Citigroup slashes price target on iRhythm Technologies Inc. [IRTC] – find out why.

iRhythm Technologies Inc. [NASDAQ: IRTC] jumped around 41.59 points on Tuesday, while shares priced at $169.05 at the close of the session, up 32.63%. The company report on August 4, 2020 that iRhythm Technologies Comments on the Centers for Medicare and Medicaid Services 2021 Proposed Medicare Physician Fee Schedule.

iRhythm Technologies, Inc. (NASDAQ: IRTC), a leading digital health care solutions company focused on the advancement of cardiac care, commented on the recently released Centers for Medicare and Medicaid Services (“CMS”) Calendar Year 2021 Medicare Physician Fee Schedule Proposed Rule (“the Proposed Rule”). The Proposed Rule and accompanying Addenda were released on August 3, 2020 and August 4, 2020 and update payment policies, payment rates, and other provisions for services furnished under the Medicare Physician Fee Schedule (“PFS”) on or after January 1, 2021. The Proposed Rule release is followed by a public comment period that will close on October 5, 2020 and will culminate in CMS’ release of the Final Rule, which is expected to be announced on or around December 1, 2020 for implementation on January 1, 2021. The Proposed Rule is therefore subject to change.

The Proposed Rule and accompanying Addenda include payment rates for two new Category I Current Procedural Terminology (“CPT”) code sets related to long term continuous electrocardiogram (“ECG”) monitoring and recording. Category I CPT codes 93XX0 – 93XX7 will replace Category III temporary CPT codes 0295T – 0298T as the primary codes that iRhythm uses to seek reimbursement for its Zio XT service. The eight new Category I CPT codes were split between two sets of four with rates tied to wear-time of greater than 48 hours and up to 7 days, and for greater than 7 days up to 15 days. These additional codes were established to define the associated time and work to monitor, detect and identify cardiac disease over longer periods of time which has been shown to lead to higher detection rates. At this time, the Company expects that the new CPT codes will be adopted by all U.S. payors for reporting purposes beginning January 1, 2021 when the new codes become effective. .

iRhythm Technologies Inc. stock is now 148.27% up from its year-to-date (YTD) trading value. IRTC Stock saw the intraday high of $177.56 and lowest of $134.99 per share. The company’s 52-week high price is 136.55, which means current price is +198.99% above from all time high which was touched on 08/04/20.

Compared to the average trading volume of 360.49K shares, IRTC reached a trading volume of 2592665 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about iRhythm Technologies Inc. [IRTC]?

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for IRTC shares is $130.20 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on IRTC stock is a recommendation set at 1.80. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Citigroup have made an estimate for iRhythm Technologies Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on March 05, 2020. While these analysts kept the previous recommendation, BTIG Research raised their target price to Buy. The new note on the price target was released on February 06, 2020, representing the official price target for iRhythm Technologies Inc. stock.

The Average True Range (ATR) for iRhythm Technologies Inc. is set at 9.52, with the Price to Sales ratio for IRTC stock in the period of the last 12 months amounting to 20.44. The Price to Book ratio for the last quarter was 36.28, with the Price to Cash per share for the same quarter was set at 4.38.

How has IRTC stock performed recently?

iRhythm Technologies Inc. [IRTC] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 40.03. With this latest performance, IRTC shares gained by 50.59% in over the last four-week period, additionally plugging by 91.28% over the last 6 months – not to mention a rise of 133.40% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for IRTC stock in for the last two-week period is set at 79.71, with the RSI for the last a single of trading hit 85.90, and the three-weeks RSI is set at 75.21 for iRhythm Technologies Inc. [IRTC]. The present Moving Average for the last 50 days of trading for this stock 120.47, while it was recorded at 134.96 for the last single week of trading, and 92.25 for the last 200 days.

iRhythm Technologies Inc. [IRTC]: Deeper insight into the fundamentals

Operating Margin for any stock indicates how profitable investing would be, and iRhythm Technologies Inc. [IRTC] shares currently have an operating margin of -25.52 and a Gross Margin at +75.54. iRhythm Technologies Inc.’s Net Margin is presently recorded at -25.43.

Return on Total Capital for IRTC is now -30.99, given the latest momentum, and Return on Invested Capital for the company is -31.77. Return on Equity for this stock declined to -57.49, with Return on Assets sitting at -25.62. When it comes to the capital structure of this company, iRhythm Technologies Inc. [IRTC] has a Total Debt to Total Equity ratio set at 94.97. Additionally, IRTC Total Debt to Total Capital is recorded at 48.71, with Total Debt to Total Assets ending up at 42.00. Long-Term Debt to Equity for the company is recorded at 87.69, with the Long-Term Debt to Total Capital now at 44.98.

Reflecting on the efficiency of the workforce at the company, iRhythm Technologies Inc. [IRTC] managed to generate an average of -$54,732 per employee. Receivables Turnover for the company is 9.36 with a Total Asset Turnover recorded at a value of 1.01.iRhythm Technologies Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 3.50 and a Current Ratio set at 3.60.

Earnings analysis for iRhythm Technologies Inc. [IRTC]

With the latest financial reports released by the company, iRhythm Technologies Inc. posted -0.46/share EPS, while the average EPS was predicted by analysts to be reported at -0.45/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -2.20%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for IRTC.

Insider trade positions for iRhythm Technologies Inc. [IRTC]

There are presently around $5,536 million, in the hands of institutional investors. The top three institutional holders of IRTC stocks are: BROWN CAPITAL MANAGEMENT LLC with ownership of 3,295,677, which is approximately 0% of the company’s market cap and around 1.50% of the total institutional ownership; VANGUARD GROUP INC, holding 2,491,940 shares of the stock with an approximate value of $421.26 million in IRTC stocks shares; and BLACKROCK INC., currently with $354.24 million in IRTC stock with ownership of nearly -4.346% of the company’s market capitalization.

101 institutional holders increased their position in iRhythm Technologies Inc. [NASDAQ:IRTC] by around 4,507,114 shares. Additionally, 79 investors decreased positions by around 3,773,048 shares, while 22 investors held positions by with 24,466,059 shares. The mentioned changes placed institutional holdings at 32,746,221 shares, according to the latest SEC report filing. IRTC stock had 22 new institutional investments in for a total of 492,685 shares, while 27 institutional investors sold positions of 636,612 shares during the same period.

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