Truist Financial Issues Positive Forecast for iRhythm Technologies (NASDAQ:IRTC) Stock Price

iRhythm Technologies (NASDAQ:IRTC) had its price objective hoisted by Truist Financial from $175.00 to $205.00 in a report released on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other brokerages also recently issued reports on IRTC. JPMorgan Chase & Co. increased their price target on shares of iRhythm Technologies from $145.00 to $190.00 and gave the stock an “overweight” rating in a report on Friday, August 1st. Needham & Company LLC increased 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. Citigroup increased their price target on shares of iRhythm Technologies from $183.00 to $205.00 and gave the stock a “buy” rating in a report on Tuesday, October 7th. The Goldman Sachs Group increased their price target on shares of iRhythm Technologies from $158.00 to $180.00 and gave the stock a “neutral” rating in a report on Wednesday, October 1st. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of iRhythm Technologies in a report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $184.85.

iRhythm Technologies Price Performance

NASDAQ IRTC opened at $175.67 on Wednesday. The company has a market cap of $5.64 billion, a PE ratio of -59.96 and a beta of 1.15. iRhythm Technologies has a 52 week low of $60.37 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 firm’s 50-day simple moving average is $172.27 and its two-hundred day simple moving average is $145.68.

iRhythm Technologies (NASDAQ:IRTC) last released 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 business had revenue of $186.69 million for the quarter, compared to the consensus estimate of $173.94 million. During the same period in the prior year, the firm earned ($0.61) earnings per share. The company’s revenue was up 26.1% compared to the same quarter last year. iRhythm Technologies has set its FY 2025 guidance at EPS. Research analysts predict that iRhythm Technologies will post -1.98 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Daniel G. Wilson sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $175.00, for a total value of $875,000.00. Following the transaction, the chief financial officer directly owned 34,470 shares in the company, valued at approximately $6,032,250. This represents a 12.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Abhijit Y. Talwalkar sold 5,312 shares of the company’s stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $158.02, for a total transaction of $839,402.24. Following the completion of the transaction, the director owned 20,299 shares in the company, valued at approximately $3,207,647.98. This trade represents a 20.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 47,069 shares of company stock valued at $7,627,986 in the last 90 days. 1.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Fuller & Thaler Asset Management Inc. bought a new position in iRhythm Technologies during the first quarter valued at approximately $54,249,000. Cim Investment Management Inc. grew its position in iRhythm Technologies by 97.6% during the first quarter. Cim Investment Management Inc. now owns 11,530 shares of the company’s stock valued at $1,122,000 after acquiring an additional 5,696 shares during the last quarter. Principal Financial Group Inc. grew its position in iRhythm Technologies by 1,793.7% during the first quarter. Principal Financial Group Inc. now owns 50,449 shares of the company’s stock valued at $5,281,000 after acquiring an additional 47,785 shares during the last quarter. Northern Trust Corp grew its position in iRhythm Technologies by 1.6% during the first quarter. Northern Trust Corp now owns 292,009 shares of the company’s stock valued at $30,568,000 after acquiring an additional 4,675 shares during the last quarter. Finally, SG Americas Securities LLC grew its position in iRhythm Technologies by 95.6% during the first quarter. SG Americas Securities LLC now owns 8,427 shares of the company’s stock valued at $882,000 after acquiring an additional 4,119 shares during the last quarter.

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.