iRhythm Technologies (NASDAQ:IRTC) Stock Moved Down to “Neutral” by Citigroup

iRhythm Technologies (NASDAQ:IRTC) was downgraded by analysts at Citigroup from a “buy” rating to a “neutral” rating in a research note issued on Friday, Marketbeat.com reports. They presently have a $124.00 price objective on the stock. Citigroup‘s target price would indicate a potential downside of 5.37% from the company’s previous close.

Several other analysts have also issued reports on the stock. Weiss Ratings upgraded shares of iRhythm Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, October 27th. Canaccord Genuity Group set a $206.00 target price on shares of iRhythm Technologies in a report on Friday. Needham & Company LLC decreased their price target on shares of iRhythm Technologies from $194.00 to $165.00 and set a “buy” rating on the stock in a research report on Friday. Truist Financial lifted their price target on shares of iRhythm Technologies from $160.00 to $168.00 and gave the stock a “buy” rating in a research note on Monday, August 10th. Finally, Wall Street Zen downgraded shares of iRhythm Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, October 10th. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, iRhythm Technologies presently has an average rating of “Moderate Buy” and an average target price of $172.86.

iRhythm Technologies Trading Down 2.2%

Shares of NASDAQ:IRTC opened at $131.03 on Friday. The stock’s 50-day simple moving average is $115.47 and its two-hundred day simple moving average is $122.07. The stock has a market capitalization of $4.32 billion, a price-to-earnings ratio of -304.72 and a beta of 1.39. iRhythm Technologies has a 52-week low of $100.70 and a 52-week high of $192.47. The company has a debt-to-equity ratio of 3.50, a quick ratio of 3.74 and a current ratio of 3.86.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings results on Thursday, November 5th. The company reported $0.82 EPS for the quarter, beating the consensus estimate of $0.02 by $0.80. iRhythm Technologies had a negative net margin of 1.69% and a positive return on equity of 10.11%. The firm had revenue of $221.59 million during the quarter, compared to analyst estimates of $222.23 million. During the same quarter in the prior year, the firm earned ($0.06) EPS. The business’s revenue for the quarter was up 14.9% compared to the same quarter last year. Analysts expect that iRhythm Technologies will post 0.54 EPS for the current year.

Institutional Investors Weigh In On iRhythm Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Versant Capital Management Inc raised its stake in iRhythm Technologies by 123.2% during the 3rd quarter. Versant Capital Management Inc now owns 221 shares of the company’s stock worth $25,000 after acquiring an additional 122 shares during the period. Covestor Ltd lifted its holdings in iRhythm Technologies by 44.8% during the third quarter. Covestor Ltd now owns 417 shares of the company’s stock valued at $47,000 after purchasing an additional 129 shares in the last quarter. Assetmark Inc. boosted its position in shares of iRhythm Technologies by 30.1% in the first quarter. Assetmark Inc. now owns 821 shares of the company’s stock worth $97,000 after purchasing an additional 190 shares during the period. Swiss National Bank boosted its position in shares of iRhythm Technologies by 0.5% in the first quarter. Swiss National Bank now owns 63,700 shares of the company’s stock worth $7,518,000 after purchasing an additional 300 shares during the period. Finally, Headlands Technologies LLC increased its stake in shares of iRhythm Technologies by 6.7% in the second quarter. Headlands Technologies LLC now owns 4,886 shares of the company’s stock worth $581,000 after purchasing an additional 305 shares in the last quarter.

More iRhythm Technologies News

Here are the key news stories impacting iRhythm Technologies this week:

• Positive Sentiment: Third-quarter adjusted EPS was $0.82, well above the $0.02 consensus estimate and the year-ago loss of $0.06. iRhythm Q3 Earnings Surpass Estimates
• Neutral Sentiment: Revenue increased 14.9% year over year to $221.6 million, but was just below the $222.2 million analyst estimate, making sales performance broadly in line with expectations. Q3 Revenue Report
• Negative Sentiment: Despite the earnings beat, a report said IRTC shares declined following the results, suggesting investors were disappointed by something beyond the headline EPS figure. Needham cut its price target to $165 from $194, while keeping its Buy rating. Q3 Results and Share Reaction Needham Price Target Update

iRhythm Technologies Company Profile

iRhythm Technologies, Inc is a digital health company focused on the diagnosis and management of cardiac arrhythmias. The company provides ambulatory cardiac monitoring services that enable physicians to evaluate patients for conditions such as atrial fibrillation and other irregular heart rhythms.

Its principal offering is the Zio platform, which combines wearable electrocardiogram (ECG) monitoring devices with cloud-based data analysis and physician reports. Products in the platform include the Zio XT, an extended-wear monitor, and the Zio AT, which provides near-real-time monitoring capabilities.