iRhythm Technologies (NASDAQ:IRTC) Now Covered by Analysts at Evercore ISI

Investment analysts at Evercore ISI started coverage on shares of iRhythm Technologies (NASDAQ:IRTC) in a research report issued on Tuesday, Marketbeat Ratings reports. The firm set an “in-line” rating and a $185.00 price target on the stock. Evercore ISI’s target price would indicate a potential upside of 0.15% from the stock’s current price.

A number of other research analysts have also recently commented on the company. Needham & Company LLC raised their target price on iRhythm Technologies from $180.00 to $193.00 and gave the company a “buy” rating in a research note on Thursday, August 28th. Canaccord Genuity Group lifted their price objective on iRhythm Technologies from $139.00 to $170.00 and gave the company a “buy” rating in a research note on Friday, August 1st. Morgan Stanley lowered their price objective on iRhythm Technologies from $160.00 to $147.00 and set an “overweight” rating for the company in a research note on Tuesday, July 15th. Wells Fargo & Company lifted their price objective on iRhythm Technologies from $130.00 to $180.00 and gave the company an “overweight” rating in a research note on Friday, August 1st. Finally, Citigroup lifted their price objective on iRhythm Technologies from $167.00 to $183.00 and gave the company a “buy” rating in a research note on Thursday, August 21st. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, iRhythm Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $165.58.

iRhythm Technologies Trading Up 5.5%

IRTC opened at $184.73 on Tuesday. The stock has a market cap of $5.94 billion, a PE ratio of -63.05 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 business has a 50 day moving average of $161.24 and a 200-day moving average of $137.81. iRhythm Technologies has a 52 week low of $55.92 and a 52 week high of $187.57.

iRhythm Technologies (NASDAQ:IRTC) last released its earnings results on Thursday, July 31st. The company reported ($0.32) EPS for the quarter, beating analysts’ consensus estimates of ($0.53) by $0.21. The company had revenue of $186.69 million during 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 revenue for the quarter was up 26.1% compared to the same quarter last year. During the same quarter last year, the business posted ($0.61) EPS. iRhythm Technologies has set its FY 2025 guidance at EPS. Equities research analysts predict that iRhythm Technologies will post -1.98 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Chad Patterson sold 2,707 shares of the business’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 directly owned 46,222 shares in the company, valued at $7,597,047.92. The trade was a 5.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Daniel G. Wilson sold 5,000 shares of the business’s stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $175.00, for a total value of $875,000.00. Following the completion of the transaction, the chief financial officer owned 34,470 shares in the company, valued at $6,032,250. The trade was a 12.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 48,489 shares of company stock valued at $7,834,469. Insiders own 0.68% of the company’s stock.

Hedge Funds Weigh In On iRhythm Technologies

Several large investors have recently made changes to their positions in IRTC. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of iRhythm Technologies by 169.7% in 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 in the last quarter. Fuller & Thaler Asset Management Inc. purchased a new stake in shares of iRhythm Technologies in the first quarter worth about $54,249,000. Millennium Management LLC lifted its position in shares of iRhythm Technologies by 563.8% in the first quarter. Millennium Management LLC now owns 399,746 shares of the company’s stock worth $41,845,000 after buying an additional 339,529 shares in the last quarter. Holocene Advisors LP lifted its position in shares of iRhythm Technologies by 2,023.1% in the second quarter. Holocene Advisors LP now owns 313,094 shares of the company’s stock worth $48,204,000 after buying an additional 298,347 shares in the last quarter. Finally, Jennison Associates LLC purchased a new stake in shares of iRhythm Technologies in the first quarter worth about $29,330,000.

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.