Needham & Company LLC Forecasts Strong Price Appreciation for iRhythm Technologies (NASDAQ:IRTC) Stock

iRhythm Technologies (NASDAQ:IRTC) had its price target boosted by Needham & Company LLC from $125.00 to $138.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s target price would suggest a potential upside of 22.84% from the company’s previous close.

A number of other research firms have also recently issued reports on IRTC. Canaccord Genuity Group upped their price target on shares of iRhythm Technologies from $125.00 to $152.00 and gave the company a “buy” rating in a report on Monday, December 9th. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $86.00 price target on shares of iRhythm Technologies in a research report on Tuesday, December 3rd. Robert W. Baird lowered their price target on iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating on the stock in a research report on Friday, November 1st. Truist Financial raised their price target on iRhythm Technologies from $85.00 to $111.00 and gave the company a “buy” rating in a research report on Wednesday, December 18th. Finally, Oppenheimer raised their price target on iRhythm Technologies from $105.00 to $120.00 and gave the company an “outperform” rating in a research report on Wednesday, January 8th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $110.82.

iRhythm Technologies Trading Down 0.6 %

iRhythm Technologies stock opened at $112.34 on Friday. The company has a debt-to-equity ratio of 9.00, a current ratio of 6.27 and a quick ratio of 6.12. The company has a market capitalization of $3.52 billion, a price-to-earnings ratio of -23.12 and a beta of 1.29. iRhythm Technologies has a one year low of $55.92 and a one year high of $124.11. The company’s fifty day moving average price is $101.11 and its two-hundred day moving average price is $83.27.

iRhythm Technologies (NASDAQ:IRTC) last posted its earnings results on Thursday, February 20th. The company reported $0.01 EPS for the quarter, topping the consensus estimate of ($0.29) by $0.30. iRhythm Technologies had a negative net margin of 26.90% and a negative return on equity of 120.86%. On average, analysts forecast that iRhythm Technologies will post -3.35 earnings per share for the current fiscal year.

Insider Buying and Selling

In other iRhythm Technologies news, insider Patrick Michael Murphy sold 2,492 shares of iRhythm Technologies stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $85.89, for a total transaction of $214,037.88. Following the sale, the insider now directly owns 35,327 shares of the company’s stock, valued at approximately $3,034,236.03. The trade was a 6.59 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.68% of the stock is owned by company insiders.

Institutional Investors Weigh In On iRhythm Technologies

A number of institutional investors have recently added to or reduced their stakes in IRTC. Hennion & Walsh Asset Management Inc. boosted its holdings in iRhythm Technologies by 27.3% during the third quarter. Hennion & Walsh Asset Management Inc. now owns 3,512 shares of the company’s stock valued at $261,000 after purchasing an additional 754 shares in the last quarter. Values First Advisors Inc. acquired a new stake in iRhythm Technologies during the third quarter valued at approximately $380,000. SteelPeak Wealth LLC acquired a new stake in iRhythm Technologies during the third quarter valued at approximately $592,000. Harbor Capital Advisors Inc. boosted its holdings in iRhythm Technologies by 272.0% during the third quarter. Harbor Capital Advisors Inc. now owns 79,938 shares of the company’s stock valued at $5,935,000 after purchasing an additional 58,448 shares in the last quarter. Finally, WoodTrust Financial Corp boosted its holdings in iRhythm Technologies by 28.4% during the third quarter. WoodTrust Financial Corp now owns 11,307 shares of the company’s stock valued at $839,000 after purchasing an additional 2,500 shares in the last quarter.

About iRhythm Technologies

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.