Needham & Company LLC Issues Positive Forecast for iRhythm Technologies (NASDAQ:IRTC) Stock Price

iRhythm Technologies (NASDAQ:IRTCFree Report) had its price target increased by Needham & Company LLC from $96.00 to $112.00 in a research note published on Monday,Benzinga reports. The brokerage currently has a buy rating on the stock.

IRTC has been the subject of several other research reports. Truist Financial increased their price target on shares of iRhythm Technologies from $85.00 to $111.00 and gave the company a “buy” rating in a research report on Wednesday, December 18th. StockNews.com lowered shares of iRhythm Technologies from a “hold” rating to a “sell” rating in a report on Friday, September 27th. The Goldman Sachs Group assumed coverage on iRhythm Technologies in a report on Friday, October 4th. They set a “neutral” rating and a $78.00 price target on the stock. Robert W. Baird dropped their price objective on iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating for the company in a report on Friday, November 1st. Finally, Oppenheimer boosted their target price on iRhythm Technologies from $105.00 to $120.00 and gave the company an “outperform” rating in a research note on Wednesday, January 8th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $108.45.

View Our Latest Research Report on iRhythm Technologies

iRhythm Technologies Stock Performance

iRhythm Technologies stock opened at $94.59 on Monday. The company has a market capitalization of $2.96 billion, a PE ratio of -19.46 and a beta of 1.26. The firm has a fifty day simple moving average of $86.90 and a two-hundred day simple moving average of $80.36. The company has a quick ratio of 6.12, a current ratio of 6.27 and a debt-to-equity ratio of 9.00. iRhythm Technologies has a twelve month low of $55.92 and a twelve month high of $124.11.

iRhythm Technologies (NASDAQ:IRTCGet Free Report) last posted its quarterly earnings results on Wednesday, October 30th. The company reported ($1.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.55) by ($0.71). iRhythm Technologies had a negative return on equity of 120.86% and a negative net margin of 26.90%. The company had revenue of $147.54 million for the quarter, compared to the consensus estimate of $146.69 million. During the same quarter in the previous year, the business earned ($0.89) earnings per share. iRhythm Technologies’s revenue was up 18.4% compared to the same quarter last year. Research analysts expect that iRhythm Technologies will post -3.35 EPS for the current year.

Insider Buying and Selling at iRhythm Technologies

In other iRhythm Technologies news, CEO Quentin S. Blackford sold 16,145 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $77.41, for a total transaction of $1,249,784.45. Following the completion of the transaction, the chief executive officer now owns 159,929 shares of the company’s stock, valued at approximately $12,380,103.89. This trade represents a 9.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Abhijit Y. Talwalkar purchased 6,664 shares of the company’s stock in a transaction dated Monday, November 4th. The stock was bought at an average cost of $75.16 per share, for a total transaction of $500,866.24. Following the completion of the transaction, the director now owns 18,941 shares in the company, valued at approximately $1,423,605.56. This represents a 54.28 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.68% of the company’s stock.

Hedge Funds Weigh In On iRhythm Technologies

Several institutional investors and hedge funds have recently modified their holdings of IRTC. Rhumbline Advisers grew its position in iRhythm Technologies by 5.1% during the 2nd quarter. Rhumbline Advisers now owns 45,681 shares of the company’s stock valued at $4,917,000 after purchasing an additional 2,209 shares during the last quarter. Oppenheimer Asset Management Inc. lifted its stake in shares of iRhythm Technologies by 6.5% in the second quarter. Oppenheimer Asset Management Inc. now owns 7,909 shares of the company’s stock worth $851,000 after buying an additional 482 shares in the last quarter. Envestnet Asset Management Inc. grew its holdings in shares of iRhythm Technologies by 12.2% during the second quarter. Envestnet Asset Management Inc. now owns 52,609 shares of the company’s stock valued at $5,663,000 after buying an additional 5,728 shares during the last quarter. Sei Investments Co. increased its position in shares of iRhythm Technologies by 19.0% during the second quarter. Sei Investments Co. now owns 280,023 shares of the company’s stock valued at $30,142,000 after acquiring an additional 44,662 shares in the last quarter. Finally, Point72 Asset Management L.P. raised its holdings in iRhythm Technologies by 12.3% in the 2nd quarter. Point72 Asset Management L.P. now owns 536,202 shares of the company’s stock worth $57,717,000 after acquiring an additional 58,668 shares during the last quarter.

iRhythm Technologies Company Profile

(Get Free Report)

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.

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Analyst Recommendations for iRhythm Technologies (NASDAQ:IRTC)

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