iRhythm Technologies (NASDAQ:IRTC) Price Target Raised to $185.00

iRhythm Technologies (NASDAQ:IRTC) had its target price raised by Truist Securities from $130.00 to $185.00 in a research report sent to investors on Thursday, Stock Target Advisor reports. Truist Securities also issued estimates for iRhythm Technologies’ Q3 2023 earnings at ($0.82) EPS and Q4 2023 earnings at ($0.88) EPS.

IRTC has been the topic of a number of other reports. Oppenheimer upgraded shares of iRhythm Technologies from a market perform rating to an outperform rating and set a $150.00 target price on the stock in a research note on Tuesday. Robert W. Baird raised their price target on shares of iRhythm Technologies from $110.00 to $137.00 in a research report on Wednesday. Zacks Investment Research upgraded shares of iRhythm Technologies from a sell rating to a hold rating in a research report on Tuesday, October 19th. Citigroup upgraded shares of iRhythm Technologies from a neutral rating to a buy rating and set a $120.00 price target on the stock in a research report on Wednesday, December 15th. Finally, Morgan Stanley raised their price objective on shares of iRhythm Technologies from $114.00 to $129.00 and gave the stock an equal weight rating in a report on Friday, January 7th. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, iRhythm Technologies currently has a consensus rating of Buy and an average price target of $155.92.

Shares of NASDAQ:IRTC opened at $141.10 on Thursday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.81 and a current ratio of 3.93. The company has a market cap of $4.15 billion, a PE ratio of -53.40 and a beta of 1.21. iRhythm Technologies has a 52 week low of $41.66 and a 52 week high of $286.19. The firm has a 50 day simple moving average of $107.87 and a 200 day simple moving average of $75.66.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings results on Thursday, November 4th. The company reported ($0.81) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($1.09) by $0.28. The business had revenue of $85.43 million during the quarter, compared to the consensus estimate of $83.65 million. iRhythm Technologies had a negative net margin of 24.55% and a negative return on equity of 25.06%. The firm’s quarterly revenue was up 18.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.17) EPS. On average, equities analysts predict that iRhythm Technologies will post -3.58 earnings per share for the current year.

Hedge funds have recently made changes to their positions in the company. Newbridge Financial Services Group Inc. lifted its position in shares of iRhythm Technologies by 190.0% in the second quarter. Newbridge Financial Services Group Inc. now owns 435 shares of the company’s stock worth $29,000 after purchasing an additional 285 shares in the last quarter. Rockefeller Capital Management L.P. raised its position in iRhythm Technologies by 625.7% during the third quarter. Rockefeller Capital Management L.P. now owns 537 shares of the company’s stock worth $30,000 after acquiring an additional 463 shares in the last quarter. First Horizon Advisors Inc. raised its position in iRhythm Technologies by 44.3% during the third quarter. First Horizon Advisors Inc. now owns 554 shares of the company’s stock worth $44,000 after acquiring an additional 170 shares in the last quarter. Fieldpoint Private Securities LLC raised its position in iRhythm Technologies by 65.7% during the second quarter. Fieldpoint Private Securities LLC now owns 1,377 shares of the company’s stock worth $66,000 after acquiring an additional 546 shares in the last quarter. Finally, Ancora Advisors LLC raised its position in iRhythm Technologies by 232.6% during the second quarter. Ancora Advisors LLC now owns 1,430 shares of the company’s stock worth $95,000 after acquiring an additional 1,000 shares in the last quarter. 94.17% of the stock is currently owned by institutional investors and hedge funds.

About iRhythm Technologies

iRhythm Technologies, Inc engages in the development of monitoring and diagnostic solutions for detection of cardiac arrhythmias. It offers Zio XT, is a wearable patch-based biosensor, continuously records, and stores ECG data from every patient heartbeat for up to 14 consecutive days; and Zio AT, also provides ECG data but also provides physicians with actionable notifications during the wear period.

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Analyst Recommendations for iRhythm Technologies (NASDAQ:IRTC)

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