The Goldman Sachs Group Issues Positive Forecast for iRhythm Technologies (NASDAQ:IRTC) Stock Price

Key Points

• Goldman Sachs Group has increased its price target for iRhythm Technologies from $158.00 to $180.00, indicating a potential upside of 7.30% from the current stock price, while maintaining a "neutral" rating.
• Various research firms have issued positive outlooks on iRhythm Technologies, with William Blair upgrading to "strong-buy" and Canaccord Genuity raising their target to $193.00.
• Despite the positive forecasts, shares of iRhythm Technologies experienced a decline of 2.5%, trading at $167.76, with a significant drop in trading volume compared to its average.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) had its price target hoisted by equities research analysts at The Goldman Sachs Group from $158.00 to $180.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a "neutral" rating on the stock. The Goldman Sachs Group's target price points to a potential upside of 7.30% from the stock's current price.

Several other research firms have also weighed in on IRTC. William Blair upgraded shares of iRhythm Technologies to a "strong-buy" rating in a research note on Friday, August 1st. Canaccord Genuity Group raised their price objective on shares of iRhythm Technologies from $170.00 to $193.00 and gave the stock a "buy" rating in a research note on Monday. Bank of America began coverage on iRhythm Technologies in a report on Wednesday, August 20th. They set a "buy" rating and a $200.00 price objective for the company. Morgan Stanley cut their price target on iRhythm Technologies from $160.00 to $147.00 and set an "overweight" rating for the company in a report on Tuesday, July 15th. Finally, JPMorgan Chase & Co. upped their price target on iRhythm Technologies from $145.00 to $190.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $172.17.

iRhythm Technologies Stock Down 2.5%

Shares of iRhythm Technologies stock traded down $4.23 during trading hours on Wednesday, hitting $167.76. The company had a trading volume of 232,260 shares, compared to its average volume of 461,997. The company has a market cap of $5.39 billion, a P/E ratio of -56.98 and a beta of 1.10. The company's 50-day moving average is $165.66 and its two-hundred day moving average is $140.54. The company has a debt-to-equity ratio of 6.25, a current ratio of 5.02 and a quick ratio of 4.88. iRhythm Technologies has a twelve month low of $55.92 and a twelve month high of $187.57.

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

Insider Buying and Selling at iRhythm Technologies

In other iRhythm Technologies news, Director Abhijit Y. Talwalkar sold 5,312 shares of the company's stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $158.02, for a total value of $839,402.24. Following the transaction, the director directly owned 20,299 shares in the company, valued at $3,207,647.98. This represents a 20.74% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Chad Patterson sold 2,555 shares of the firm's stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $158.97, for a total value of $406,168.35. Following the transaction, the insider owned 43,667 shares in the company, valued at approximately $6,941,742.99. The trade was a 5.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 47,069 shares of company stock worth $7,627,986 in the last three months. 0.68% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. MCF Advisors LLC purchased a new position in shares of iRhythm Technologies during the 1st quarter valued at about $25,000. ANTIPODES PARTNERS Ltd acquired a new position in shares of iRhythm Technologies during the second quarter worth $39,000. AlphaQuest LLC acquired a new stake in shares of iRhythm Technologies during the first quarter worth about $30,000. Lazard Asset Management LLC acquired a new stake in iRhythm Technologies in the second quarter valued at about $72,000. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new position in iRhythm Technologies in the first quarter valued at about $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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.