iRhythm Technologies (NASDAQ:IRTC) Given Consensus Recommendation of "Buy" by Brokerages

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.

Shares of iRhythm Technologies (NASDAQ:IRTC - Get Free Report) have received an average rating of "Buy" from the twelve analysts that are covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a hold recommendation, ten have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $163.8182.

IRTC has been the subject of a number of recent research reports. Morgan Stanley reduced their price objective 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. Bank of America initiated coverage on shares of iRhythm Technologies in a report on Wednesday, August 20th. They issued a "buy" rating and a $200.00 price target for the company. Canaccord Genuity Group raised their price target on shares of iRhythm Technologies from $139.00 to $170.00 and gave the company a "buy" rating in a report on Friday, August 1st. JPMorgan Chase & Co. lifted their price objective on shares of iRhythm Technologies from $145.00 to $190.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Finally, Needham & Company LLC lifted their price objective on shares of iRhythm Technologies from $180.00 to $193.00 and gave the stock a "buy" rating in a report on Thursday, August 28th.

iRhythm Technologies Trading Down 0.8%

IRTC traded down $1.38 during trading on Friday, reaching $175.02. 533,060 shares of the stock traded hands, compared to its average volume of 367,807. The company has a quick ratio of 4.88, a current ratio of 5.02 and a debt-to-equity ratio of 6.25. The stock has a market capitalization of $5.62 billion, a PE ratio of -59.73 and a beta of 1.10. The stock's 50-day moving average is $160.32 and its 200 day moving average is $137.23. iRhythm Technologies has a 12 month low of $55.92 and a 12 month high of $187.57.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The company reported ($0.32) earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 company had revenue of $186.69 million for the quarter, compared to analysts' expectations of $173.94 million. During the same quarter in the prior year, the firm earned ($0.61) EPS. The business's revenue was up 26.1% on a year-over-year basis. iRhythm Technologies has set its FY 2025 guidance at EPS. Equities analysts anticipate that iRhythm Technologies will post -1.98 earnings per share for the current year.

Insider Activity at iRhythm Technologies

In related news, CFO Daniel G. Wilson sold 5,000 shares of the business's stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $175.00, for a total transaction of $875,000.00. Following the transaction, the chief financial officer owned 34,470 shares in the company, valued at $6,032,250. The trade was a 12.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Chad Patterson sold 2,555 shares of the business's stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $158.97, for a total transaction of $406,168.35. Following the sale, the insider directly owned 43,667 shares in the company, valued at $6,941,742.99. The trade was a 5.53% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 52,425 shares of company stock worth $8,424,869 in the last three months. 0.68% of the stock is owned by insiders.

Institutional Trading of iRhythm Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. MCF Advisors LLC bought a new position in shares of iRhythm Technologies during the first quarter worth $25,000. AlphaQuest LLC bought a new position in iRhythm Technologies during the first quarter valued at $30,000. ANTIPODES PARTNERS Ltd bought a new stake in shares of iRhythm Technologies in the 2nd quarter worth about $39,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of iRhythm Technologies in the 1st quarter worth about $50,000. Finally, CWM LLC lifted its holdings in shares of iRhythm Technologies by 54.3% in the 1st quarter. CWM LLC now owns 517 shares of the company's stock worth $54,000 after acquiring an additional 182 shares during 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.