iRhythm Technologies (NASDAQ:IRTC) Price Target Raised to $190.00 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 - Free Report) had its price objective lifted by JPMorgan Chase & Co. from $145.00 to $190.00 in a report released on Friday,Benzinga reports. They currently have an overweight rating on the stock.

IRTC has been the topic of a number of other reports. Canaccord Genuity Group upped their price target on iRhythm Technologies from $139.00 to $170.00 and gave the stock a "buy" rating in a research note on Friday. Wall Street Zen downgraded iRhythm Technologies from a "hold" rating to a "sell" rating in a research note on Monday, May 5th. Robert W. Baird increased their price objective on iRhythm Technologies from $133.00 to $150.00 and gave the stock an "outperform" rating in a research note on Friday, May 2nd. 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. Finally, Citigroup increased their price objective on iRhythm Technologies from $130.00 to $167.00 and gave the stock a "buy" rating in a research note on Thursday, May 22nd. One analyst has rated the stock with a sell rating, one has assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $157.30.

iRhythm Technologies Price Performance

IRTC stock traded down $4.63 during midday trading on Friday, reaching $160.36. 167,976 shares of the stock were exchanged, compared to its average volume of 473,564. The stock has a market capitalization of $5.15 billion, a PE ratio of -54.76 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 debt-to-equity ratio of 6.25, a current ratio of 5.02 and a quick ratio of 4.88. The company has a fifty day moving average price of $143.12 and a 200 day moving average price of $123.07.

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 return on equity of 90.03% and a negative net margin of 14.06%. The business's quarterly revenue was up 26.1% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.61) EPS. As a group, analysts expect that iRhythm Technologies will post -1.98 EPS for the current fiscal year.

Insider Buying and Selling at iRhythm Technologies

In other news, CFO Daniel G. Wilson sold 3,000 shares of the firm's stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $150.00, for a total value of $450,000.00. Following the completion of the transaction, the chief financial officer directly owned 40,307 shares of the company's stock, valued at $6,046,050. This trade represents a 6.93% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Chad Patterson sold 936 shares of the firm's stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $150.00, for a total value of $140,400.00. Following the completion of the transaction, the insider directly owned 48,929 shares of the company's stock, valued at $7,339,350. The trade was a 1.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,356 shares of company stock valued at $796,882. Company insiders own 0.68% of the company's stock.

Institutional Investors Weigh In On iRhythm Technologies

Large investors have recently added to or reduced their stakes in the business. Xponance Inc. increased its holdings in shares of iRhythm Technologies by 6.1% in the first quarter. Xponance Inc. now owns 2,390 shares of the company's stock worth $250,000 after buying an additional 137 shares during the period. Hsbc Holdings PLC increased its holdings in shares of iRhythm Technologies by 3.1% in the first quarter. Hsbc Holdings PLC now owns 4,590 shares of the company's stock worth $474,000 after buying an additional 138 shares during the period. CWM LLC increased 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. Bank Pictet & Cie Europe AG increased its holdings in shares of iRhythm Technologies by 5.9% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 3,289 shares of the company's stock worth $297,000 after buying an additional 184 shares during the period. Finally, Teacher Retirement System of Texas increased its holdings in iRhythm Technologies by 4.2% during the 2nd quarter. Teacher Retirement System of Texas now owns 4,769 shares of the company's stock valued at $734,000 after purchasing an additional 194 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.