All You Need to Know About iRhythm Technologies (IRTC) Rating Upgrade to Buy

Core Viewpoint - iRhythm Technologies (IRTC) has received an upgrade to a Zacks Rank 2 (Buy), indicating a positive trend in earnings estimates which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Movement - The Zacks rating system highlights the strong correlation between changes in earnings estimates and near-term stock price movements, making it a valuable tool for investors [2][4]. - The recent upgrade reflects optimism about iRhythm Technologies' earnings outlook, potentially leading to increased buying pressure and a rise in stock price [3][5]. Earnings Estimate Revisions - For the fiscal year ending December 2024, iRhythm Technologies is projected to earn -$2.97 per share, representing a 26.5% change from the previous year's reported figure [8]. - Over the past three months, the Zacks Consensus Estimate for iRhythm Technologies has increased by 7.9%, indicating a positive trend in earnings estimates [8]. Zacks Rank System - The Zacks Rank system classifies stocks based on earnings estimates into five groups, with Zacks Rank 1 (Strong Buy) stocks historically generating an average annual return of +25% since 1988 [7]. - The upgrade to Zacks Rank 2 places iRhythm Technologies in the top 20% of Zacks-covered stocks, suggesting a strong potential for market-beating returns in the near term [10].