iRhythm Technologies (NASDAQ:IRTC) Sets New 1-Year High – Here’s What Happened

iRhythm Technologies, Inc. (NASDAQ:IRTC) shares hit a new 52-week high on Monday . The company traded as high as $147.96 and last traded at $147.48, with a volume of 318428 shares. The stock had previously closed at $146.68.

Analyst Upgrades and Downgrades

Several research firms have issued reports on IRTC. Robert W. Baird upped their price target on shares of iRhythm Technologies from $133.00 to $150.00 and gave the company an “outperform” rating in a research report on Friday, May 2nd. Wells Fargo & Company raised shares of iRhythm Technologies from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $104.00 to $130.00 in a report on Friday, May 2nd. Canaccord Genuity Group cut their target price on shares of iRhythm Technologies from $152.00 to $139.00 and set a “buy” rating for the company in a research report on Friday, May 2nd. Truist Financial lifted their price target on shares of iRhythm Technologies from $111.00 to $145.00 and gave the company a “buy” rating in a report on Friday, February 21st. Finally, Wall Street Zen cut iRhythm Technologies from a “hold” rating to a “sell” rating in a research report on Monday, May 5th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $133.73.

iRhythm Technologies Stock Performance

The company has a debt-to-equity ratio of 9.00, a quick ratio of 6.12 and a current ratio of 6.27. The stock has a market cap of $4.71 billion, a PE ratio of -40.52 and a beta of 1.40. The firm has a fifty day moving average price of $122.38 and a 200 day moving average price of $107.82.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings results on Thursday, May 1st. The company reported ($0.95) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.89) by ($0.06). iRhythm Technologies had a negative return on equity of 118.83% and a negative net margin of 19.14%. The business had revenue of $158.68 million for the quarter, compared to analysts’ expectations of $153.39 million. During the same quarter in the previous year, the firm posted ($1.23) EPS. iRhythm Technologies’s revenue was up 20.3% on a year-over-year basis. Research analysts forecast that iRhythm Technologies, Inc. will post -1.98 earnings per share for the current fiscal year.

Hedge Funds Weigh In On iRhythm Technologies

Several hedge funds have recently made changes to their positions in IRTC. MCF Advisors LLC purchased a new position in shares of iRhythm Technologies in the first quarter worth about $25,000. AlphaQuest LLC purchased a new stake in shares of iRhythm Technologies during the 1st quarter worth about $30,000. Van ECK Associates Corp boosted its position in shares of iRhythm Technologies by 41.3% during the 4th quarter. Van ECK Associates Corp now owns 554 shares of the company’s stock valued at $50,000 after acquiring an additional 162 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of iRhythm Technologies during the 1st quarter valued at approximately $50,000. Finally, CWM LLC increased its position in shares of iRhythm Technologies by 54.3% during the first quarter. CWM LLC now owns 517 shares of the company’s stock valued at $54,000 after acquiring an additional 182 shares during the last quarter.

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.