iRhythm Technologies (NASDAQ:IRTC) Shares Up 4.7% on Analyst Upgrade

iRhythm Technologies, Inc. (NASDAQ:IRTC)’s share price shot up 4.7% on Monday after Robert W. Baird raised their price target on the stock from $133.00 to $150.00. Robert W. Baird currently has an outperform rating on the stock. iRhythm Technologies traded as high as $136.03 and last traded at $137.28. 308,918 shares changed hands during mid-day trading, a decline of 33% from the average session volume of 463,409 shares. The stock had previously closed at $131.12.

Several other research analysts have also commented on IRTC. Truist Financial raised their price objective 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. StockNews.com upgraded iRhythm Technologies from a “sell” rating to a “hold” rating in a report on Monday, February 24th. Wells Fargo & Company raised iRhythm Technologies from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $104.00 to $130.00 in a research report on Friday, May 2nd. Oppenheimer lifted their price objective on iRhythm Technologies from $105.00 to $120.00 and gave the company an “outperform” rating in a research note on Wednesday, January 8th. Finally, The Goldman Sachs Group raised their target price on shares of iRhythm Technologies from $91.00 to $124.00 and gave the company a “neutral” rating in a report on Monday, February 24th. One analyst has rated the stock with a sell rating, one has given a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, iRhythm Technologies currently has a consensus rating of “Moderate Buy” and a consensus target price of $128.55.

Institutional Investors Weigh In On iRhythm Technologies

A number of institutional investors and hedge funds have recently bought and sold shares of IRTC. Homestead Advisers Corp boosted its holdings in shares of iRhythm Technologies by 15.3% in the first quarter. Homestead Advisers Corp now owns 32,400 shares of the company’s stock valued at $3,392,000 after acquiring an additional 4,300 shares during the period. MCF Advisors LLC purchased a new position in iRhythm Technologies during the 1st quarter worth $25,000. Jennison Associates LLC purchased a new position in iRhythm Technologies during the 1st quarter worth $29,330,000. CWM LLC increased its stake in iRhythm Technologies by 54.3% in the first quarter. CWM LLC now owns 517 shares of the company’s stock valued at $54,000 after purchasing an additional 182 shares during the period. Finally, Stephens Investment Management Group LLC boosted its stake in shares of iRhythm Technologies by 3.5% during the first quarter. Stephens Investment Management Group LLC now owns 520,582 shares of the company’s stock worth $54,495,000 after buying an additional 17,657 shares during the period.

iRhythm Technologies Stock Performance

The stock has a market cap of $4.31 billion, a PE ratio of -37.11 and a beta of 1.34. The stock has a fifty day moving average of $105.22 and a 200-day moving average of $97.68. The company has a quick ratio of 6.12, a current ratio of 6.27 and a debt-to-equity ratio of 9.00.

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

About iRhythm Technologies

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.