iRhythm Technologies (NASDAQ:IRTC) Now Covered by Bank of America

Key Points

• Bank of America initiated coverage on iRhythm Technologies, setting a "buy" rating and a price target of $200.00, indicating a potential upside of 26.17% from its current price.
• iRhythm Technologies recently reported a quarterly EPS of ($0.32), beating analyst expectations and achieving a revenue of $186.69 million, which is a 26.1% increase compared to the same quarter last year.
• Several other analysts have varying ratings on iRhythm Technologies, with one Strong Buy, ten Buy, and one Hold rating, contributing to an average rating of "Buy" with a consensus target price of $161.18.

Investment analysts at Bank of America initiated coverage on shares of iRhythm Technologies (NASDAQ:IRTC - Get Free Report) in a research note issued to investors on Wednesday, Marketbeat reports. The brokerage set a "buy" rating and a $200.00 price target on the stock. Bank of America's target price suggests a potential upside of 18.26% from the company's previous close.

IRTC has been the subject of a number of other research reports. Wells Fargo & Company boosted their price target on shares of iRhythm Technologies from $130.00 to $180.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Citigroup lifted their price objective on shares of iRhythm Technologies from $130.00 to $167.00 and gave the company a "buy" rating in a report on Thursday, May 22nd. JPMorgan Chase & Co. boosted their target price on shares of iRhythm Technologies from $145.00 to $190.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. William Blair upgraded shares of iRhythm Technologies to a "strong-buy" rating in a report on Friday, August 1st. Finally, Wall Street Zen downgraded iRhythm Technologies from a "hold" rating to a "sell" rating in a research note on Monday, May 5th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $162.64.

iRhythm Technologies Stock Up 1.5%

IRTC stock traded up $2.44 during trading on Wednesday, reaching $169.12. 532,031 shares of the stock were exchanged, compared to its average volume of 561,057. The firm's 50 day moving average is $147.89 and its 200 day moving average is $128.00. The firm has a market cap of $5.43 billion, a P/E ratio of -57.72 and a beta of 1.41. The company has a current ratio of 5.02, a quick ratio of 4.88 and a debt-to-equity ratio of 6.25. iRhythm Technologies has a twelve month low of $55.92 and a twelve month high of $172.59.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The company reported ($0.32) 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 firm had revenue of $186.69 million during the quarter, compared to the consensus estimate of $173.94 million. During the same quarter in the previous year, the company posted ($0.61) earnings per share. 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. As a group, research analysts forecast that iRhythm Technologies will post -1.98 EPS for the current year.

Insiders Place Their Bets

In other news, insider Chad Patterson sold 2,707 shares of iRhythm Technologies stock in a transaction 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 sale, the insider directly owned 46,222 shares in the company, valued at $7,597,047.92. The trade was a 5.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Daniel G. Wilson sold 3,000 shares of the firm's stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $150.00, for a total transaction of $450,000.00. Following the sale, the chief financial officer owned 40,307 shares of the company's stock, valued at $6,046,050. This trade represents a 6.93% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 47,425 shares of company stock valued at $7,549,869. 1.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On iRhythm Technologies

A number of hedge funds have recently modified their holdings of the stock. Principal Financial Group Inc. lifted its stake in iRhythm Technologies by 1,793.7% in the first quarter. Principal Financial Group Inc. now owns 50,449 shares of the company's stock valued at $5,281,000 after purchasing an additional 47,785 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of iRhythm Technologies by 30,928.6% in the first quarter. GAMMA Investing LLC now owns 8,688 shares of the company's stock valued at $909,000 after buying an additional 8,660 shares during the period. Fuller & Thaler Asset Management Inc. bought a new stake in shares of iRhythm Technologies in the first quarter valued at $54,249,000. SG Americas Securities LLC lifted its position in shares of iRhythm Technologies by 95.6% during the 1st quarter. SG Americas Securities LLC now owns 8,427 shares of the company's stock valued at $882,000 after buying an additional 4,119 shares during the last quarter. Finally, Invesco Ltd. grew its stake in shares of iRhythm Technologies by 1.1% during the 4th quarter. Invesco Ltd. now owns 19,200 shares of the company's stock worth $1,731,000 after acquiring an additional 207 shares during the period.

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.