iRhythm Technologies (NASDAQ:IRTC) Price Target Raised to $160.00

iRhythm Technologies (NASDAQ:IRTC) had its price objective upped by investment analysts at Morgan Stanley from $130.00 to $160.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Morgan Stanley’s price target indicates a potential upside of 9.98% from the stock’s current price.

IRTC has been the subject of a number of other reports. The Goldman Sachs Group upped their price objective on shares of iRhythm Technologies from $91.00 to $124.00 and gave the company a “neutral” rating in a research note on Monday, February 24th. Needham & Company LLC upped their target price on iRhythm Technologies from $138.00 to $151.00 and gave the company a “buy” rating in a report on Friday, May 2nd. Wall Street Zen downgraded iRhythm Technologies from a “hold” rating to a “sell” rating in a report on Monday, May 5th. Canaccord Genuity Group dropped their target price on iRhythm Technologies from $152.00 to $139.00 and set a “buy” rating on the stock in a report on Friday, May 2nd. Finally, Citigroup upped their target price on iRhythm Technologies from $130.00 to $167.00 and gave the company a “buy” rating in a report on Thursday, May 22nd. One analyst has rated the stock with a sell rating, one has assigned a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, iRhythm Technologies presently has an average rating of “Moderate Buy” and a consensus price target of $136.45.

iRhythm Technologies Price Performance

IRTC stock opened at $145.48 on Wednesday. The company has a current ratio of 6.27, a quick ratio of 6.12 and a debt-to-equity ratio of 9.00. iRhythm Technologies has a one year low of $55.92 and a one year high of $150.00. The firm has a market capitalization of $4.64 billion, a PE ratio of -39.97 and a beta of 1.40. The firm has a 50-day moving average of $125.86 and a two-hundred day moving average of $109.32.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings data on Thursday, May 1st. The company reported ($0.95) 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 firm had revenue of $158.68 million for the quarter, compared to analysts’ expectations of $153.39 million. During the same period in the prior year, the company posted ($1.23) earnings per share. iRhythm Technologies’s quarterly revenue was up 20.3% compared to the same quarter last year. On average, analysts forecast that iRhythm Technologies will post -1.98 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of IRTC. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of iRhythm Technologies by 169.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 903,084 shares of the company’s stock valued at $94,535,000 after buying an additional 568,261 shares during the last quarter. Fuller & Thaler Asset Management Inc. acquired a new position in shares of iRhythm Technologies during the first quarter valued at about $54,249,000. First Light Asset Management LLC bought a new stake in iRhythm Technologies in the fourth quarter valued at about $38,818,000. Millennium Management LLC increased its stake in iRhythm Technologies by 563.8% in the first quarter. Millennium Management LLC now owns 399,746 shares of the company’s stock valued at $41,845,000 after acquiring an additional 339,529 shares during the period. Finally, Bessemer Group Inc. increased its stake in iRhythm Technologies by 111.7% in the fourth quarter. Bessemer Group Inc. now owns 568,007 shares of the company’s stock valued at $51,217,000 after acquiring an additional 299,726 shares during the period.

iRhythm Technologies Company Profile

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.