director Merz Cathleen Noel Bairey sold 500 shares of iRhythm Technologies stock in a transaction dated Tuesday, June 14th. The shares were sold at an average price of $111.76, for a total value of $55,880.00. Following the completion of the sale, the director now owns 4,977 shares in the company, valued at approximately $556,229.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.64% of the stock is owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in IRTC. Royal Bank of Canada increased its holdings in iRhythm Technologies by 5.9% in the 3rd quarter. Royal Bank of Canada now owns 28,738 shares of the company’s stock valued at $1,683,000 after buying an additional 1,602 shares during the period. Wellington Management Group LLP increased its holdings in iRhythm Technologies by 1.9% in the 3rd quarter. Wellington Management Group LLP now owns 1,114,699 shares of the company’s stock valued at $65,277,000 after buying an additional 20,364 shares during the period. Bank of New York Mellon Corp increased its holdings in iRhythm Technologies by 57.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 344,202 shares of the company’s stock valued at $20,156,000 after buying an additional 126,196 shares during the period. Balyasny Asset Management LLC increased its holdings in iRhythm Technologies by 261.1% in the 3rd quarter. Balyasny Asset Management LLC now owns 159,709 shares of the company’s stock valued at $9,353,000 after buying an additional 115,475 shares during the period. Finally, Fulton Bank N.A. bought a new position in iRhythm Technologies in the 4th quarter valued at about $291,000. 97.92% of the stock is currently owned by hedge funds and other institutional investors.
About iRhythm Technologies (Get Rating)
iRhythm Technologies, Inc, a digital healthcare company, provides ambulatory electrocardiogram (ECG) monitoring products for patients at risk for arrhythmias in the United States. It offers Zio service, an ambulatory cardiac monitoring solution that combines a wire-free, patch-based, and wearable biosensor with a cloud-based data analytic platform to help physicians to monitor patients and diagnose arrhythmias.
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Analyst Recommendations for iRhythm Technologies (NASDAQ:IRTC)
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