iRhythm Technologies (NASDAQ:IRTC) Receives Consensus Rating of "Moderate Buy" from Brokerages

Key Points

• iRhythm Technologies has a consensus rating of “Moderate Buy” from fifteen analysts, with a target price averaging around $184.85.
• Recent institutional trading activity includes new positions acquired by several funds, along with significant stock sales by company insiders.
• The company reported a 26.1% increase in revenue compared to the same quarter last year, despite posting a net loss of ($0.32) EPS for the recent quarter.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) has earned an average recommendation of "Moderate Buy" from the fifteen analysts that are covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation, eleven have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $184.8462.

Several analysts have recently commented on the company. William Blair raised iRhythm Technologies to a "strong-buy" rating in a research report on Friday, August 1st. Morgan Stanley reduced their price target on iRhythm Technologies from $160.00 to $147.00 and set an "overweight" rating for the company in a research report on Tuesday, July 15th. Wells Fargo & Company boosted their price target on iRhythm Technologies from $130.00 to $180.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Bank of America began coverage on iRhythm Technologies in a research note on Wednesday, August 20th. They issued a "buy" rating and a $200.00 price objective on the stock. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of iRhythm Technologies in a research note on Wednesday, October 8th.

Insider Activity at iRhythm Technologies

In other iRhythm Technologies news, EVP Sumi Shrishrimal sold 653 shares of iRhythm Technologies stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $167.12, for a total transaction of $109,129.36. Following the sale, the executive vice president directly owned 34,032 shares of the company's stock, valued at approximately $5,687,427.84. The trade was a 1.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Abhijit Y. Talwalkar sold 5,312 shares of iRhythm Technologies stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $158.02, for a total value of $839,402.24. Following the sale, the director directly owned 20,299 shares in the company, valued at $3,207,647.98. The trade was a 20.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 47,069 shares of company stock valued at $7,627,986. Corporate insiders own 1.10% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of IRTC. MCF Advisors LLC acquired a new position in shares of iRhythm Technologies in the 1st quarter worth approximately $25,000. AlphaQuest LLC bought a new stake in shares of iRhythm Technologies during the 1st quarter valued at $30,000. ANTIPODES PARTNERS Ltd bought a new stake in shares of iRhythm Technologies during the 2nd quarter valued at $39,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of iRhythm Technologies in the 1st quarter valued at $50,000. Finally, CWM LLC increased its position in shares of iRhythm Technologies by 54.3% in the 1st quarter. CWM LLC now owns 517 shares of the company's stock valued at $54,000 after buying an additional 182 shares in the last quarter.

iRhythm Technologies Stock Performance

IRTC opened at $175.67 on Thursday. The firm has a market cap of $5.64 billion, a PE ratio of -59.96 and a beta of 1.15. 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 business has a fifty day simple moving average of $172.27 and a 200-day simple moving average of $145.68. iRhythm Technologies has a fifty-two week low of $60.37 and a fifty-two week 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 for the quarter, topping the consensus estimate of ($0.53) by $0.21. The business had revenue of $186.69 million during the quarter, compared to analyst estimates of $173.94 million. iRhythm Technologies had a negative return on equity of 90.03% and a negative net margin of 14.06%.The company's revenue was up 26.1% compared to the same quarter last year. During the same period last year, the company posted ($0.61) EPS. iRhythm Technologies has set its FY 2025 guidance at EPS. As a group, equities analysts predict that iRhythm Technologies will post -1.98 EPS for the current fiscal year.

iRhythm Technologies Company Profile

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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