Canaccord Genuity Group Lowers iRhythm Technologies (NASDAQ:IRTC) Price Target to $198.00

iRhythm Technologies (NASDAQ:IRTC) had its price objective lowered by research analysts at Canaccord Genuity Group from $212.00 to $198.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 31.32% from the stock’s previous close.

IRTC has been the subject of several other reports. Needham & Company LLC restated a “buy” rating and set a $244.00 price target on shares of iRhythm Technologies in a research note on Monday, January 12th. BTIG Research boosted their price objective on shares of iRhythm Technologies from $195.00 to $215.00 and gave the stock a “buy” rating in a research note on Friday, October 31st. The Goldman Sachs Group raised their target price on shares of iRhythm Technologies from $180.00 to $202.00 and gave the company a “neutral” rating in a research note on Friday, October 31st. Truist Financial set a $200.00 price target on shares of iRhythm Technologies in a research report on Friday. Finally, JPMorgan Chase & Co. cut their price objective on iRhythm Technologies from $240.00 to $215.00 and set an “overweight” rating on the stock in a research report on Friday. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, iRhythm Technologies presently has an average rating of “Moderate Buy” and a consensus target price of $211.62.

iRhythm Technologies Trading Down 5.1%

NASDAQ:IRTC traded down $8.11 during mid-day trading on Friday, reaching $150.77. The company’s stock had a trading volume of 1,658,826 shares, compared to its average volume of 726,642. The company has a debt-to-equity ratio of 5.32, a current ratio of 4.63 and a quick ratio of 4.50. The stock has a market cap of $4.86 billion, a P/E ratio of -93.65 and a beta of 1.06. The company’s fifty day simple moving average is $165.01 and its two-hundred day simple moving average is $171.39. iRhythm Technologies has a twelve month low of $92.52 and a twelve month high of $212.00.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings data on Thursday, February 19th. The company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.27. iRhythm Technologies had a negative net margin of 7.32% and a negative return on equity of 41.86%. The business had revenue of $208.89 million for the quarter, compared to analyst estimates of $202.61 million. During the same period in the prior year, the firm posted ($0.04) EPS. The company’s revenue was up 27.1% on a year-over-year basis. On average, equities analysts predict that iRhythm Technologies will post -1.98 EPS for the current year.

Insider Transactions at iRhythm Technologies

In other news, insider Patrick Michael Murphy sold 2,478 shares of the firm’s stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $184.83, for a total transaction of $458,008.74. Following the completion of the sale, the insider owned 53,281 shares of the company’s stock, valued at approximately $9,847,927.23. This trade represents a 4.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Chad Patterson sold 280 shares of iRhythm Technologies stock in a transaction on Tuesday, December 2nd. The stock was sold at an average price of $184.83, for a total transaction of $51,752.40. Following the completion of the sale, the insider owned 43,387 shares of the company’s stock, valued at approximately $8,019,219.21. This trade represents a 0.64% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of IRTC. Root Financial Partners LLC bought a new stake in iRhythm Technologies in the third quarter valued at $30,000. Measured Wealth Private Client Group LLC acquired a new stake in shares of iRhythm Technologies in the 3rd quarter worth about $30,000. GAMMA Investing LLC lifted its position in iRhythm Technologies by 48.4% in the 4th quarter. GAMMA Investing LLC now owns 184 shares of the company’s stock valued at $33,000 after purchasing an additional 60 shares during the last quarter. Smartleaf Asset Management LLC lifted its position in iRhythm Technologies by 100.0% in the 3rd quarter. Smartleaf Asset Management LLC now owns 198 shares of the company’s stock valued at $34,000 after purchasing an additional 99 shares during the last quarter. Finally, FNY Investment Advisers LLC bought a new position in iRhythm Technologies in the 3rd quarter worth about $34,000.

Key Stories Impacting iRhythm Technologies

Here are the key news stories impacting iRhythm Technologies this week:

• Positive Sentiment: Q4 results beat and operational progress: Revenue $208.9M (+27.1% YoY) and EPS $0.29 vs. consensus $0.02; gross margin ~70.9%; first quarter of positive GAAP net income and improved adjusted EBITDA. These metrics support the case for sustained growth and improving profitability. GlobeNewswire Q4 Release
• Positive Sentiment: Analyst/media coverage highlights the beat and upcoming growth drivers (ACC presentations, international expansion, innovative channels), which can support medium?term sentiment. MassDevice Coverage
• Neutral Sentiment: Detailed disclosure available — investors can review the earnings call transcript and presentation to assess guidance, unit economics and channel performance. Earnings Call Transcript Slide Deck
• Negative Sentiment: Analyst price?target trims: Wells Fargo cut its PT from $225 to $200 (keeps Overweight) and Robert W. Baird cut from $220 to $200 (keeps Outperform). Even though the $200 PT still implies meaningful upside, the cuts can trigger short?term selling pressure. Benzinga note
• Negative Sentiment: Insider and institutional flows: recent filings summarized by QuiverQuant show multiple insider sales and sizable hedge?fund rebalancing (some large trims), which can amplify downside if market participants view selling as a signal to take profits. QuiverQuant Summary
• Negative Sentiment: Technical/valuation headwinds: stock is trading below its 50? and 200?day moving averages and carries a high debt/equity ratio (5.32) and a negative trailing P/E structure — factors that can accelerate short?term selling and keep some investors cautious. MarketBeat Data

iRhythm Technologies Company Profile

iRhythm Technologies, Inc is a medical technology company that develops and commercializes wearable cardiac monitoring devices and associated data analytics services. Founded in 2006 and headquartered in San Francisco, California, the company’s flagship product is the Zio® patch, a discreet, single-use, continuous ECG recorder designed to monitor heart rhythms for up to 14 days. iRhythm’s digital diagnostics platform combines biosensor technology with proprietary algorithms to detect arrhythmias and streamline data interpretation for physicians.

The Zio service is prescribed by cardiologists and other healthcare providers to aid in the diagnosis of atrial fibrillation, bradycardia, tachycardia and other rhythm disorders.