why iRhythm Technologies Inc. [IRTC] is a Good Choice for Investors After New Price Target of $216.00

iRhythm Technologies Inc. [NASDAQ: IRTC] closed the trading session at $80.36 on 04/12/21. The day’s price range saw the stock hit a low of $79.2914, while the highest price level was $88.90. The company report on April 12, 2021 that iRhythm® Technologies Provides Statement on Medicare Administrative Contractor (MAC) Novitas’s Updated Rate Publication and Provides Commentary on Results for the First Quarter 2021.

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iRhythm Technologies, Inc. (NASDAQ: IRTC), a leading digital health care solutions company focused on the advancement of cardiac care, commented on the recent publication by Novitas Solutions (Novitas) of rates applicable to the Current Procedural Terminology (CPT) codes 93243 and 93247. The company also provided commentary on preliminary financial results for its first quarter 2021.

On April 10, 2021, Novitas published updated reimbursement rates for codes 93243 and 93247 at $103 and $115, respectively. The updated rates are retroactive to January 1, 2021 and replace rates initially published on January 29, 2021. While these new rates represent an increase from the rates posted on January 29th, iRhythm believes these rates do not appropriately reflect the clinical and economic value that long-term continuous ECG monitoring offers patients, their care teams and the Medicare system. Due to the cost of providing the service relative to the updated rates published by Novitas, iRhythm will not be able to provide its Zio® XT service to the Medicare fee for service segment if these rates remain unchanged. Accordingly, iRhythm is preparing an operating plan to discontinue serving this Medicare segment with Zio XT that it expects to begin implementing in the second quarter.

The stocks have a year to date performance of -66.12 percent and weekly performance of -41.32 percent. The stock has been moved at -67.17 percent over the last six months. The stock has performed -42.95 percent around the most recent 30 days and changed -62.60 percent over the most recent 3-months.

If compared to the average trading volume of 605.15K shares, IRTC reached to a volume of 7079841 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to 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 $216.00 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 2.10. 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.

JP Morgan have made an estimate for iRhythm Technologies Inc. shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on April 12, 2021. The new note on the price target was released on February 26, 2021, representing the official price target for iRhythm Technologies Inc. stock.

The Average True Range (ATR) for iRhythm Technologies Inc. is set at 11.11, with the Price to Sales ratio for IRTC stock in the period of the last 12 months amounting to 8.95. The Price to Book ratio for the last quarter was 6.81, with the Price to Cash per share for the same quarter was set at 11.35.

IRTC stock trade performance evaluation

iRhythm Technologies Inc. [IRTC] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -41.32. With this latest performance, IRTC shares dropped by -42.95% in over the last four-week period, additionally sinking by -67.17% over the last 6 months – not to mention a drop of -2.66% 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 21.73, with the RSI for the last a single of trading hit 16.25, and the three-weeks RSI is set at 25.93 for iRhythm Technologies Inc. [IRTC]. The present Moving Average for the last 50 days of trading for this stock 149.42, while it was recorded at 121.92 for the last single week of trading, and 190.90 for the last 200 days.

iRhythm Technologies Inc. [IRTC]: An insightful look at the core fundamentals

Operating Margin for any stock indicates how profitable investing would be, and iRhythm Technologies Inc. [IRTC] shares currently have an operating margin of -16.47 and a Gross Margin at +73.50. iRhythm Technologies Inc.’s Net Margin is presently recorded at -16.53.

Return on Total Capital for IRTC is now -12.00, given the latest momentum, and Return on Invested Capital for the company is -12.55. Return on Equity for this stock declined to -18.38, with Return on Assets sitting at -10.72. When it comes to the capital structure of this company, iRhythm Technologies Inc. [IRTC] has a Total Debt to Total Equity ratio set at 35.85. Additionally, IRTC Total Debt to Total Capital is recorded at 26.39, with Total Debt to Total Assets ending up at 23.93. Long-Term Debt to Equity for the company is recorded at 30.04, with the Long-Term Debt to Total Capital now at 22.12.

Reflecting on the efficiency of the workforce at the company, iRhythm Technologies Inc. [IRTC] managed to generate an average of -$37,882 per employee. Receivables Turnover for the company is 9.86 with a Total Asset Turnover recorded at a value of 0.65.iRhythm Technologies Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 5.70 and a Current Ratio set at 5.80.

Earnings per share (EPS) analysis for iRhythm Technologies Inc. [IRTC] stock

With the latest financial reports released by the company, iRhythm Technologies Inc. posted -0.34/share EPS, while the average EPS was predicted by analysts to be reported at -0.59/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 42.40%. 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.

iRhythm Technologies Inc. [IRTC]: Insider Ownership positions

There are presently around $2,679 million, in the hands of institutional investors. The top three institutional holders of IRTC stocks are: SANDS CAPITAL MANAGEMENT, LLC with ownership of 3,074,149, which is approximately 61.305% of the company’s market cap and around 1.20% of the total institutional ownership; VANGUARD GROUP INC, holding 2,751,468 shares of the stock with an approximate value of $221.11 million in IRTC stocks shares; and BROWN CAPITAL MANAGEMENT LLC, currently with $218.76 million in IRTC stock with ownership of nearly -2.136% of the company’s market capitalization.

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Positions in iRhythm Technologies Inc. stocks held by institutional investors increased at the end of May and at the time of the May reporting period, where 138 institutional holders increased their position in iRhythm Technologies Inc. [NASDAQ:IRTC] by around 5,710,855 shares. Additionally, 107 investors decreased positions by around 4,757,878 shares, while 27 investors held positions by with 22,871,255 shares. The mentioned changes placed institutional holdings at 33,339,988 shares, according to the latest SEC report filing. IRTC stock had 38 new institutional investments in for a total of 963,764 shares, while 39 institutional investors sold positions of 2,043,854 shares during the same period.

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