iRhythm Technologies (NASDAQ:IRTC) Receives Average Rating of "Moderate Buy" from Analysts

Key Points

• iRhythm Technologies has received a consensus rating of "Buy" from twelve research firms, with the average 12-month target price set at $163.82.
• Wells Fargo and JPMorgan raised their target prices for iRhythm, indicating strong confidence with target estimates between $180.00 and $190.00.
• The company's recent quarterly earnings showed a revenue increase of 26.1% year-over-year, with EPS exceeding analyst expectations.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) has been given a consensus rating of "Moderate Buy" by the thirteen brokerages that are currently covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation, ten have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $165.5833.

Several brokerages have recently issued reports on IRTC. Evercore ISI started coverage on shares of iRhythm Technologies in a report on Tuesday. They issued an "in-line" rating and a $185.00 target price for the company. Citigroup increased their price target on shares of iRhythm Technologies from $167.00 to $183.00 and gave the stock a "buy" rating in a research note on Thursday, August 21st. William Blair upgraded shares of iRhythm Technologies to a "strong-buy" rating in a research note on Friday, August 1st. JPMorgan Chase & Co. increased their price target 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. Finally, Morgan Stanley decreased their price target on shares of iRhythm Technologies from $160.00 to $147.00 and set an "overweight" rating for the company in a research note on Tuesday, July 15th.

Insider Activity

In other news, insider Chad Patterson sold 2,555 shares of the firm's stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $158.97, for a total value of $406,168.35. Following the completion of the sale, the insider owned 43,667 shares in the company, valued at approximately $6,941,742.99. This trade represents a 5.53% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Abhijit Y. Talwalkar sold 5,312 shares of the firm's stock in a transaction on Monday, August 11th. The stock was sold at an average price of $158.02, for a total transaction of $839,402.24. Following the completion of the sale, the director owned 20,299 shares of the company's stock, valued at $3,207,647.98. This trade represents a 20.74% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 48,489 shares of company stock worth $7,834,469 over the last 90 days. 0.68% of the stock is owned by corporate insiders.

Institutional Trading of iRhythm Technologies

Several hedge funds have recently made changes to their positions in IRTC. MCF Advisors LLC acquired a new stake in shares of iRhythm Technologies in the 1st quarter worth $25,000. AlphaQuest LLC acquired a new stake in shares of iRhythm Technologies in the 1st quarter worth $30,000. ANTIPODES PARTNERS Ltd acquired a new stake in shares of iRhythm Technologies in the 2nd quarter worth $39,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of iRhythm Technologies in the 1st quarter worth $50,000. Finally, CWM LLC lifted its stake 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 purchasing an additional 182 shares during the period.

iRhythm Technologies Stock Down 2.2%

IRTC traded down $4.09 during trading hours on Friday, hitting $180.64. 139,461 shares of the company's stock were exchanged, compared to its average volume of 464,606. iRhythm Technologies has a 12-month low of $55.92 and a 12-month high of $187.57. The firm has a 50 day moving average of $161.24 and a 200 day moving average of $137.81. The firm has a market cap of $5.80 billion, a P/E ratio of -61.70 and a beta of 1.10. 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 (NASDAQ:IRTC - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported ($0.32) earnings per share for the quarter, topping the consensus estimate of ($0.53) by $0.21. iRhythm Technologies had a negative net margin of 14.06% and a negative return on equity of 90.03%. The firm had revenue of $186.69 million for the quarter, compared to the consensus estimate of $173.94 million. During the same period in the prior year, the firm earned ($0.61) EPS. The firm's revenue for the quarter was up 26.1% on a year-over-year basis. iRhythm Technologies has set its FY 2025 guidance at EPS. Analysts predict that iRhythm Technologies will post -1.98 EPS for the current fiscal year.

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.