iRhythm Technologies (NASDAQ:IRTC) Sets New 1-Year High - Here's Why

Key Points

• iRhythm Technologies reached a new 52-week high stock price of $187.32, closing at $187.07 with a significant trading volume of 688,225 shares.
• Several analysts have upgraded iRhythm with new price targets, with Needham & Company setting a target of $193.00 and Wells Fargo adjusting theirs to $180.00, indicating a strong confidence in the stock.
• The company reported quarterly earnings with revenues of $186.69 million, exceeding analyst expectations and representing a 26.1% year-over-year growth.

Shares of iRhythm Technologies (NASDAQ:IRTC - Get Free Report) hit a new 52-week high on Tuesday . The company traded as high as $187.32 and last traded at $187.07, with a volume of 688225 shares. The stock had previously closed at $181.05.

Analysts Set New Price Targets

A number of brokerages recently weighed in on IRTC. William Blair raised iRhythm Technologies to a "strong-buy" rating in a report on Friday, August 1st. Wells Fargo & Company upped their target price on iRhythm Technologies from $130.00 to $180.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Needham & Company LLC lifted their target price on shares of iRhythm Technologies from $180.00 to $193.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Citigroup upped their price objective on iRhythm Technologies from $167.00 to $183.00 and gave the company a "buy" rating in a research report on Thursday, August 21st. Finally, Canaccord Genuity Group upped their price objective on iRhythm Technologies from $139.00 to $170.00 and gave the company a "buy" rating in a research report on Friday, August 1st. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $163.82.

iRhythm Technologies Price Performance

The company has a market capitalization of $6.01 billion, a price-to-earnings ratio of -63.85 and a beta of 1.10. 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 company has a 50 day simple moving average of $153.27 and a 200 day simple moving average of $132.90.

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

Insiders Place Their Bets

In other news, CFO Daniel G. Wilson sold 5,000 shares of the stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $175.00, for a total value of $875,000.00. Following the completion of the sale, the chief financial officer owned 34,470 shares in the company, valued at approximately $6,032,250. This trade represents a 12.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Sumi Shrishrimal sold 653 shares of the stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $167.12, for a total value of $109,129.36. Following the completion of the transaction, the executive vice president directly owned 34,032 shares of the company's stock, valued at $5,687,427.84. This represents a 1.88% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 52,425 shares of company stock valued at $8,424,869. Company insiders own 0.68% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. MCF Advisors LLC purchased a new position in iRhythm Technologies in the first quarter valued at about $25,000. ANTIPODES PARTNERS Ltd purchased a new position in iRhythm Technologies in the second quarter valued at about $39,000. AlphaQuest LLC purchased a new position in iRhythm Technologies in the first quarter valued at about $30,000. Lazard Asset Management LLC bought a new position in iRhythm Technologies during the 2nd quarter worth approximately $72,000. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new position in iRhythm Technologies during the 1st quarter worth approximately $50,000.

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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