iRhythm Technologies (NASDAQ:IRTC) Stock Moved Down to Neutral by Citigroup

Citigroup downgraded shares of iRhythm Technologies (NASDAQ:IRTC) from a buy rating to a neutral rating in a research report report published on Friday, Marketbeat Ratings reports. Citigroup currently has $124.00 price target on the stock, down from their previous price target of $157.00.

A number of other equities research analysts have also recently weighed in on IRTC. Truist Financial lifted their price objective on iRhythm Technologies from $160.00 to $168.00 and gave the company a “buy” rating in a research note on Monday, August 10th. Wells Fargo & Company cut their price target on shares of iRhythm Technologies from $168.00 to $150.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 6th. Piper Sandler began coverage on shares of iRhythm Technologies in a research report on Friday, October 16th. They set an “overweight” rating and a $160.00 price target on the stock. Stephens initiated coverage on shares of iRhythm Technologies in a research note on Thursday, July 23rd. They issued an “overweight” rating and a $160.00 price objective for the company. Finally, Wall Street Zen cut shares of iRhythm Technologies from a “buy” rating to a “hold” rating in a report on Saturday, October 10th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $171.07.

iRhythm Technologies Trading Down 30.7%

Shares of iRhythm Technologies stock traded down $39.97 on Friday, reaching $90.22. The company had a trading volume of 5,666,907 shares, compared to its average volume of 508,477. The firm’s 50 day moving average price is $114.95 and its two-hundred day moving average price is $121.69. The firm has a market cap of $2.97 billion, a PE ratio of -77.11 and a beta of 1.39. iRhythm Technologies has a 52-week low of $86.30 and a 52-week high of $192.47. The company has a debt-to-equity ratio of 3.50, a quick ratio of 3.74 and a current ratio of 3.86.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings data on Thursday, November 5th. The company reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.80. The firm had revenue of $221.59 million during the quarter, compared to analysts’ expectations of $222.23 million. iRhythm Technologies had a negative net margin of 1.69% and a positive return on equity of 10.11%. The firm’s quarterly revenue was up 14.9% on a year-over-year basis. During the same quarter last year, the company posted ($0.06) EPS. Sell-side analysts predict that iRhythm Technologies will post 0.54 earnings per share for the current fiscal year.

Institutional Investors Weigh In On iRhythm Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Braidwell LP grew its stake in iRhythm Technologies by 7.2% during the 2nd quarter. Braidwell LP now owns 654,262 shares of the company’s stock worth $77,824,000 after buying an additional 44,070 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in iRhythm Technologies by 14.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 467,113 shares of the company’s stock valued at $55,222,000 after purchasing an additional 59,704 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in iRhythm Technologies by 99.2% in the 1st quarter. The Manufacturers Life Insurance Company now owns 390,577 shares of the company’s stock valued at $46,096,000 after purchasing an additional 194,502 shares during the last quarter. Rock Springs Capital Management LP boosted its stake in iRhythm Technologies by 11.4% during the 1st quarter. Rock Springs Capital Management LP now owns 261,750 shares of the company’s stock worth $30,892,000 after purchasing an additional 26,750 shares during the period. Finally, First Light Asset Management LLC boosted its stake in iRhythm Technologies by 9.3% during the 1st quarter. First Light Asset Management LLC now owns 168,116 shares of the company’s stock worth $19,841,000 after purchasing an additional 14,245 shares during the period.

Key Stories Impacting iRhythm Technologies

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

• Positive Sentiment: iRhythm reported third-quarter earnings of $0.82 per share, above the $0.02 consensus estimate, and revenue grew 14.9% year over year. Third-quarter 2026 financial results
• Positive Sentiment: Despite reducing targets, Needham and BTIG retained Buy ratings, while Wells Fargo and Piper Sandler maintained Overweight ratings—indicating continued optimism among those firms. Needham analyst ratings
• Neutral Sentiment: The company announced plans to participate in upcoming investor conferences; no new financial or operating outlook was included in the announcement. Investor conference announcement
• Negative Sentiment: Revenue of $221.6 million narrowly missed the $222.2 million estimate. The small shortfall may have weighed on sentiment despite the EPS beat. Quarterly revenue results
• Negative Sentiment: Analysts cut targets: Wells Fargo to $135 from $150, Piper Sandler to $150 from $160, Needham to $165 from $194, and BTIG to $170 from $185. Citigroup also downgraded IRTC from Buy to Neutral and lowered its target to $124 from $157. These revisions add to concerns about the outlook, even though most firms still see potential upside from the current share price. Citigroup analyst rating

iRhythm Technologies Company Profile

iRhythm Technologies, Inc is a digital health company focused on the diagnosis and management of cardiac arrhythmias. The company provides ambulatory cardiac monitoring services that enable physicians to evaluate patients for conditions such as atrial fibrillation and other irregular heart rhythms.

Its principal offering is the Zio platform, which combines wearable electrocardiogram (ECG) monitoring devices with cloud-based data analysis and physician reports. Products in the platform include the Zio XT, an extended-wear monitor, and the Zio AT, which provides near-real-time monitoring capabilities.