Citigroup Issues Positive Forecast for iRhythm Technologies (NASDAQ:IRTC) Stock Price

Key Points

• Citigroup raised its price target for iRhythm Technologies from $183.00 to $205.00, indicating a potential upside of 15.92% from the stock's previous close and maintaining a "buy" rating.
• The stock currently has a consensus rating of "Moderate Buy" with an average target price of $173.17, according to MarketBeat.
• iRhythm Technologies reported a quarterly revenue of $186.69 million, exceeding estimates, and has set its FY 2025 guidance at EPS.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) had its price target raised by equities researchers at Citigroup from $183.00 to $205.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Citigroup's price objective suggests a potential upside of 15.92% from the stock's previous close.

Other analysts also recently issued reports about the stock. Wells Fargo & Company lifted their price objective on shares of iRhythm Technologies from $130.00 to $180.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Morgan Stanley lowered their price objective on shares of iRhythm Technologies from $160.00 to $147.00 and set an "overweight" rating on the stock in a report on Tuesday, July 15th. Needham & Company LLC lifted their price objective on shares of iRhythm Technologies from $180.00 to $193.00 and gave the company a "buy" rating in a report on Thursday, August 28th. Canaccord Genuity Group lifted their price objective on shares of iRhythm Technologies from $170.00 to $193.00 and gave the company a "buy" rating in a report on Monday, September 29th. Finally, The Goldman Sachs Group raised their target price on shares of iRhythm Technologies from $158.00 to $180.00 and gave the company a "neutral" rating in a research note on Wednesday, October 1st. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $173.17.

iRhythm Technologies Trading Up 0.6%

Shares of NASDAQ:IRTC traded up $1.10 during mid-day trading on Tuesday, reaching $176.85. The stock had a trading volume of 122,926 shares, compared to its average volume of 458,660. The firm has a market cap of $5.68 billion, a PE ratio of -60.48 and a beta of 1.15. The firm has a 50 day simple moving average of $168.75 and a two-hundred day simple moving average of $142.75. The company has a current ratio of 5.02, a quick ratio of 4.88 and a debt-to-equity ratio of 6.25. iRhythm Technologies has a twelve month low of $55.92 and a twelve month high of $187.57.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported ($0.32) EPS for the quarter, topping the consensus estimate of ($0.53) by $0.21. The firm had revenue of $186.69 million for the quarter, compared to the consensus estimate of $173.94 million. iRhythm Technologies had a negative net margin of 14.06% and a negative return on equity of 90.03%. The business's quarterly revenue was up 26.1% on a year-over-year basis. During the same period last year, the company posted ($0.61) EPS. iRhythm Technologies has set its FY 2025 guidance at EPS. On average, research analysts predict that iRhythm Technologies will post -1.98 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Sumi Shrishrimal sold 653 shares of the business's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $167.12, for a total value of $109,129.36. Following the completion of the transaction, the executive vice president owned 34,032 shares of the company's stock, valued at $5,687,427.84. The trade was a 1.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Daniel G. Wilson sold 5,000 shares of the business's stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $175.00, for a total value of $875,000.00. Following the completion of the transaction, the chief financial officer directly owned 34,470 shares of the company's stock, valued at approximately $6,032,250. This trade represents a 12.67% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 47,069 shares of company stock valued at $7,627,986 over the last 90 days. 1.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Assenagon Asset Management S.A. acquired a new position in iRhythm Technologies during the third quarter worth about $13,394,000. Osaic Holdings Inc. raised its stake in iRhythm Technologies by 507.3% during the second quarter. Osaic Holdings Inc. now owns 9,292 shares of the company's stock worth $1,431,000 after acquiring an additional 7,762 shares in the last quarter. State of Wyoming acquired a new position in iRhythm Technologies during the second quarter worth about $179,000. Tower Research Capital LLC TRC raised its stake in iRhythm Technologies by 296.5% during the second quarter. Tower Research Capital LLC TRC now owns 3,842 shares of the company's stock worth $592,000 after acquiring an additional 2,873 shares in the last quarter. Finally, Captrust Financial Advisors raised its stake in iRhythm Technologies by 38.1% during the second quarter. Captrust Financial Advisors now owns 5,760 shares of the company's stock worth $887,000 after acquiring an additional 1,588 shares in the last quarter.

About iRhythm Technologies

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.