iRhythm Technologies, Inc. (NASDAQ:IRTC) Receives $119.73 Average Price Target from Analysts

Shares of iRhythm Technologies, Inc. (NASDAQ:IRTC) have earned an average rating of “Moderate Buy” from the eleven brokerages that are currently covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average 12-month price target among analysts that have covered the stock in the last year is $119.73.

Several analysts recently issued reports on IRTC shares. Oppenheimer upped their target price on iRhythm Technologies from $105.00 to $120.00 and gave the stock an “outperform” rating in a report on Wednesday, January 8th. Wells Fargo & Company raised their target price on shares of iRhythm Technologies from $86.00 to $104.00 and gave the company an “equal weight” rating in a research note on Friday, February 21st. Truist Financial increased their price target on shares of iRhythm Technologies from $111.00 to $145.00 and gave the company a “buy” rating in a research note on Friday, February 21st. Canaccord Genuity Group boosted their price objective on shares of iRhythm Technologies from $125.00 to $152.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Finally, Needham & Company LLC raised their target price on shares of iRhythm Technologies from $125.00 to $138.00 and gave the company a “buy” rating in a research note on Friday, February 21st.

Hedge Funds Weigh In On iRhythm Technologies

A number of large investors have recently made changes to their positions in the company. Eventide Asset Management LLC grew its holdings in iRhythm Technologies by 170.8% in the 3rd quarter. Eventide Asset Management LLC now owns 736,721 shares of the company’s stock valued at $54,694,000 after buying an additional 464,629 shares in the last quarter. First Light Asset Management LLC acquired a new position in shares of iRhythm Technologies in the fourth quarter valued at about $38,818,000. Bessemer Group Inc. increased its position in iRhythm Technologies by 111.7% during the fourth quarter. Bessemer Group Inc. now owns 568,007 shares of the company’s stock worth $51,217,000 after acquiring an additional 299,726 shares during the period. Frontier Capital Management Co. LLC boosted its holdings in iRhythm Technologies by 364.8% in the 4th quarter. Frontier Capital Management Co. LLC now owns 355,147 shares of the company’s stock valued at $32,024,000 after purchasing an additional 278,743 shares during the period. Finally, Braidwell LP grew its position in shares of iRhythm Technologies by 48.7% during the 3rd quarter. Braidwell LP now owns 782,557 shares of the company’s stock worth $58,097,000 after purchasing an additional 256,200 shares in the last quarter.

iRhythm Technologies Price Performance

NASDAQ IRTC opened at $101.75 on Wednesday. The firm’s 50 day moving average is $105.66 and its 200-day moving average is $86.41. The company has a quick ratio of 6.12, a current ratio of 6.27 and a debt-to-equity ratio of 9.00. The company has a market capitalization of $3.20 billion, a PE ratio of -27.95 and a beta of 1.36. iRhythm Technologies has a 12-month low of $55.92 and a 12-month high of $128.52.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings results on Thursday, February 20th. The company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.29) by $0.30. iRhythm Technologies had a negative net margin of 19.14% and a negative return on equity of 118.83%. The firm had revenue of $164.33 million for the quarter, compared to analyst estimates of $158.30 million. Equities research analysts anticipate that iRhythm Technologies will post -1.98 earnings per share for the current fiscal year.

iRhythm Technologies Company Profile

iRhythm Technologies, Inc, a digital healthcare company, engages in the design, development, and commercialization of device-based technology to provide ambulatory cardiac monitoring services to diagnose arrhythmias in the United States. It offers Zio services, an ambulatory monitoring solution, including long-term and short-term continuous monitoring and mobile cardiac telemetry monitoring services.