Truist Financial Issues Positive Forecast for iRhythm Technologies (NASDAQ:IRTC) Stock Price

iRhythm Technologies (NASDAQ:IRTC) had its price target hoisted by analysts at Truist Financial from $160.00 to $168.00 in a report issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s price objective points to a potential upside of 34.59% from the company’s current price.

IRTC has been the topic of a number of other research reports. HC Wainwright reissued a “buy” rating on shares of iRhythm Technologies in a report on Monday, June 1st. Bank of America dropped their price objective on shares of iRhythm Technologies from $225.00 to $180.00 and set a “buy” rating for the company in a report on Monday, May 18th. Wells Fargo & Company cut their target price on shares of iRhythm Technologies from $180.00 to $168.00 and set an “overweight” rating for the company in a research report on Friday. Wall Street Zen cut iRhythm Technologies from a “buy” rating to a “hold” rating in a research note on Saturday. Finally, BTIG Research restated a “buy” rating and set a $185.00 price target on shares of iRhythm Technologies in a research report on Monday, June 22nd. Two equities 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 issued a Sell rating to the stock. Based on data from MarketBeat.com, iRhythm Technologies has an average rating of “Moderate Buy” and a consensus target price of $179.93.

iRhythm Technologies Price Performance

Shares of NASDAQ IRTC traded down $3.02 during midday trading on Monday, hitting $124.82. 551,093 shares of the company’s stock were exchanged, compared to its average volume of 615,015. iRhythm Technologies has a 12-month low of $100.85 and a 12-month high of $212.00. The company has a current ratio of 3.86, a quick ratio of 3.74 and a debt-to-equity ratio of 3.50. The company has a market cap of $4.11 billion, a price-to-earnings ratio of -289.55 and a beta of 1.30. The business’s fifty day moving average price is $115.03 and its two-hundred day moving average price is $124.27.

iRhythm Technologies (NASDAQ:IRTC) last announced its earnings results on Thursday, August 6th. The company reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.62. iRhythm Technologies had a negative net margin of 1.69% and a positive return on equity of 10.11%. The business had revenue of $224.17 million for the quarter, compared to the consensus estimate of $219.30 million. During the same period last year, the firm posted ($0.32) earnings per share. iRhythm Technologies’s quarterly revenue was up 20.1% on a year-over-year basis. As a group, research analysts forecast that iRhythm Technologies will post 0.13 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of IRTC. Measured Wealth Private Client Group LLC purchased a new position in shares of iRhythm Technologies during the third quarter worth approximately $30,000. Employees Retirement System of Texas purchased a new stake in shares of iRhythm Technologies in the 3rd quarter valued at $36,000. Harbor Investment Advisory LLC purchased a new stake in shares of iRhythm Technologies in the 2nd quarter valued at $50,000. Torren Management LLC bought a new position in shares of iRhythm Technologies during the 4th quarter valued at $53,000. Finally, Smartleaf Asset Management LLC grew its holdings in shares of iRhythm Technologies by 63.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 323 shares of the company’s stock valued at $58,000 after purchasing an additional 125 shares during the last quarter.

iRhythm Technologies Company Profile

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.