iRhythm Technologies (NASDAQ:IRTC) Stock Gets Downgrade from Citigroup

iRhythm Technologies (NASDAQ:IRTC) was downgraded by analysts at Citigroup from a “buy” rating to a “neutral” rating in a research note issued to investors on Friday, Marketbeat reports. They presently have a $124.00 price target on the stock, down from their prior price target of $157.00. Citigroup‘s price objective suggests a potential upside of 37.44% from the stock’s previous close.

Several other brokerages have also recently weighed in on IRTC. Weiss Ratings raised shares of iRhythm Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, October 27th. Wells Fargo & Company decreased their price target on shares of iRhythm Technologies from $168.00 to $150.00 and set an “overweight” rating for the company in a research note on Tuesday, October 6th. Needham & Company LLC lowered their price target on shares of iRhythm Technologies from $194.00 to $165.00 and set a “buy” rating for the company in a report on Friday. Stephens started coverage on shares of iRhythm Technologies in a research report on Thursday, July 23rd. They issued an “overweight” rating and a $160.00 price objective on the stock. Finally, Truist Financial raised their price objective on shares of iRhythm Technologies from $160.00 to $168.00 and gave the company a “buy” rating in a report on Monday, August 10th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $171.07.

iRhythm Technologies Stock Performance

NASDAQ:IRTC opened at $90.22 on Friday. The company has a debt-to-equity ratio of 3.50, a quick ratio of 3.74 and a current ratio of 3.86. The stock has a market capitalization of $2.97 billion, a P/E ratio of -77.11 and a beta of 1.39. The company has a 50 day moving average price of $114.95 and a 200 day moving average price of $121.69. iRhythm Technologies has a fifty-two week low of $86.30 and a fifty-two week high of $192.47.

iRhythm Technologies (NASDAQ:IRTC) last released its earnings results on Thursday, November 5th. The company reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.80. iRhythm Technologies had a positive return on equity of 27.30% and a negative net margin of 4.52%. The company had revenue of $221.59 million during the quarter, compared to the consensus estimate of $222.23 million. During the same period in the previous year, the company posted ($0.06) EPS. iRhythm Technologies’s revenue was up 14.9% compared to the same quarter last year. Equities research analysts forecast that iRhythm Technologies will post 0.54 EPS for the current year.

Hedge Funds Weigh In On iRhythm Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Versant Capital Management Inc increased its holdings in shares of iRhythm Technologies by 123.2% in the third quarter. Versant Capital Management Inc now owns 221 shares of the company’s stock valued at $25,000 after purchasing an additional 122 shares during the period. Covestor Ltd raised its stake in shares of iRhythm Technologies by 44.8% during the third quarter. Covestor Ltd now owns 417 shares of the company’s stock worth $47,000 after purchasing an additional 129 shares during the last quarter. Harbor Investment Advisory LLC acquired a new stake in shares of iRhythm Technologies during the second quarter worth $50,000. Assetmark Inc. lifted its holdings in shares of iRhythm Technologies by 30.1% during the first quarter. Assetmark Inc. now owns 821 shares of the company’s stock worth $97,000 after purchasing an additional 190 shares during the period. Finally, Sterling Capital Management LLC lifted its holdings in shares of iRhythm Technologies by 842.2% during the third quarter. Sterling Capital Management LLC now owns 1,093 shares of the company’s stock worth $124,000 after purchasing an additional 977 shares during the period.

iRhythm Technologies News Roundup

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.