iRhythm Technologies (NASDAQ:IRTC) Rating Lowered to Neutral at Citigroup

iRhythm Technologies (NASDAQ:IRTC) was downgraded by investment analysts at Citigroup from a “buy” rating to a “neutral” rating in a research report issued on Friday, MarketBeat reports. They presently have a $124.00 target price on the stock. Citigroup‘s target price indicates a potential downside of 5.37% from the stock’s current price.

Other equities research analysts have also issued reports about the stock. Wells Fargo & Company cut their price objective on shares of iRhythm Technologies from $168.00 to $150.00 and set an “overweight” rating for the company in a report on Tuesday, October 6th. Wall Street Zen downgraded shares of iRhythm Technologies from a “buy” rating to a “hold” rating in a report on Saturday, October 10th. Piper Sandler initiated coverage on shares of iRhythm Technologies in a research report on Friday, October 16th. They set an “overweight” rating and a $160.00 target price for the company. Canaccord Genuity Group set a $206.00 target price on shares of iRhythm Technologies in a research note on Friday. Finally, Truist Financial lifted their price target on shares of iRhythm Technologies from $160.00 to $168.00 and gave the company a “buy” rating in a report on Monday, August 10th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, iRhythm Technologies presently has an average rating of “Moderate Buy” and a consensus price target of $172.86.

iRhythm Technologies Stock Performance

NASDAQ IRTC opened at $131.03 on Friday. The firm has a market cap of $4.32 billion, a price-to-earnings ratio of -304.72 and a beta of 1.39. The company has a quick ratio of 3.74, a current ratio of 3.86 and a debt-to-equity ratio of 3.50. The business has a 50-day moving average price of $115.47 and a 200-day moving average price of $122.07. iRhythm Technologies has a twelve month low of $100.70 and a twelve month high of $192.47.

iRhythm Technologies (NASDAQ:IRTC) last issued its earnings results on Thursday, November 5th. The company reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.80. The company had revenue of $221.59 million for the quarter, compared to the consensus estimate of $222.23 million. iRhythm Technologies had a positive return on equity of 10.11% and a negative net margin of 1.69%. The firm’s quarterly revenue was up 14.9% on a year-over-year basis. During the same quarter last year, the company earned ($0.06) EPS. As a group, equities research analysts predict that iRhythm Technologies will post 0.54 EPS for the current fiscal year.

Hedge Funds Weigh In On iRhythm Technologies

Several institutional investors have recently added to or reduced their stakes in IRTC. Versant Capital Management Inc raised its holdings in shares of 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 in the last quarter. Covestor Ltd boosted its position in shares of iRhythm Technologies by 44.8% during the 3rd quarter. Covestor Ltd now owns 417 shares of the company’s stock valued at $47,000 after acquiring an additional 129 shares during the last quarter. Assetmark Inc. grew its holdings in shares of iRhythm Technologies by 30.1% in the first quarter. Assetmark Inc. now owns 821 shares of the company’s stock valued at $97,000 after purchasing an additional 190 shares in the last quarter. Swiss National Bank grew its holdings 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 valued at $7,518,000 after purchasing an additional 300 shares in the last quarter. Finally, Headlands Technologies LLC increased its position in 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 during the last quarter.

iRhythm Technologies News Summary

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.