Evercore ISI Cuts iRhythm Technologies (NASDAQ:IRTC) Price Target to $175.00

Key Points

• Evercore ISI has reduced its price target for iRhythm Technologies from $185.00 to $175.00, indicating a potential downside of 1.04% from the company's previous close with an "in-line" rating.
• Many other analysts have a variety of ratings for iRhythm Technologies, with targets ranging from $200.00 from Bank of America to $193.00 from both Canaccord Genuity and Needham & Company.
• iRhythm Technologies reported earnings of ($0.32) per share, beating expectations, with a 26.1% year-over-year revenue increase to $186.69 million for the last quarter.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) had its price target dropped by research analysts at Evercore ISI from $185.00 to $175.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has an "in-line" rating on the stock. Evercore ISI's price target would indicate a potential downside of 1.04% from the company's previous close.

A number of other research analysts have also recently issued reports on the company. Bank of America initiated coverage on iRhythm Technologies in a research report on Wednesday, August 20th. They issued a "buy" rating and a $200.00 target price on the stock. Wells Fargo & Company upped their price target on iRhythm Technologies from $130.00 to $180.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. The Goldman Sachs Group upped their price target on iRhythm Technologies from $158.00 to $180.00 and gave the stock a "neutral" rating in a report on Wednesday, October 1st. Canaccord Genuity Group upped their price objective on iRhythm Technologies from $170.00 to $193.00 and gave the company a "buy" rating in a research note on Monday, September 29th. Finally, Needham & Company LLC upped their price objective on iRhythm Technologies from $180.00 to $193.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $173.17.

iRhythm Technologies Stock Up 0.6%

Shares of NASDAQ:IRTC traded up $1.10 during midday trading on Tuesday, hitting $176.85. The stock had a trading volume of 122,926 shares, compared to its average volume of 458,660. iRhythm Technologies has a 12 month low of $55.92 and a 12 month high of $187.57. The company has a quick ratio of 4.88, a current ratio of 5.02 and a debt-to-equity ratio of 6.25. The business's 50-day simple moving average is $168.75 and its 200-day simple moving average is $142.75. The company has a market cap of $5.68 billion, a P/E ratio of -60.48 and a beta of 1.15.

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

Insider Transactions at iRhythm Technologies

In other news, Director Abhijit Y. Talwalkar sold 5,312 shares of the stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $158.02, for a total transaction of $839,402.24. Following the transaction, the director directly owned 20,299 shares in the company, valued at approximately $3,207,647.98. This represents a 20.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Chad Patterson sold 2,555 shares of the firm's stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $158.97, for a total value of $406,168.35. Following the transaction, the insider owned 43,667 shares in the company, valued at approximately $6,941,742.99. The trade was a 5.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 47,069 shares of company stock worth $7,627,986. 1.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in IRTC. MCF Advisors LLC purchased a new position in shares of iRhythm Technologies in the first quarter worth $25,000. AlphaQuest LLC bought a new position in iRhythm Technologies during the first quarter valued at approximately $30,000. ANTIPODES PARTNERS Ltd purchased a new stake in iRhythm Technologies during the second quarter valued at approximately $39,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in iRhythm Technologies during the first quarter valued at approximately $50,000. Finally, CWM LLC raised its holdings in shares of iRhythm Technologies by 54.3% in the first quarter. CWM LLC now owns 517 shares of the company's stock worth $54,000 after buying an additional 182 shares during the period.

iRhythm Technologies Company Profile

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.

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