iRhythm Technologies (NASDAQ:IRTC) Price Target Raised to $205.00 at Truist Financial

Key Points

• Truist Financial raised its price target for iRhythm Technologies from $175.00 to $205.00, maintaining a "buy" rating, indicating a potential upside of 15.45%.
• iRhythm Technologies reported a 26.1% increase in revenue year-over-year, with earnings of ($0.32) EPS exceeding analysts' expectations of ($0.53).
• The company's current consensus rating is "Moderate Buy" with a price target average of $184.85, based on evaluations from multiple analysts.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) had its price target lifted by Truist Financial from $175.00 to $205.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the stock. Truist Financial's target price suggests a potential upside of 15.45% from the company's current price.

IRTC has been the topic of a number of other reports. William Blair upgraded shares of iRhythm Technologies to a "strong-buy" rating in a research report on Friday, August 1st. Weiss Ratings restated a "sell (d-)" rating on shares of iRhythm Technologies in a research report on Wednesday, October 8th. 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 note on Friday, August 1st. Evercore ISI dropped their target price on shares of iRhythm Technologies from $185.00 to $175.00 and set an "in-line" rating for the company in a research note on Tuesday, October 7th. Finally, BTIG Research boosted their target price on shares of iRhythm Technologies from $190.00 to $195.00 and gave the stock a "buy" rating in a research note on Monday. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, iRhythm Technologies currently has a consensus rating of "Moderate Buy" and a consensus price target of $184.85.

iRhythm Technologies Price Performance

Shares of iRhythm Technologies stock traded up $0.73 during trading on Wednesday, hitting $177.57. 58,445 shares of the company's stock traded hands, compared to its average volume of 453,551. The company has a market cap of $5.71 billion, a PE ratio of -60.60 and a beta of 1.15. iRhythm Technologies has a twelve month low of $60.37 and a twelve month high of $187.57. The company has a debt-to-equity ratio of 6.25, a current ratio of 5.02 and a quick ratio of 4.88. The firm's fifty day moving average price is $171.88 and its 200 day moving average price is $145.47.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported ($0.32) EPS for the quarter, beating analysts' consensus estimates of ($0.53) by $0.21. The firm had revenue of $186.69 million for the quarter, compared to analyst estimates 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 revenue for the quarter was up 26.1% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.61) earnings per share. iRhythm Technologies has set its FY 2025 guidance at EPS. Analysts forecast that iRhythm Technologies will post -1.98 earnings per share for the current year.

Insider Buying and Selling at iRhythm Technologies

In other iRhythm Technologies news, CAO Marc Wade Rosenbaum sold 226 shares of the company's stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $158.93, for a total value of $35,918.18. Following the completion of the sale, the chief accounting officer owned 10,879 shares of the company's stock, valued at approximately $1,728,999.47. This represents a 2.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Sumi Shrishrimal sold 653 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $167.12, for a total transaction of $109,129.36. Following the completion of the sale, the executive vice president directly owned 34,032 shares of the company's stock, valued at $5,687,427.84. The trade was a 1.88% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 47,069 shares of company stock valued at $7,627,986 over the last 90 days. Company insiders own 0.68% of the company's stock.

Institutional Investors Weigh In On iRhythm Technologies

Several large investors have recently bought and sold shares of the company. Ameritas Investment Partners Inc. boosted its holdings in shares of iRhythm Technologies by 2.9% in the second quarter. Ameritas Investment Partners Inc. now owns 3,256 shares of the company's stock valued at $501,000 after buying an additional 93 shares during the period. California State Teachers Retirement System boosted its holdings in shares of iRhythm Technologies by 0.3% in the second quarter. California State Teachers Retirement System now owns 28,917 shares of the company's stock valued at $4,452,000 after buying an additional 99 shares during the period. Xponance Inc. boosted its holdings in shares of iRhythm Technologies by 6.1% in the first quarter. Xponance Inc. now owns 2,390 shares of the company's stock valued at $250,000 after buying an additional 137 shares during the period. Hsbc Holdings PLC boosted its holdings in shares of iRhythm Technologies by 3.1% in the first quarter. Hsbc Holdings PLC now owns 4,590 shares of the company's stock valued at $474,000 after buying an additional 138 shares during the period. Finally, CWM LLC boosted its holdings in shares of iRhythm Technologies by 54.3% in the first quarter. CWM LLC now owns 517 shares of the company's stock valued at $54,000 after buying an additional 182 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.

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