iRhythm Technologies (NASDAQ:IRTC) Coverage Initiated by Analysts at 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 assumed coverage on shares of iRhythm Technologies (NASDAQ:IRTC - Get Free Report) in a research report issued to clients and investors on Wednesday, Marketbeat reports. The brokerage set a "buy" rating and a $200.00 price target on the stock. Bank of America's price target indicates a potential upside of 19.77% from the company's current price.

Other analysts have also issued research reports about the company. William Blair upgraded iRhythm Technologies to a "strong-buy" rating in a report on Friday, August 1st. Robert W. Baird boosted their price objective on shares of iRhythm Technologies from $133.00 to $150.00 and gave the stock an "outperform" rating in a research note on Friday, May 2nd. Wall Street Zen downgraded iRhythm Technologies from a "hold" rating to a "sell" rating in a research report on Monday, May 5th. Needham & Company LLC raised their price target on iRhythm Technologies from $151.00 to $180.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Finally, JPMorgan Chase & Co. lifted their target price on iRhythm Technologies from $145.00 to $190.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $162.64.

iRhythm Technologies Stock Performance

Shares of iRhythm Technologies stock traded down $2.1350 during trading hours on Wednesday, reaching $166.9850. 109,200 shares of the stock traded hands, compared to its average volume of 474,012. The company has a 50 day moving average price of $147.89 and a 200 day moving average price of $128.13. The firm has a market capitalization of $5.36 billion, a price-to-earnings ratio of -56.99 and a beta of 1.41. iRhythm Technologies has a one year low of $55.92 and a one year high of $172.59. 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 data on Thursday, July 31st. The company reported ($0.32) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.53) by $0.21. The company had revenue of $186.69 million during 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 firm's revenue was up 26.1% on a year-over-year basis. During the same period in the previous year, the company posted ($0.61) EPS. iRhythm Technologies has set its FY 2025 guidance at EPS. On average, equities research analysts expect that iRhythm Technologies will post -1.98 earnings per share for the current fiscal year.

Insider Activity at iRhythm Technologies

In related news, EVP Minang Turakhia sold 1,420 shares of the business's stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $145.41, for a total transaction of $206,482.20. Following the completion of the sale, the executive vice president owned 41,393 shares in the company, valued at $6,018,956.13. The trade was a 3.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Daniel G. Wilson sold 3,000 shares of the business's stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $150.00, for a total value 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 approximately $6,046,050. This represents a 6.93% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 47,425 shares of company stock worth $7,549,869 over the last ninety days. Company insiders own 1.10% of the company's stock.

Institutional Investors Weigh In On iRhythm Technologies

Large investors have recently modified their holdings of the stock. Fuller & Thaler Asset Management Inc. acquired a new stake in iRhythm Technologies in the first quarter valued at $54,249,000. Principal Financial Group Inc. increased its holdings in iRhythm Technologies by 1,793.7% in the 1st 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 in the last quarter. GAMMA Investing LLC raised its holdings in shares of iRhythm Technologies by 30,928.6% during the 1st 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. SG Americas Securities LLC increased its holdings in iRhythm Technologies by 95.6% during the 1st quarter. SG Americas Securities LLC now owns 8,427 shares of the company's stock worth $882,000 after purchasing an additional 4,119 shares during the last quarter. Finally, Invesco Ltd. grew its stake in iRhythm Technologies by 1.1% in the fourth quarter. Invesco Ltd. now owns 19,200 shares of the company's stock worth $1,731,000 after purchasing an additional 207 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.