BTIG Research Reaffirms “Buy” Rating for iRhythm Technologies (NASDAQ:IRTC)

iRhythm Technologies (NASDAQ:IRTC)‘s stock had its “buy” rating restated by BTIG Research in a report released on Monday,Benzinga reports. They presently have a $185.00 target price on the stock. BTIG Research’s price objective would suggest a potential upside of 76.78% from the stock’s current price.

A number of other brokerages also recently commented on IRTC. JPMorgan Chase & Co. reduced their price objective on iRhythm Technologies from $215.00 to $175.00 and set an “overweight” rating on the stock in a research report on Friday, May 1st. Wall Street Zen cut iRhythm Technologies from a “buy” rating to a “hold” rating in a report on Saturday, May 30th. Citigroup raised their target price on iRhythm Technologies from $155.00 to $157.00 and gave the stock a “buy” rating in a research note on Monday, May 4th. Needham & Company LLC lifted their price target on iRhythm Technologies from $254.00 to $255.00 and gave the stock a “buy” rating in a report on Friday, May 1st. Finally, Bank of America lowered their price target on shares of iRhythm Technologies from $225.00 to $180.00 and set a “buy” rating on the stock in a research report on Monday, May 18th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $187.38.

iRhythm Technologies Price Performance

Shares of NASDAQ IRTC opened at $104.65 on Monday. iRhythm Technologies has a 12-month low of $100.85 and a 12-month high of $212.00. The stock has a market cap of $3.44 billion, a PE ratio of -121.68 and a beta of 1.27. The company has a current ratio of 5.17, a quick ratio of 4.98 and a debt-to-equity ratio of 4.03. The company has a 50-day moving average of $115.95 and a 200 day moving average of $138.36.

iRhythm Technologies (NASDAQ:IRTC) last released its earnings results on Thursday, April 30th. The company reported ($0.35) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.21. The business had revenue of $199.39 million for the quarter, compared to analyst estimates of $194.11 million. iRhythm Technologies had a negative net margin of 3.53% and a negative return on equity of 10.26%. The business’s revenue was up 25.6% on a year-over-year basis. During the same period last year, the company posted ($0.97) EPS. As a group, sell-side analysts predict that iRhythm Technologies will post 0.13 EPS for the current fiscal year.

Insider Buying and Selling

In other iRhythm Technologies news, Director Abhijit Y. Talwalkar acquired 5,312 shares of the stock in a transaction that occurred on Monday, May 11th. The stock was bought at an average cost of $10.71 per share, for a total transaction of $56,891.52. Following the completion of the transaction, the director owned 25,611 shares of the company’s stock, valued at approximately $274,293.81. The trade was a 26.17% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.98% of the company’s stock.

Hedge Funds Weigh In On iRhythm Technologies

Several large investors have recently modified their holdings of IRTC. Royal Bank of Canada increased its position in shares of iRhythm Technologies by 423.0% during the 1st quarter. Royal Bank of Canada now owns 7,573 shares of the company’s stock worth $793,000 after purchasing an additional 6,125 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in iRhythm Technologies by 33.5% during the first quarter. Goldman Sachs Group Inc. now owns 433,780 shares of the company’s stock worth $45,408,000 after buying an additional 108,941 shares during the period. Strs Ohio purchased a new position in iRhythm Technologies during the first quarter worth about $147,000. Arrowstreet Capital Limited Partnership acquired a new stake in shares of iRhythm Technologies during the second quarter valued at about $1,278,000. Finally, First Trust Advisors LP increased its position in shares of iRhythm Technologies by 66.0% during the second quarter. First Trust Advisors LP now owns 56,197 shares of the company’s stock valued at $8,652,000 after acquiring an additional 22,337 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.