iRhythm Technologies (NASDAQ:IRTC) Given New $183.00 Price Target at Citigroup

iRhythm Technologies (NASDAQ:IRTC) had its target price lifted by Citigroup from $167.00 to $183.00 in a research report released on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other research firms have also recently commented on IRTC. Morgan Stanley lowered their target price on shares of iRhythm Technologies from $160.00 to $147.00 and set an “overweight” rating for the company in a research note on Tuesday, July 15th. Wall Street Zen cut shares of iRhythm Technologies from a “hold” rating to a “sell” rating in a research note on Monday, May 5th. JPMorgan Chase & Co. lifted their price target on shares of iRhythm Technologies from $145.00 to $190.00 and gave the company an “overweight” rating in a report on Friday, August 1st. William Blair upgraded shares of iRhythm Technologies to a “strong-buy” rating in a report on Friday, August 1st. Finally, Bank of America initiated coverage on shares of iRhythm Technologies in a report on Wednesday. They issued a “buy” rating and a $200.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, iRhythm Technologies presently has an average rating of “Buy” and an average price target of $162.64.

iRhythm Technologies Stock Up 2.1%

IRTC stock opened at $166.68 on Thursday. The stock has a market capitalization of $5.36 billion, a P/E ratio of -56.89 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. iRhythm Technologies has a one year low of $55.92 and a one year high of $168.32. The company has a 50 day moving average price of $147.38 and a two-hundred day moving average price of $127.48.

iRhythm Technologies (NASDAQ:IRTC) last released its 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. The firm had revenue of $186.69 million during the quarter, compared to analysts’ expectations of $173.94 million. iRhythm Technologies had a negative net margin of 14.06% and a negative return on equity of 90.03%. iRhythm Technologies’s revenue for the quarter was up 26.1% on a year-over-year basis. During the same period in the previous year, the company earned ($0.61) EPS. iRhythm Technologies has set its FY 2025 guidance at EPS. As a group, sell-side analysts expect that iRhythm Technologies will post -1.98 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Daniel G. Wilson sold 3,000 shares of the firm’s stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $150.00, for a total value of $450,000.00. Following the transaction, the chief financial officer owned 40,307 shares of the company’s stock, valued at approximately $6,046,050. This trade represents a 6.93% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Quentin S. Blackford sold 30,000 shares of the firm’s stock in a transaction on 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 transaction, the chief executive officer directly owned 179,038 shares in the company, valued at approximately $28,742,760.52. This represents a 14.35% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 46,772 shares of company stock worth $7,440,739. 1.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On iRhythm Technologies

A number of hedge funds have recently made changes to their positions in IRTC. State of Wyoming acquired a new stake in iRhythm Technologies during the 2nd quarter valued at $179,000. Tower Research Capital LLC TRC grew its holdings in iRhythm Technologies by 296.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,842 shares of the company’s stock valued at $592,000 after purchasing an additional 2,873 shares in the last quarter. Captrust Financial Advisors grew its holdings in iRhythm Technologies by 38.1% during the 2nd quarter. Captrust Financial Advisors now owns 5,760 shares of the company’s stock valued at $887,000 after purchasing an additional 1,588 shares in the last quarter. Lazard Asset Management LLC acquired a new stake in iRhythm Technologies during the 2nd quarter valued at $72,000. Finally, Holocene Advisors LP grew its holdings in iRhythm Technologies by 2,023.1% during the 2nd quarter. Holocene Advisors LP now owns 313,094 shares of the company’s stock valued at $48,204,000 after purchasing an additional 298,347 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.