Truist Financial analyst Richard Newitter has maintained their bullish stance on IRTC stock, giving a Buy rating today.
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Richard Newitter has given his Buy rating due to a combination of factors, including the strong financial performance of Irhythm Technologies in the fourth quarter. The company exceeded expectations with its EBITDA and EPS results, bolstered by significant revenue growth from large national accounts and strategic partnerships in the value-based care sector. Additionally, the recent recall of a competitor’s product has provided an unexpected boost to Irhythm’s Zio AT volumes, contributing to the company’s top-line outperformance.
Furthermore, Richard notes that Irhythm’s management has maintained a conservative guidance approach, which suggests potential upside. The company’s revenue growth projections remain robust, with expectations of substantial growth in the coming years, particularly with the anticipated launch of the MCT in 2026. The raised price target to $145 reflects confidence in Irhythm’s ability to sustain growth, even amidst uncertainties related to regulatory remediation efforts. All these factors combined support the Buy rating, anticipating continued positive momentum for the stock.
Based on the recent corporate insider activity of 46 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of IRTC in relation to earlier this year.