iRhythm Technologies (NASDAQ:IRTC) Now Covered by Analysts at Evercore ISI

Key Points

• Analysts at Evercore ISI have initiated coverage of iRhythm Technologies, setting an "in-line" rating and a target price of $185.00, suggesting a potential upside of 0.15% from its current price.
• A recent report indicates that iRhythm Technologies saw a revenue increase of 26.1% year-over-year, with quarterly earnings per share surpassing estimates.
• Currently, the stock has an average rating of "Moderate Buy," with one analyst rating it as a Strong Buy, ten as Buy, and two as Hold, along with a consensus price target of $165.58.

Stock analysts at Evercore ISI assumed coverage on shares of iRhythm Technologies (NASDAQ:IRTC - Get Free Report) in a research note issued on Tuesday, MarketBeat.com reports. The brokerage set an "in-line" rating and a $185.00 price target on the stock. Evercore ISI's price target indicates a potential upside of 0.15% from the stock's current price.

Several other equities research analysts also recently issued reports on IRTC. Needham & Company LLC upped their price target on iRhythm Technologies from $180.00 to $193.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. William Blair upgraded iRhythm Technologies to a "strong-buy" rating in a report on Friday, August 1st. Morgan Stanley cut their price objective on iRhythm Technologies from $160.00 to $147.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 15th. Canaccord Genuity Group boosted their price objective on iRhythm Technologies from $139.00 to $170.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Finally, Bank of America started coverage on iRhythm Technologies in a research report on Wednesday, August 20th. They issued a "buy" rating and a $200.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $165.58.

iRhythm Technologies Trading Up 5.5%

NASDAQ IRTC opened at $184.73 on Tuesday. The business has a 50 day moving average price of $161.24 and a 200-day moving average price of $137.81. iRhythm Technologies has a 52 week low of $55.92 and a 52 week high of $187.57. The company has a market cap of $5.94 billion, a price-to-earnings ratio of -63.05 and a beta of 1.10. The company has a quick ratio of 4.88, a current ratio of 5.02 and a debt-to-equity ratio of 6.25.

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, topping 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 in the prior year, the company posted ($0.61) earnings per share. iRhythm Technologies's revenue was up 26.1% compared to the same quarter last year. iRhythm Technologies has set its FY 2025 guidance at EPS. As a group, equities analysts expect that iRhythm Technologies will post -1.98 earnings per share for the current fiscal year.

Insider Activity at iRhythm Technologies

In other news, CAO Marc Wade Rosenbaum sold 226 shares of iRhythm Technologies stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $158.93, for a total value of $35,918.18. Following the sale, the chief accounting officer directly owned 10,879 shares in the company, valued at approximately $1,728,999.47. This trade represents a 2.04% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Daniel G. Wilson sold 5,000 shares of iRhythm Technologies stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $175.00, for a total value of $875,000.00. Following the completion of the sale, the chief financial officer owned 34,470 shares in the company, valued at approximately $6,032,250. This represents a 12.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 48,489 shares of company stock worth $7,834,469 over the last three months. Corporate insiders own 0.68% of the company's stock.

Institutional Investors Weigh In On iRhythm Technologies

A number of large investors have recently made changes to their positions in IRTC. Bank Pictet & Cie Europe AG grew its position in shares of iRhythm Technologies by 5.9% in the 4th 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 last quarter. Ascent Group LLC grew its position in shares of iRhythm Technologies by 13.0% in the 4th quarter. Ascent Group LLC now owns 8,110 shares of the company's stock worth $731,000 after buying an additional 935 shares during the last quarter. Wellington Management Group LLP grew its position in shares of iRhythm Technologies by 9.3% in the 4th quarter. Wellington Management Group LLP now owns 233,840 shares of the company's stock worth $21,085,000 after buying an additional 19,891 shares during the last quarter. GAMMA Investing LLC grew its position in shares of iRhythm Technologies by 30,928.6% in the 1st quarter. GAMMA Investing LLC now owns 8,688 shares of the company's stock worth $909,000 after buying an additional 8,660 shares during the last quarter. Finally, Rhumbline Advisers grew its position in shares of iRhythm Technologies by 7.0% in the 1st quarter. Rhumbline Advisers now owns 45,946 shares of the company's stock worth $4,810,000 after buying an additional 2,995 shares during 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.

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.