Needham & Company LLC Raises iRhythm Technologies (NASDAQ:IRTC) Price Target to $112.00

iRhythm Technologies (NASDAQ:IRTC) had its target price increased by Needham & Company LLC from $96.00 to $112.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s target price suggests a potential upside of 21.03% from the company’s previous close.

Several other equities research analysts have also commented on the company. Wells Fargo & Company restated an “equal weight” rating and issued a $86.00 price objective on shares of iRhythm Technologies in a research report on Tuesday, December 3rd. Canaccord Genuity Group raised their price target on shares of iRhythm Technologies from $125.00 to $152.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Robert W. Baird lowered their target price on shares of iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating on the stock in a research note on Friday, November 1st. StockNews.com cut iRhythm Technologies from a “hold” rating to a “sell” rating in a research report on Friday, September 27th. Finally, Truist Financial upped their price target on iRhythm Technologies from $85.00 to $111.00 and gave the stock a “buy” rating in a report on Wednesday, December 18th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $108.45.

iRhythm Technologies Stock Performance

Shares of iRhythm Technologies stock traded down $5.16 on Monday, reaching $92.54. 171,911 shares of the stock were exchanged, compared to its average volume of 329,840. iRhythm Technologies has a twelve month low of $55.92 and a twelve month high of $124.11. The business has a 50 day moving average price of $86.63 and a two-hundred day moving average price of $80.43. The company has a quick ratio of 6.12, a current ratio of 6.27 and a debt-to-equity ratio of 9.00. The firm has a market capitalization of $2.90 billion, a price-to-earnings ratio of -19.04 and a beta of 1.26.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings data on Wednesday, October 30th. The company reported ($1.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.71). The business had revenue of $147.54 million during the quarter, compared to analyst estimates of $146.69 million. iRhythm Technologies had a negative return on equity of 120.86% and a negative net margin of 26.90%. The firm’s revenue was up 18.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.89) EPS. Analysts anticipate that iRhythm Technologies will post -3.35 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Quentin S. Blackford sold 16,145 shares of iRhythm Technologies stock in a transaction on Monday, November 4th. The stock was sold at an average price of $77.41, for a total transaction of $1,249,784.45. Following the transaction, the chief executive officer now owns 159,929 shares in the company, valued at $12,380,103.89. The trade was a 9.17 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Abhijit Y. Talwalkar purchased 6,664 shares of the stock in a transaction dated Monday, November 4th. The shares were purchased at an average cost of $75.16 per share, for a total transaction of $500,866.24. Following the transaction, the director now owns 18,941 shares in the company, valued at approximately $1,423,605.56. The trade was a 54.28 % increase in their position. The disclosure for this purchase can be found here. 0.68% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On iRhythm Technologies

Several institutional investors and hedge funds have recently bought and sold shares of IRTC. Quarry LP acquired a new position in iRhythm Technologies in the third quarter valued at about $59,000. Wilmington Savings Fund Society FSB purchased a new stake in shares of iRhythm Technologies in the 3rd quarter valued at approximately $119,000. nVerses Capital LLC lifted its holdings in shares of iRhythm Technologies by 400.0% in the 3rd quarter. nVerses Capital LLC now owns 2,000 shares of the company’s stock worth $148,000 after acquiring an additional 1,600 shares during the last quarter. Bank Pictet & Cie Europe AG grew its stake in shares of iRhythm Technologies by 22.3% in the third quarter. Bank Pictet & Cie Europe AG now owns 3,105 shares of the company’s stock valued at $231,000 after buying an additional 567 shares in the last quarter. Finally, Aigen Investment Management LP acquired a new position in iRhythm Technologies in the 3rd quarter valued at about $243,000.

iRhythm Technologies Company Profile

iRhythm Technologies, Inc, a digital healthcare company, engages in the design, development, and commercialization of device-based technology to provide ambulatory cardiac monitoring services to diagnose arrhythmias in the United States. It offers Zio services, an ambulatory monitoring solution, including long-term and short-term continuous monitoring and mobile cardiac telemetry monitoring services.