Canaccord Genuity Group Issues Pessimistic Forecast for iRhythm Technologies (NASDAQ:IRTC) Stock Price

Key Points

• Canaccord Genuity cut its price target on iRhythm from $198 to $180 while keeping a "buy" rating, a level that still implies roughly a 49% upside from the recent close; several other brokers have trimmed targets but the street average target is about $197.77 with a "Moderate Buy" consensus.
• Q1 showed topline strength — revenue rose 25.6% YoY to $199.4M and EPS of ($0.35) beat estimates — but the company remains unprofitable with negative net margin and return on equity, and guidance was roughly in line with expectations.
• Shares and insider activity highlight caution, with the stock trading near $120.80 (52‑week range $112.31–$212.00) and insiders having sold roughly 94,509 shares in the last 90 days.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) had its price objective dropped by Canaccord Genuity Group from $198.00 to $180.00 in a report issued on Friday,Benzinga reports. The firm presently has a "buy" rating on the stock. Canaccord Genuity Group's price target would indicate a potential upside of 49.01% from the company's previous close.

Several other brokerages have also recently weighed in on IRTC. The Goldman Sachs Group reduced their price objective on iRhythm Technologies from $184.00 to $147.00 and set a "neutral" rating on the stock in a research note on Thursday, April 9th. Wall Street Zen lowered iRhythm Technologies from a "buy" rating to a "hold" rating in a report on Saturday, April 25th. Weiss Ratings restated a "sell (d-)" rating on shares of iRhythm Technologies in a report on Tuesday, April 21st. JPMorgan Chase & Co. decreased their price target on iRhythm Technologies from $215.00 to $175.00 and set an "overweight" rating on the stock in a report on Friday. Finally, Morgan Stanley restated an "overweight" rating on shares of iRhythm Technologies in a report on Monday, January 12th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $197.77.

iRhythm Technologies Price Performance

Shares of NASDAQ:IRTC traded down $8.36 on Friday, reaching $120.80. The company's stock had a trading volume of 1,336,081 shares, compared to its average volume of 633,228. iRhythm Technologies has a 52-week low of $112.31 and a 52-week high of $212.00. The company has a market cap of $3.97 billion, a P/E ratio of -86.29 and a beta of 1.18. The company has a 50-day simple moving average of $122.93 and a 200 day simple moving average of $154.60. The company has a debt-to-equity ratio of 4.25, a quick ratio of 4.48 and a current ratio of 4.63.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The company reported ($0.35) earnings per share for the quarter, topping the consensus estimate of ($0.66) by $0.31. iRhythm Technologies had a negative return on equity of 28.15% and a negative net margin of 5.96%.The company had revenue of $199.39 million for the quarter, compared to analysts' expectations of $194.11 million. During the same period in the previous year, the firm posted ($0.97) earnings per share. The firm's revenue for the quarter was up 25.6% on a year-over-year basis. As a group, equities research analysts anticipate that iRhythm Technologies will post -0.16 EPS for the current fiscal year.

Insider Buying and Selling at iRhythm Technologies

In other iRhythm Technologies news, insider Patrick Michael Murphy sold 7,805 shares of the company's stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $135.42, for a total value of $1,056,953.10. Following the transaction, the insider owned 60,536 shares of the company's stock, valued at $8,197,785.12. This represents a 11.42% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Quentin S. Blackford sold 25,540 shares of the company's stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $135.42, for a total value of $3,458,626.80. Following the completion of the transaction, the chief executive officer directly owned 186,126 shares in the company, valued at $25,205,182.92. This trade represents a 12.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 94,509 shares of company stock valued at $12,734,195. 1.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On iRhythm Technologies

Hedge funds have recently bought and sold shares of the business. Measured Wealth Private Client Group LLC purchased a new position in iRhythm Technologies in the 3rd quarter worth about $30,000. Root Financial Partners LLC purchased a new position in iRhythm Technologies in the 3rd quarter worth about $30,000. GAMMA Investing LLC raised its stake in shares of iRhythm Technologies by 48.4% during the fourth quarter. GAMMA Investing LLC now owns 184 shares of the company's stock valued at $33,000 after acquiring an additional 60 shares in the last quarter. Smartleaf Asset Management LLC raised its stake in shares of iRhythm Technologies by 100.0% during the third quarter. Smartleaf Asset Management LLC now owns 198 shares of the company's stock valued at $34,000 after acquiring an additional 99 shares in the last quarter. Finally, FNY Investment Advisers LLC bought a new stake in shares of iRhythm Technologies during the third quarter valued at approximately $34,000.

Key Headlines Impacting iRhythm Technologies

Here are the key news stories impacting iRhythm Technologies this week:

• Positive Sentiment: Q1 results beat on revenue and EPS trends: iRhythm reported $199.4M in revenue (up 25.6% YoY) and a loss per share that was smaller than expected, indicating improving unit economics and topline momentum. This supports longer‑term growth expectations. IRTC Q1 results and call (MarketBeat)
• Positive Sentiment: Needham raised its price target slightly to $255 and keeps a "buy" rating, signaling conviction from at least one growth‑oriented shop and providing a bullish anchor for longer‑term upside. Needham raises PT to $255 (Benzinga)
• Neutral Sentiment: Company guidance: iRhythm issued FY2026 revenue guidance (~$875–$885M) roughly in line with consensus, which is steady but not clearly bullish; EPS guidance was not meaningfully changed. Guidance that meets expectations can temper upside momentum. IRTC Q1 financial results press release (GlobeNewswire)
• Neutral Sentiment: Additional context available from the Q1 earnings call transcript and analyst previews/deep dives — useful for investors evaluating margin progression, reimbursement/regulatory updates and AI initiatives but not immediate price catalysts by themselves. Q1 earnings call transcript (Seeking Alpha)
• Negative Sentiment: Analyst price‑target cuts from JPMorgan (PT lowered to $175 from $215) and Wells Fargo (PT lowered to $180 from $200) are exerting immediate downward pressure by reducing visible upside and prompting some investors to trim positions. JPMorgan & Wells Fargo lower PTs (Benzinga)
• Negative Sentiment: Truist and other outlets flagged cuts to targets in their Q1 previews, adding to the sell‑side pushback; persistent negative margins and a negative return on equity keep valuation sensitive to near‑term profitability improvements. Truist cuts PT on IRTC (Yahoo Finance)

About iRhythm Technologies

iRhythm Technologies, Inc is a medical technology company that develops and commercializes wearable cardiac monitoring devices and associated data analytics services. Founded in 2006 and headquartered in San Francisco, California, the company's flagship product is the Zio® patch, a discreet, single-use, continuous ECG recorder designed to monitor heart rhythms for up to 14 days. iRhythm's digital diagnostics platform combines biosensor technology with proprietary algorithms to detect arrhythmias and streamline data interpretation for physicians.

The Zio service is prescribed by cardiologists and other healthcare providers to aid in the diagnosis of atrial fibrillation, bradycardia, tachycardia and other rhythm disorders.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.