iRhythm Technologies (NASDAQ:IRTC) Price Target Raised to $193.00 at Canaccord Genuity Group

iRhythm Technologies (NASDAQ:IRTC) had its price objective lifted by Canaccord Genuity Group from $170.00 to $193.00 in a report published on Monday,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

Other analysts have also issued research reports about the stock. Evercore ISI began coverage on shares of iRhythm Technologies in a research note on Tuesday, September 23rd. They issued an “in-line” rating and a $185.00 target price for the company. Needham & Company LLC boosted their price target on shares of iRhythm Technologies from $180.00 to $193.00 and gave the stock a “buy” rating in a report on Thursday, August 28th. JPMorgan Chase & Co. upped their price objective on shares of iRhythm Technologies from $145.00 to $190.00 and gave the stock an “overweight” rating in a research report on Friday, August 1st. Wells Fargo & Company increased their price objective on shares of iRhythm Technologies from $130.00 to $180.00 and gave the company an “overweight” rating in a research note on Friday, August 1st. Finally, Morgan Stanley cut their target price on iRhythm Technologies from $160.00 to $147.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $167.50.

iRhythm Technologies Stock Performance

Shares of iRhythm Technologies stock opened at $169.50 on Monday. iRhythm Technologies has a 52 week low of $55.92 and a 52 week high of $187.57. 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 price of $164.89 and a 200-day moving average price of $140.32. The company has a market cap of $5.45 billion, a PE ratio of -57.85 and a beta of 1.10.

iRhythm Technologies (NASDAQ:IRTC) last announced its earnings results on Thursday, July 31st. The company reported ($0.32) earnings per share (EPS) for the quarter, beating the consensus estimate 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%.iRhythm Technologies’s quarterly revenue was up 26.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.61) earnings per share. iRhythm Technologies has set its FY 2025 guidance at EPS. Equities analysts anticipate 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 company’s stock in a transaction on Monday, August 4th. The stock was sold at an average price of $164.36, for a total transaction of $444,922.52. Following the transaction, the insider owned 46,222 shares of the company’s stock, valued at $7,597,047.92. This represents a 5.53% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Quentin S. Blackford sold 30,000 shares of iRhythm Technologies stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $160.54, for a total value of $4,816,200.00. Following the completion of the sale, the chief executive officer directly owned 179,038 shares of the company’s stock, valued at approximately $28,742,760.52. This trade represents a 14.35% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 48,489 shares of company stock valued at $7,834,469 in the last quarter. 0.68% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On iRhythm Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC raised its position in shares of iRhythm Technologies by 30,928.6% in the first quarter. GAMMA Investing LLC now owns 8,688 shares of the company’s stock valued at $909,000 after purchasing an additional 8,660 shares during the period. Rhumbline Advisers boosted its holdings in shares of iRhythm Technologies by 7.0% in the first quarter. Rhumbline Advisers now owns 45,946 shares of the company’s stock worth $4,810,000 after acquiring an additional 2,995 shares during the period. SeaCrest Wealth Management LLC purchased a new position in shares of iRhythm Technologies in the first quarter valued at $212,000. Yarbrough Capital LLC purchased a new position in shares of iRhythm Technologies in the first quarter valued at $487,000. Finally, Avanza Fonder AB bought a new stake in shares of iRhythm Technologies during the 1st quarter valued at $123,000.

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.