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

Key Points

• iRhythm Technologies has received an average consensus recommendation of "Buy" from twelve brokerages, with one rating it as a "strong buy."
• Several analysts have adjusted their price targets for iRhythm, with JPMorgan Chase raising theirs to $190.00 and Bank of America setting a target of $200.00.
• The company's stock is currently priced at $168.02 and has shown a 26.1% year-over-year revenue growth with earnings per share better than expectations.

Shares of iRhythm Technologies (NASDAQ:IRTC - Get Free Report) have been given an average recommendation of "Buy" by the twelve brokerages that are currently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a hold recommendation, ten have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among brokerages that have covered the stock in the last year is $162.6364.

IRTC has been the topic of several recent research reports. William Blair raised iRhythm Technologies to a "strong-buy" rating in a research note on Friday, August 1st. JPMorgan Chase & Co. raised their price objective on iRhythm Technologies from $145.00 to $190.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Bank of America initiated 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. Robert W. Baird raised their price objective on iRhythm Technologies from $133.00 to $150.00 and gave the stock an "outperform" rating in a research note on Friday, May 2nd. Finally, Citigroup raised their price objective on iRhythm Technologies from $167.00 to $183.00 and gave the stock a "buy" rating in a research note on Thursday, August 21st.

Insider Transactions at iRhythm Technologies

In other news, insider Chad Patterson sold 2,707 shares of the firm's stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $164.36, for a total value of $444,922.52. Following the transaction, the insider owned 46,222 shares of the company's stock, valued at $7,597,047.92. This trade represents a 5.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Minang Turakhia sold 1,420 shares of iRhythm Technologies stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $145.41, for a total value of $206,482.20. Following the sale, the executive vice president directly owned 41,393 shares in the company, valued at $6,018,956.13. This trade represents a 3.32% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 47,425 shares of company stock valued at $7,549,869. Company insiders own 0.68% of the company's stock.

Institutional Trading of iRhythm Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in IRTC. Bank Pictet & Cie Europe AG raised its stake in iRhythm Technologies by 5.9% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 3,289 shares of the company's stock valued at $297,000 after purchasing an additional 184 shares during the period. LPL Financial LLC bought a new stake in iRhythm Technologies during the 4th quarter valued at approximately $243,000. Invesco Ltd. raised its stake in iRhythm Technologies by 1.1% during the 4th quarter. Invesco Ltd. now owns 19,200 shares of the company's stock valued at $1,731,000 after purchasing an additional 207 shares during the period. MetLife Investment Management LLC raised its stake in iRhythm Technologies by 6.0% during the 4th quarter. MetLife Investment Management LLC now owns 19,142 shares of the company's stock valued at $1,726,000 after purchasing an additional 1,087 shares during the period. Finally, Tower Research Capital LLC TRC raised its stake in iRhythm Technologies by 1,763.2% during the 4th quarter. Tower Research Capital LLC TRC now owns 3,596 shares of the company's stock valued at $324,000 after purchasing an additional 3,403 shares during the period.

iRhythm Technologies Trading Up 1.4%

Shares of NASDAQ:IRTC opened at $168.02 on Wednesday. The stock has a market capitalization of $5.40 billion, a price-to-earnings ratio of -57.34 and a beta of 1.41. The company has a debt-to-equity ratio of 6.25, a quick ratio of 4.88 and a current ratio of 5.02. The stock's 50-day simple moving average is $148.77 and its two-hundred day simple moving average is $128.80. iRhythm Technologies has a 52-week low of $55.92 and a 52-week high of $172.59.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported ($0.32) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.53) by $0.21. The business had revenue of $186.69 million for the quarter, compared to analysts' expectations of $173.94 million. iRhythm Technologies had a negative return on equity of 90.03% and a negative net margin of 14.06%.The business's revenue for the quarter was up 26.1% on a year-over-year basis. During the same period last year, the firm posted ($0.61) earnings per share. iRhythm Technologies has set its FY 2025 guidance at EPS. Analysts expect that iRhythm Technologies will post -1.98 EPS for the current 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.

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