iRhythm Technologies (NASDAQ:IRTC) Given New $190.00 Price Target at JPMorgan Chase & Co.

Key Points

• iRhythm Technologies received a price target increase from $145.00 to $190.00 by JPMorgan Chase & Co., suggesting a potential upside of 13.96%.
• Multiple analysts have issued positive ratings, with Wells Fargo and Needham both raising their targets to $180.00, while Morgan Stanley set a lower target of $147.00.
• iRhythm Technologies reported a revenue increase of 26.1% year-over-year, with revenues of $186.69 million for the latest quarter, surpassing analyst expectations.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) had its price target raised by analysts at JPMorgan Chase & Co. from $145.00 to $190.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price indicates a potential upside of 13.96% from the stock's previous close.

Other research analysts have also recently issued research reports about the stock. Wells Fargo & Company increased their target price on shares of iRhythm Technologies from $130.00 to $180.00 and gave the stock an "overweight" rating in a report on Friday. Needham & Company LLC upped their price objective on iRhythm Technologies from $151.00 to $180.00 and gave the company a "buy" rating in a research note on Friday. Morgan Stanley lowered their price objective on iRhythm Technologies from $160.00 to $147.00 and set an "overweight" rating for the company in a research note on Tuesday, July 15th. Citigroup upped their price objective on iRhythm Technologies from $130.00 to $167.00 and gave the company a "buy" rating in a research note on Thursday, May 22nd. Finally, Robert W. Baird upped their price objective on iRhythm Technologies from $133.00 to $150.00 and gave the company an "outperform" rating in a research note on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, iRhythm Technologies has a consensus rating of "Moderate Buy" and a consensus target price of $157.30.

iRhythm Technologies Stock Performance

Shares of iRhythm Technologies stock traded up $26.54 during trading on Friday, reaching $166.72. The company's stock had a trading volume of 1,057,009 shares, compared to its average volume of 467,059. The business's 50-day moving average price is $142.23 and its 200-day moving average price is $121.97. The firm has a market cap of $5.32 billion, a PE ratio of -52.75 and a beta of 1.41. iRhythm Technologies has a 52 week low of $55.92 and a 52 week high of $168.32. The company has a quick ratio of 5.58, a current ratio of 5.71 and a debt-to-equity ratio of 7.47.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The company reported ($0.32) earnings per share for the quarter, topping the consensus estimate of ($0.53) by $0.21. iRhythm Technologies had a negative net margin of 15.90% and a negative return on equity of 101.04%. The business had revenue of $186.69 million during the quarter, compared to analysts' expectations of $173.94 million. During the same quarter in the prior year, the business posted ($0.61) earnings per share. iRhythm Technologies's revenue was up 26.1% compared to the same quarter last year. Equities analysts forecast that iRhythm Technologies will post -1.98 earnings per share for the current year.

Insiders Place Their Bets

In other iRhythm Technologies news, EVP Minang Turakhia sold 1,420 shares of the firm's stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $145.41, for a total transaction of $206,482.20. Following the completion of the transaction, the executive vice president owned 41,393 shares in the company, valued at approximately $6,018,956.13. This trade represents a 3.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Daniel G. Wilson sold 3,000 shares of iRhythm Technologies stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $150.00, for a total transaction of $450,000.00. Following the completion of the sale, the chief financial officer owned 40,307 shares of the company's stock, valued at $6,046,050. This represents a 6.93% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 5,356 shares of company stock worth $796,882. 1.10% of the stock is currently owned by insiders.

Institutional Trading of iRhythm Technologies

Several hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in shares of iRhythm Technologies by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 3,136,370 shares of the company's stock worth $282,806,000 after buying an additional 18,442 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of iRhythm Technologies by 169.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 903,084 shares of the company's stock valued at $94,535,000 after buying an additional 568,261 shares during the period. Champlain Investment Partners LLC increased its position in shares of iRhythm Technologies by 13.3% in the first quarter. Champlain Investment Partners LLC now owns 822,791 shares of the company's stock worth $86,130,000 after purchasing an additional 96,529 shares during the last quarter. Blair William & Co. IL increased its position in shares of iRhythm Technologies by 30.6% in the first quarter. Blair William & Co. IL now owns 789,999 shares of the company's stock worth $82,697,000 after purchasing an additional 185,262 shares during the last quarter. Finally, Bessemer Group Inc. raised its holdings in shares of iRhythm Technologies by 1.1% during the first quarter. Bessemer Group Inc. now owns 574,053 shares of the company's stock valued at $60,092,000 after acquiring an additional 6,046 shares in the last quarter.

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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