iRhythm Technologies (NASDAQ:IRTC) Rating Lowered to Hold at Wall Street Zen

iRhythm Technologies (NASDAQ:IRTC) was downgraded by equities research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued on Saturday.

IRTC has been the topic of a number of other research reports. Wells Fargo & Company lowered their target price on shares of iRhythm Technologies from $180.00 to $168.00 and set an “overweight” rating on the stock in a research note on Friday. HC Wainwright restated a “buy” rating on shares of iRhythm Technologies in a research note on Monday, June 1st. Stephens assumed coverage on iRhythm Technologies in a report on Thursday, July 23rd. They set an “overweight” rating and a $160.00 price objective on the stock. JPMorgan Chase & Co. lowered their price objective on iRhythm Technologies from $215.00 to $175.00 and set an “overweight” rating on the stock in a research note on Friday, May 1st. Finally, Citigroup increased their target price on iRhythm Technologies from $155.00 to $157.00 and gave the stock a “buy” rating in a report on Monday, May 4th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $179.36.

iRhythm Technologies Price Performance

IRTC opened at $127.84 on Friday. iRhythm Technologies has a fifty-two week low of $100.85 and a fifty-two week high of $212.00. The company has a debt-to-equity ratio of 3.50, a current ratio of 3.86 and a quick ratio of 3.74. The firm’s fifty day moving average price is $115.03 and its two-hundred day moving average price is $124.27. The company has a market capitalization of $4.21 billion, a P/E ratio of -297.30 and a beta of 1.30.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings data on Thursday, August 6th. The company reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.62. iRhythm Technologies had a negative net margin of 1.69% and a positive return on equity of 10.11%. The company had revenue of $224.17 million during the quarter, compared to analysts’ expectations of $219.30 million. During the same quarter in the prior year, the company posted ($0.32) EPS. The business’s revenue was up 20.1% on a year-over-year basis. On average, analysts anticipate that iRhythm Technologies will post 0.13 EPS for the current year.

Institutional Trading of iRhythm Technologies

Several large investors have recently added to or reduced their stakes in the company. RTW Investments LP acquired a new position in shares of iRhythm Technologies in the 4th quarter worth approximately $209,732,000. Millennium Management LLC increased its holdings in iRhythm Technologies by 197.4% during the 4th quarter. Millennium Management LLC now owns 826,376 shares of the company’s stock valued at $146,632,000 after purchasing an additional 548,519 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in iRhythm Technologies by 6,415.4% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 541,039 shares of the company’s stock valued at $93,053,000 after purchasing an additional 532,735 shares in the last quarter. Polar Capital Holdings Plc increased its holdings in iRhythm Technologies by 24,782.1% during the 3rd quarter. Polar Capital Holdings Plc now owns 335,908 shares of the company’s stock valued at $57,773,000 after purchasing an additional 334,558 shares in the last quarter. Finally, Holocene Advisors LP raised its position in iRhythm Technologies by 2,023.1% in 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 during the last quarter.

Key iRhythm Technologies News

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

• Positive Sentiment: Strong Q2 results: iRhythm reported adjusted earnings of $0.58 per share, versus the consensus estimate of a $0.04 loss, while revenue rose 20.1% year over year to $224.17 million, exceeding the $219.30 million estimate. iRhythm Holdings Tops Q2 Earnings and Revenue Estimates
• Positive Sentiment: VitalConnect acquisition expands addressable market: The company agreed to acquire privately held VitalConnect for $287.5 million. The deal would add wearable biosensors and broaden iRhythm’s cardiac-monitoring platform across ambulatory, inpatient and hospital-to-home settings, with closing expected by year-end. iRhythm to Buy VitalConnect for $287.5 Million
• Positive Sentiment: Raised financial ambitions: iRhythm projected 2026 revenue of $880 million to $890 million and is targeting a 13% to 14% adjusted EBITDA margin, signaling confidence in continued growth and operating leverage. iRhythm Outlines 2026 Revenue Outlook
• Neutral Sentiment: Legal overhang may be reduced: A federal court approved a proposed class-action settlement involving purchasers of iRhythm common stock. The settlement could reduce litigation uncertainty, although the articles do not specify its financial impact. Proposed iRhythm Class-Action Settlement
• Negative Sentiment: Lower valuation support from Wells Fargo: Wells Fargo reduced its price target from $180 to $168, though it maintained an “overweight” rating and still implied substantial upside. The cut may have contributed to near-term caution.

About iRhythm Technologies

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.