iRhythm Technologies (NASDAQ:IRTC) Given New $79.00 Price Target at Robert W. Baird

iRhythm Technologies (NASDAQ:IRTC) had its price objective reduced by stock analysts at Robert W. Baird from $100.00 to $79.00 in a report released on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Robert W. Baird’s target price would indicate a potential upside of 9.06% from the company’s current price.

IRTC has been the topic of a number of other reports. Morgan Stanley cut their price objective on shares of iRhythm Technologies from $135.00 to $130.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. Needham & Company LLC decreased their price objective on shares of iRhythm Technologies from $119.00 to $96.00 and set a “buy” rating for the company in a report on Thursday. The Goldman Sachs Group assumed coverage on iRhythm Technologies in a research report on Friday, October 4th. They issued a “neutral” rating and a $78.00 target price for the company. Canaccord Genuity Group lifted their price target on iRhythm Technologies from $122.00 to $137.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Finally, Oppenheimer cut their price objective on iRhythm Technologies from $165.00 to $145.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, one has given a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $108.50.

iRhythm Technologies Price Performance

IRTC opened at $72.44 on Friday. The company has a market capitalization of $2.26 billion, a P/E ratio of -14.91 and a beta of 1.22. The company has a 50-day moving average of $69.14 and a 200-day moving average of $85.45. The company has a debt-to-equity ratio of 6.50, a quick ratio of 6.76 and a current ratio of 6.92. iRhythm Technologies has a 1-year low of $55.92 and a 1-year high of $124.11.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings data on Wednesday, October 30th. The company reported ($1.26) earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $147.54 million during the quarter, compared to the consensus estimate of $146.69 million. During the same period in the prior year, the firm earned ($0.89) earnings per share. The firm’s quarterly revenue was up 18.4% compared to the same quarter last year. Equities analysts expect that iRhythm Technologies will post -2.66 EPS for the current fiscal year.

Insiders Place Their Bets

In other 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 transaction, the chief financial officer now directly owns 24,428 shares of the company’s stock, valued at $1,718,265.52. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.68% of the company’s stock.

Institutional Investors Weigh In On iRhythm Technologies

Several hedge funds have recently bought and sold shares of the business. WoodTrust Financial Corp lifted its position in shares of iRhythm Technologies by 28.4% in the third quarter. WoodTrust Financial Corp now owns 11,307 shares of the company’s stock worth $839,000 after purchasing an additional 2,500 shares in the last quarter. Harbor Capital Advisors Inc. increased its stake in iRhythm Technologies by 272.0% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 79,938 shares of the company’s stock valued at $5,935,000 after buying an additional 58,448 shares during the period. SteelPeak Wealth LLC purchased a new stake in iRhythm Technologies in the 3rd quarter worth approximately $592,000. Values First Advisors Inc. acquired a new stake in shares of iRhythm Technologies during the 3rd quarter valued at $380,000. Finally, Hennion & Walsh Asset Management Inc. grew its holdings in shares of iRhythm Technologies by 27.3% during the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 3,512 shares of the company’s stock valued at $261,000 after acquiring an additional 754 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.