iRhythm Technologies (NASDAQ:IRTC) Price Target Raised to $193.00

Key Points

• Canaccord Genuity Group raised the price target for iRhythm Technologies (NASDAQ:IRTC) from $170.00 to $193.00, indicating a potential upside of 12.99% from the current price and maintaining a "buy" rating.
• A variety of investment firms have issued different price targets, with Citigroup raising its target to $183.00 and Bank of America initiating coverage with a target of $200.00, while Morgan Stanley lowered its target to $147.00.
• iRhythm Technologies reported a quarterly earnings beat, posting earnings of ($0.32) per share, surpassing the expected ($0.53), along with a revenue increase of 26.1% year-over-year at $186.69 million.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) had its price target upped by Canaccord Genuity Group from $170.00 to $193.00 in a report released on Monday,Benzinga reports. The firm presently has a "buy" rating on the stock. Canaccord Genuity Group's price objective suggests a potential upside of 12.99% from the stock's current price.

A number of other research firms also recently commented on IRTC. Citigroup lifted their price objective on shares of iRhythm Technologies from $167.00 to $183.00 and gave the stock a "buy" rating in a report on Thursday, August 21st. Bank of America initiated coverage on shares of iRhythm Technologies in a research report on Wednesday, August 20th. They issued a "buy" rating and a $200.00 price target on the stock. William Blair raised shares of iRhythm Technologies to a "strong-buy" rating in a research report on Friday, August 1st. Morgan Stanley dropped their price objective on shares of iRhythm Technologies from $160.00 to $147.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 15th. Finally, Evercore ISI started coverage on iRhythm Technologies in a research note on Tuesday, September 23rd. They issued an "in-line" rating and a $185.00 target price for the company. One 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. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $167.50.

iRhythm Technologies Stock Performance

Shares of iRhythm Technologies stock opened at $170.81 on Monday. The company has a debt-to-equity ratio of 6.25, a quick ratio of 4.88 and a current ratio of 5.02. iRhythm Technologies has a 1 year low of $55.92 and a 1 year high of $187.57. The firm's 50-day simple moving average is $164.21 and its 200-day simple moving average is $139.84. The firm has a market cap of $5.49 billion, a PE ratio of -58.30 and a beta of 1.10.

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 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 analyst estimates of $173.94 million. During the same period in the previous year, the company earned ($0.61) earnings per share. iRhythm Technologies's quarterly revenue was up 26.1% on a year-over-year basis. iRhythm Technologies has set its FY 2025 guidance at EPS. Equities analysts forecast that iRhythm Technologies will post -1.98 earnings per share for the current fiscal year.

Insider Transactions at iRhythm Technologies

In other news, CEO Quentin S. Blackford sold 30,000 shares of iRhythm Technologies stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $160.54, for a total transaction of $4,816,200.00. Following the sale, the chief executive officer owned 179,038 shares of the company's stock, valued at approximately $28,742,760.52. The trade was a 14.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Abhijit Y. Talwalkar sold 5,312 shares of the stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $158.02, for a total value of $839,402.24. Following the completion of the transaction, the director directly owned 20,299 shares of the company's stock, valued at $3,207,647.98. This trade represents a 20.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 48,489 shares of company stock worth $7,834,469 in the last quarter. 0.68% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. MCF Advisors LLC acquired a new position in shares of iRhythm Technologies during the 1st quarter valued at $25,000. AlphaQuest LLC bought a new position in iRhythm Technologies during the first quarter valued at about $30,000. ANTIPODES PARTNERS Ltd acquired a new position in iRhythm Technologies during the second quarter worth about $39,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in iRhythm Technologies during the first quarter worth about $50,000. Finally, CWM LLC raised its position in iRhythm Technologies by 54.3% in the first quarter. CWM LLC now owns 517 shares of the company's stock worth $54,000 after acquiring an additional 182 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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