iRhythm Technologies (NASDAQ:IRTC) Stock Price Expected to Rise, Robert W. Baird Analyst Says

Key Points

• Robert W. Baird has raised iRhythm Technologies' price target from $180 to $220, suggesting a potential upside of 23.82% from its current price.
• iRhythm Technologies reported a revenue increase of 26.1% year-over-year, with quarterly earnings exceeding analysts’ expectations.
• Several analysts have rated iRhythm Technologies with a consensus average rating of "Moderate Buy", including positive outlooks from multiple institutions like JPMorgan and Canaccord Genuity.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) had its target price hoisted by equities research analysts at Robert W. Baird from $180.00 to $220.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Robert W. Baird's price target points to a potential upside of 23.82% from the stock's current price.

A number of other research analysts have also recently commented on the company. Canaccord Genuity Group boosted their price objective on iRhythm Technologies from $170.00 to $193.00 and gave the stock a "buy" rating in a research note on Monday, September 29th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of iRhythm Technologies in a research report on Wednesday. JPMorgan Chase & Co. lifted their target price on iRhythm Technologies from $145.00 to $190.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Evercore ISI dropped their target price on iRhythm Technologies from $185.00 to $175.00 and set an "in-line" rating on the stock in a research report on Tuesday. Finally, Citigroup lifted their target price on iRhythm Technologies from $183.00 to $205.00 and gave the company a "buy" rating in a research note on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, iRhythm Technologies presently has an average rating of "Moderate Buy" and a consensus price target of $179.00.

iRhythm Technologies Stock Up 0.6%

Shares of IRTC traded up $1.11 during midday trading on Friday, reaching $177.67. 33,117 shares of the company were exchanged, compared to its average volume of 456,392. The stock has a 50-day moving average price of $171.07 and a 200-day moving average price of $143.73. The company has a market cap of $5.71 billion, a price-to-earnings ratio of -60.73 and a beta of 1.15. iRhythm Technologies has a 1-year low of $55.92 and a 1-year high of $187.57. 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 issued its quarterly earnings data on Thursday, July 31st. The company reported ($0.32) EPS for the quarter, topping analysts' consensus estimates of ($0.53) by $0.21. The company 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 firm's quarterly revenue was up 26.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.61) earnings per share. iRhythm Technologies has set its FY 2025 guidance at EPS. Research analysts expect that iRhythm Technologies will post -1.98 earnings per share for the current year.

Insiders Place Their Bets

In other iRhythm Technologies news, CEO Quentin S. Blackford sold 30,000 shares of the company's stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $160.54, for a total transaction of $4,816,200.00. Following the completion of the sale, the chief executive officer directly owned 179,038 shares in the company, valued at $28,742,760.52. This represents a 14.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Sumi Shrishrimal sold 653 shares of the company's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $167.12, for a total transaction of $109,129.36. Following the sale, the executive vice president owned 34,032 shares of the company's stock, valued at $5,687,427.84. This trade represents a 1.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 47,069 shares of company stock valued at $7,627,986 in the last three months. Company insiders own 1.10% of the company's stock.

Institutional Investors Weigh In On iRhythm Technologies

A number of hedge funds have recently bought and sold shares of the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in iRhythm Technologies by 169.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 903,084 shares of the company's stock valued at $94,535,000 after acquiring an additional 568,261 shares during the period. Champlain Investment Partners LLC grew its position in iRhythm Technologies by 13.3% during the first quarter. Champlain Investment Partners LLC now owns 822,791 shares of the company's stock worth $86,130,000 after buying an additional 96,529 shares in the last quarter. Blair William & Co. IL grew its position in iRhythm Technologies by 30.6% during the first quarter. Blair William & Co. IL now owns 789,999 shares of the company's stock worth $82,697,000 after buying an additional 185,262 shares in the last quarter. Geode Capital Management LLC grew its position in iRhythm Technologies by 2.3% during the second quarter. Geode Capital Management LLC now owns 767,336 shares of the company's stock worth $118,154,000 after buying an additional 16,967 shares in the last quarter. Finally, Bessemer Group Inc. grew its position in iRhythm Technologies by 1.1% during the first quarter. Bessemer Group Inc. now owns 574,053 shares of the company's stock worth $60,092,000 after buying an additional 6,046 shares in 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.

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