Irhythm Technologies, the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Marie Thibault from BTIG reiterated a Buy rating on the stock and has a $190.00 price target.
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Marie Thibault has given her Buy rating due to a combination of factors that highlight Irhythm Technologies’ strong performance and growth potential. The company reported a significant revenue increase in the second quarter, surpassing expectations with $186.7 million, which is $13 million higher than the consensus estimate. This impressive performance was driven by increased demand in their core business and contributions from new innovative channel partners.
Additionally, Irhythm Technologies has raised its full-year revenue guidance, reflecting confidence in continued growth. The company is expanding its market presence with new partnerships and innovative solutions, such as the next-generation Zio MCT and a collaboration with Lucem Health for predictive AI capabilities. These strategic moves are expected to enhance market share and sustain growth. The positive outlook and strategic initiatives have led to an increased price target from $165 to $190, reinforcing the Buy recommendation.
In another report released today, Needham also reiterated a Buy rating on the stock with a $180.00 price target.
Based on the recent corporate insider activity of 51 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.