In a world where healthcare innovation is fast becoming the norm, digital health company iRhythm Technologies, Inc. continues to make waves in the industry with its groundbreaking device-based technology. But what do the numbers say? According to Bloomberg reports, shares of iRhythm Technologies have earned a consensus rating of “Moderate Buy” among thirteen current ratings firms covering the company. One investment analyst has given a sell recommendation, while one other has issued a hold recommendation. However, seven out of thirteen firms have assigned a buy recommendation to the company.
Looking at projections made by analysts who issued ratings in the last year, it seems that iRhythm Technologies is poised for success. The average 1-year price objective among these analysts is $154.40 – an impressive figure considering that many competitors and pioneers in the field struggle to reach such heights.
However, let us not forget that every company – no matter how innovative or successful it may seem – can face challenges along their entrepreneurial journey. On May 4th earlier this year, iRhythm Technologies reported quarterly earnings data which fell short of analysts’ consensus estimates. The company reported EPS of ($1.29), missing expectations by as much as ($0.49). Revenue for the quarter was recorded at $111.44 million compared to analyst estimates of $107.57 million.
Despite posting lower than anticipated figures in this quarter’s earnings report, iRhythm Technologies remains steadfast in its commitment to providing ambulatory cardiac monitoring services through device-based technology solutions that detect, predict and prevent disease.
Founded by Uday N., iRhythm Technologies has become a major player in digital healthcare and continues to lead the charge towards new innovations with its products and services. With projections from industry insiders indicating significant growth potential down the line, this could be an ideal time for investors to consider getting on board with this exciting technological innovator. While there are risks associated with any new venture – especially one as complex and multi-layered as healthcare – the potential rewards could be massive. Only time will tell whether iRhythm Technologies can overcome its current challenges and go on to achieve great success in the years to come.
iRhythm Technologies Stock Rating Upgraded to Buy by Canaccord Genuity Group
Digital healthcare company iRhythm Technologies has seen its stock rating upgraded to “buy” by analysts at Canaccord Genuity Group. The researchers raised their price objective for the firm from $135.00 to $143.00 on the back of a positive set of results. Similarly, Needham & Company LLC increased its price estimate for stock in iRhythm Technologies from $133.00 to $151.00 earlier this month, while Morgan Stanley scale up its price objective from $128.00 to $130.00 in February this year and reaffirmed that it retains an “overweight” rating for the company. Those changes saw shares rise slightly to $124.01, just off its 52-week high of $164.69, and well above its low of $85.74 over that period. iRhythm specialises in ambulatory cardiac monitoring services and disease prevention solutions based on device-based technology.