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

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

IRTC has been the subject of a number of other reports. Canaccord Genuity Group increased their price objective on shares of iRhythm Technologies from $122.00 to $137.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. StockNews.com lowered iRhythm Technologies from a “hold” rating to a “sell” rating in a research report on Friday, September 27th. Oppenheimer cut their price objective on iRhythm Technologies from $165.00 to $145.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Truist Financial increased their price target on iRhythm Technologies from $80.00 to $95.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Finally, Morgan Stanley decreased their price target on shares of iRhythm Technologies from $135.00 to $130.00 and set an “overweight” rating for the company in a research report on Monday, July 15th. One analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $108.50.

iRhythm Technologies Stock Performance

Shares of NASDAQ IRTC traded up $3.62 during midday trading on Thursday, hitting $76.06. 193,505 shares of the company’s stock traded hands, compared to its average volume of 467,809. The company has a debt-to-equity ratio of 6.50, a quick ratio of 6.76 and a current ratio of 6.92. The stock has a market capitalization of $2.38 billion, a price-to-earnings ratio of -14.91 and a beta of 1.22. The firm has a fifty day moving average of $69.14 and a 200 day moving average of $85.45. iRhythm Technologies has a 1 year low of $55.92 and a 1 year high of $124.11.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings data 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 106.93%. The business had revenue of $147.54 million for the quarter, compared to the consensus estimate of $146.69 million. During the same period in the previous year, the firm earned ($0.89) EPS. The company’s revenue was up 18.4% on a year-over-year basis. On average, analysts forecast that iRhythm Technologies will post -2.66 earnings per share for the current year.

Insider Activity at iRhythm Technologies

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. Company insiders own 0.68% of the company’s stock.

Institutional Investors Weigh In On iRhythm Technologies

Institutional investors and hedge funds have recently bought and sold shares of the business. SeaCrest Wealth Management LLC increased its holdings in iRhythm Technologies by 7.6% during the 2nd quarter. SeaCrest Wealth Management LLC now owns 2,125 shares of the company’s stock valued at $229,000 after purchasing an additional 150 shares in the last quarter. Ascent Group LLC boosted its position in shares of iRhythm Technologies by 4.6% during the first quarter. Ascent Group LLC now owns 3,980 shares of the company’s stock worth $462,000 after purchasing an additional 175 shares in the last quarter. Swiss National Bank grew its holdings in shares of iRhythm Technologies by 0.3% in the 1st quarter. Swiss National Bank now owns 60,500 shares of the company’s stock valued at $7,018,000 after buying an additional 200 shares during the period. Nisa Investment Advisors LLC raised its position in shares of iRhythm Technologies by 79.6% during the second quarter. Nisa Investment Advisors LLC now owns 625 shares of the company’s stock worth $67,000 after purchasing an additional 277 shares during the period. Finally, Arizona State Retirement System increased its holdings in iRhythm Technologies by 3.4% during the 2nd quarter. Arizona State Retirement System now owns 8,711 shares of the company’s stock worth $938,000 after purchasing an additional 287 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.