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

iRhythm Technologies (NASDAQ:IRTC) had its price objective trimmed by Needham & Company LLC from $119.00 to $96.00 in a research note released on Thursday morning, Benzinga reports. The firm currently has a buy rating on the stock.

Several other research analysts have also recently issued reports on IRTC. Canaccord Genuity Group increased their price objective on iRhythm Technologies from $122.00 to $137.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. JPMorgan Chase & Co. cut their price objective on iRhythm Technologies from $133.00 to $100.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Oppenheimer cut their price objective on iRhythm Technologies from $165.00 to $145.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. 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 report on Monday, July 15th. Finally, StockNews.com lowered iRhythm Technologies from a “hold” rating to a “sell” rating in a report on Friday, September 27th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $108.50.

iRhythm Technologies Price Performance

iRhythm Technologies stock opened at $75.04 on Thursday. iRhythm Technologies has a 12 month low of $55.92 and a 12 month high of $124.11. The company has a debt-to-equity ratio of 9.00, a current ratio of 6.27 and a quick ratio of 6.76. The business has a 50 day simple moving average of $69.24 and a 200-day simple moving average of $84.85. The stock has a market capitalization of $2.35 billion, a PE ratio of -15.44 and a beta of 1.23.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings results on Wednesday, October 30th. The company reported ($1.26) 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 analysts’ expectations of $146.69 million. During the same quarter last year, the company earned ($0.89) EPS. iRhythm Technologies’s revenue for the quarter was up 18.4% compared to the same quarter last year. Equities analysts predict that iRhythm Technologies will post -2.66 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Brice Bobzien sold 1,372 shares of the firm’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $70.34, for a total value of $96,506.48. Following the transaction, the chief financial officer now directly owns 24,428 shares in the company, valued at $1,718,265.52. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.68% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On iRhythm Technologies

A number of hedge funds have recently bought and sold shares of IRTC. Westfield Capital Management Co. LP acquired a new stake in iRhythm Technologies during the 1st quarter valued at approximately $58,311,000. Champlain Investment Partners LLC grew its stake in iRhythm Technologies by 104.1% during the 1st quarter. Champlain Investment Partners LLC now owns 575,800 shares of the company’s stock valued at $66,793,000 after purchasing an additional 293,710 shares in the last quarter. First Light Asset Management LLC grew its stake in iRhythm Technologies by 176.8% during the 1st quarter. First Light Asset Management LLC now owns 420,892 shares of the company’s stock valued at $48,823,000 after purchasing an additional 268,829 shares in the last quarter. Mackenzie Financial Corp grew its stake in iRhythm Technologies by 5.9% during the 2nd quarter. Mackenzie Financial Corp now owns 1,428,324 shares of the company’s stock valued at $153,745,000 after purchasing an additional 80,091 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its stake in iRhythm Technologies by 14.5% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 511,905 shares of the company’s stock valued at $59,381,000 after purchasing an additional 64,755 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.