Truist Securities Increases iRhythm Technologies (NASDAQ:IRTC) Price Target to $185.00

iRhythm Technologies (NASDAQ:IRTC) had its price objective raised by Truist Securities from $130.00 to $185.00 in a research note published 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.

Several other research analysts have also issued reports on the stock. BTIG Research upgraded shares of iRhythm Technologies from a neutral rating to a buy rating and set a $170.00 price target for the company in a report on Wednesday. Citigroup upgraded shares of iRhythm Technologies from a neutral rating to a buy rating and set a $120.00 price target for the company in a report on Wednesday, December 15th. Robert W. Baird raised their price target on shares of iRhythm Technologies from $110.00 to $137.00 in a report on Wednesday. JPMorgan Chase & Co. upgraded shares of iRhythm Technologies from a neutral rating to an overweight rating and raised their price target for the stock from $100.00 to $116.00 in a report on Friday, December 17th. Finally, began coverage on shares of iRhythm Technologies in a research report on Tuesday, December 21st. They set a buy rating for the company. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of Buy and an average target price of $155.92.

Shares of NASDAQ IRTC opened at $141.10 on Thursday. The company has a 50 day simple moving average of $107.87 and a 200 day simple moving average of $75.66. The firm has a market cap of $4.15 billion, a PE ratio of -53.40 and a beta of 1.21. iRhythm Technologies has a 1 year low of $41.66 and a 1 year high of $286.19. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.93 and a quick ratio of 3.81.

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

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Newbridge Financial Services Group Inc. grew its position in iRhythm Technologies by 190.0% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 435 shares of the company’s stock valued at $29,000 after purchasing an additional 285 shares during the period. Rockefeller Capital Management L.P. grew its position in iRhythm Technologies by 625.7% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 537 shares of the company’s stock valued at $30,000 after purchasing an additional 463 shares during the period. First Horizon Advisors Inc. grew its position in iRhythm Technologies by 44.3% in the 3rd quarter. First Horizon Advisors Inc. now owns 554 shares of the company’s stock valued at $44,000 after purchasing an additional 170 shares during the period. Fieldpoint Private Securities LLC lifted its stake in iRhythm Technologies by 65.7% during the 2nd quarter. Fieldpoint Private Securities LLC now owns 1,377 shares of the company’s stock valued at $66,000 after acquiring an additional 546 shares in the last quarter. Finally, Ancora Advisors LLC lifted its stake in iRhythm Technologies by 232.6% during the 2nd quarter. Ancora Advisors LLC now owns 1,430 shares of the company’s stock valued at $95,000 after acquiring an additional 1,000 shares in the last quarter. 94.17% of the stock is owned by institutional investors and hedge funds.

iRhythm Technologies Company Profile

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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