iRhythm Technologies (NASDAQ:IRTC) Hits New 1-Year High - Here's What Happened

Key Points

• Shares of iRhythm Technologies reached a new 52-week high of $175.06, reflecting a strong trading day with significant volume of 48,134 shares.
• Multiple analysts have raised their price targets for iRhythm, with JPMorgan Chase & Co. setting a new target of $190.00, indicating bullish sentiment among market watchers.
• The company reported a quarterly revenue increase of 26.1% year-over-year, totaling $186.69 million, while beating earnings estimates with an EPS of ($0.32).

Shares of iRhythm Technologies (NASDAQ:IRTC - Get Free Report) reached a new 52-week high during trading on Wednesday . The company traded as high as $174.45 and last traded at $175.06, with a volume of 48134 shares. The stock had previously closed at $171.08.

Analysts Set New Price Targets

IRTC has been the topic of a number of research analyst reports. JPMorgan Chase & Co. boosted their price objective on shares of iRhythm Technologies from $145.00 to $190.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Canaccord Genuity Group boosted their price objective on shares of iRhythm Technologies from $139.00 to $170.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Bank of America initiated coverage on shares of iRhythm Technologies in a report on Wednesday, August 20th. They set a "buy" rating and a $200.00 price objective on the stock. Citigroup upped their price target on shares of iRhythm Technologies from $167.00 to $183.00 and gave the company a "buy" rating in a report on Thursday, August 21st. Finally, Needham & Company LLC upped their price target 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. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, iRhythm Technologies currently has a consensus rating of "Buy" and a consensus target price of $163.82.

iRhythm Technologies Stock Up 2.5%

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 firm has a market cap of $5.63 billion, a PE ratio of -59.74 and a beta of 1.10. The firm's 50 day moving average is $150.99 and its 200-day moving average is $130.88.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last announced its quarterly earnings data 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. The business 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 company's quarterly revenue was up 26.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.61) earnings per share. iRhythm Technologies has set its FY 2025 guidance at EPS. As a group, equities research analysts expect that iRhythm Technologies will post -1.98 earnings per share for the current fiscal year.

Insider Buying and Selling at iRhythm Technologies

In related news, Director Abhijit Y. Talwalkar sold 5,312 shares of the company's stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $158.02, for a total transaction of $839,402.24. Following the completion of the transaction, the director owned 20,299 shares of the company's stock, valued at approximately $3,207,647.98. This represents a 20.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Chad Patterson sold 2,707 shares of the company's stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $164.36, for a total transaction of $444,922.52. Following the transaction, the insider directly owned 46,222 shares of the company's stock, valued at $7,597,047.92. This trade represents a 5.53% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 47,425 shares of company stock valued at $7,549,869. 0.68% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On iRhythm Technologies

Several large investors have recently made changes to their positions in IRTC. Bank Pictet & Cie Europe AG grew its holdings in iRhythm Technologies by 5.9% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 3,289 shares of the company's stock valued at $297,000 after purchasing an additional 184 shares in the last quarter. Northern Trust Corp grew its holdings in iRhythm Technologies by 7.0% during the 4th quarter. Northern Trust Corp now owns 287,334 shares of the company's stock valued at $25,909,000 after purchasing an additional 18,816 shares in the last quarter. Schonfeld Strategic Advisors LLC acquired a new stake in iRhythm Technologies during the 4th quarter valued at $553,000. Ancora Advisors LLC grew its holdings in iRhythm Technologies by 20.1% during the 4th quarter. Ancora Advisors LLC now owns 4,000 shares of the company's stock valued at $361,000 after purchasing an additional 670 shares in the last quarter. Finally, Algert Global LLC grew its holdings in iRhythm Technologies by 44.9% during the 4th quarter. Algert Global LLC now owns 19,643 shares of the company's stock valued at $1,771,000 after purchasing an additional 6,083 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.

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