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

iRhythm Technologies (NASDAQ:IRTC) had its target price lowered by Needham & Company LLC from $119.00 to $96.00 in a research report sent to investors on Thursday morning, Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

Several other research firms also recently commented on IRTC. Robert W. Baird reduced their price objective on iRhythm Technologies from $120.00 to $110.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Truist Financial increased their price objective on iRhythm Technologies from $80.00 to $95.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Citigroup reduced their price objective on iRhythm Technologies from $135.00 to $110.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. Canaccord Genuity Group raised their target price on iRhythm Technologies from $122.00 to $137.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. Finally, The Goldman Sachs Group assumed coverage on iRhythm Technologies in a research note on Friday, October 4th. They issued a “neutral” rating and a $78.00 target price for the company. One analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $108.50.

iRhythm Technologies Trading Up 3.6 %

Shares of NASDAQ:IRTC opened at $75.04 on Thursday. iRhythm Technologies has a 1 year low of $55.92 and a 1 year high of $124.11. The firm has a market capitalization of $2.35 billion, a price-to-earnings ratio of -15.44 and a beta of 1.23. 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’s 50 day moving average price is $69.24 and its 200-day moving average price is $84.85.

iRhythm Technologies (NASDAQ:IRTC) last announced its earnings results on Wednesday, October 30th. The company reported ($1.26) earnings per share (EPS) 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 120.86%. The business had revenue of $147.54 million for the quarter, compared to analysts’ expectations of $146.69 million. During the same quarter last year, the business earned ($0.89) EPS. The company’s quarterly revenue was up 18.4% on a year-over-year basis. On average, equities research analysts forecast that iRhythm Technologies will post -2.66 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Brice Bobzien sold 1,372 shares of iRhythm Technologies 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 completion of the transaction, the chief financial officer now owns 24,428 shares in the company, valued at approximately $1,718,265.52. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.68% of the company’s stock.

Hedge Funds Weigh In On iRhythm Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Diversified Trust Co lifted its stake in iRhythm Technologies by 148.7% in the first quarter. Diversified Trust Co now owns 4,934 shares of the company’s stock valued at $572,000 after buying an additional 2,950 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in iRhythm Technologies by 13.4% in the first quarter. Allspring Global Investments Holdings LLC now owns 415,026 shares of the company’s stock valued at $48,143,000 after buying an additional 49,168 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in iRhythm Technologies by 7.2% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 78,111 shares of the company’s stock valued at $9,360,000 after buying an additional 5,276 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in iRhythm Technologies by 9.2% in the first quarter. BNP Paribas Financial Markets now owns 16,176 shares of the company’s stock valued at $1,876,000 after buying an additional 1,358 shares during the last quarter. Finally, Capstone Investment Advisors LLC purchased a new stake in iRhythm Technologies in the first quarter valued at approximately $1,078,000.

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.