Needham & Company LLC Cuts iRhythm Technologies (NASDAQ:IRTC) Price Target to $96.00

iRhythm Technologies (NASDAQ:IRTC) had its target price dropped by research analysts at Needham & Company LLC from $119.00 to $96.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s price target would suggest a potential upside of 27.93% from the stock’s previous close.

IRTC has been the topic of a number of other reports. The Goldman Sachs Group began coverage on shares of iRhythm Technologies in a research report on Friday, October 4th. They set a “neutral” rating and a $78.00 price target on the stock. Oppenheimer dropped their price target on iRhythm Technologies from $165.00 to $145.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Canaccord Genuity Group upped their price objective on iRhythm Technologies from $122.00 to $137.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. Morgan Stanley lowered their target price on iRhythm Technologies from $135.00 to $130.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. Finally, Robert W. Baird decreased their price objective on shares of iRhythm Technologies from $120.00 to $110.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $108.50.

iRhythm Technologies Trading Up 3.6 %

NASDAQ IRTC opened at $75.04 on Thursday. The company has a quick ratio of 6.76, a current ratio of 6.92 and a debt-to-equity ratio of 6.50. iRhythm Technologies has a 52 week low of $55.92 and a 52 week high of $124.11. The business has a 50 day moving average price of $69.24 and a 200-day moving average price of $85.21. The company has a market cap of $2.34 billion, a price-to-earnings ratio of -15.44 and a beta of 1.22.

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). iRhythm Technologies had a negative net margin of 26.90% and a negative return on equity of 106.93%. The business had revenue of $147.54 million during the quarter, compared to the consensus estimate of $146.69 million. During the same period last year, the business posted ($0.89) earnings per share. The firm’s quarterly revenue was up 18.4% on a year-over-year basis. As a group, equities analysts expect that iRhythm Technologies will post -2.66 earnings per share for the current fiscal year.

Insider Activity at iRhythm Technologies

In related news, CFO Brice Bobzien sold 1,372 shares of iRhythm Technologies stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $70.34, for a total value of $96,506.48. Following the completion of the transaction, the chief financial officer now directly owns 24,428 shares in the company, valued at approximately $1,718,265.52. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.68% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Headlands Technologies LLC increased its position in shares of iRhythm Technologies by 10,650.0% during the first quarter. Headlands Technologies LLC now owns 430 shares of the company’s stock valued at $50,000 after buying an additional 426 shares during the period. Nisa Investment Advisors LLC grew its stake in iRhythm Technologies by 79.6% during the second quarter. Nisa Investment Advisors LLC now owns 625 shares of the company’s stock valued at $67,000 after acquiring an additional 277 shares in the last quarter. SG Americas Securities LLC bought a new stake in iRhythm Technologies during the 1st quarter worth approximately $126,000. nVerses Capital LLC increased its holdings in iRhythm Technologies by 400.0% during 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 period. Finally, Russell Investments Group Ltd. lifted its stake in iRhythm Technologies by 79,700.0% in the 1st quarter. Russell Investments Group Ltd. now owns 1,596 shares of the company’s stock worth $185,000 after purchasing an additional 1,594 shares in the last quarter.

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.