iRhythm Technologies (NASDAQ:IRTC) Given New $138.00 Price Target at Needham & Company LLC

iRhythm Technologies (NASDAQ:IRTC) had its price objective increased by Needham & Company LLC from $125.00 to $138.00 in a research note published on Friday morning,Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

Several other brokerages have also commented on IRTC. Canaccord Genuity Group lifted their price objective on shares of iRhythm Technologies from $125.00 to $152.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Wells Fargo & Company reissued an “equal weight” rating and set a $86.00 price objective on shares of iRhythm Technologies in a report on Tuesday, December 3rd. Robert W. Baird lowered their target price on iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating on the stock in a research note on Friday, November 1st. Oppenheimer increased their price target on iRhythm Technologies from $105.00 to $120.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 8th. Finally, Truist Financial boosted their price objective on iRhythm Technologies from $85.00 to $111.00 and gave the company a “buy” rating in a research note on Wednesday, December 18th. One research analyst has rated the stock with a sell rating, two have given a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $115.55.

iRhythm Technologies Trading Up 6.1 %

Shares of IRTC stock opened at $119.58 on Friday. The company has a debt-to-equity ratio of 9.00, a quick ratio of 6.12 and a current ratio of 6.27. The company has a market capitalization of $3.74 billion, a price-to-earnings ratio of -24.61 and a beta of 1.29. iRhythm Technologies has a 52-week low of $55.92 and a 52-week high of $128.52. The company has a 50-day simple moving average of $101.11 and a two-hundred day simple moving average of $83.27.

iRhythm Technologies (NASDAQ:IRTC) last released its earnings results on Thursday, February 20th. The company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.29) by $0.30. The company had revenue of $164.33 million during the quarter, compared to analyst estimates of $158.30 million. iRhythm Technologies had a negative return on equity of 120.86% and a negative net margin of 26.90%. Research analysts anticipate that iRhythm Technologies will post -3.35 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Patrick Michael Murphy sold 2,492 shares of iRhythm Technologies stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $85.89, for a total transaction of $214,037.88. Following the completion of the sale, the insider now owns 35,327 shares in the company, valued at approximately $3,034,236.03. This trade represents a 6.59 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate 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 stock. Hennion & Walsh Asset Management Inc. increased its holdings in shares of iRhythm Technologies by 27.3% in the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 3,512 shares of the company’s stock worth $261,000 after buying an additional 754 shares during the last quarter. Values First Advisors Inc. bought a new position in iRhythm Technologies in the third quarter valued at $380,000. SteelPeak Wealth LLC purchased a new stake in iRhythm Technologies during the third quarter valued at about $592,000. Harbor Capital Advisors Inc. lifted its stake in iRhythm Technologies by 272.0% during the third quarter. Harbor Capital Advisors Inc. now owns 79,938 shares of the company’s stock worth $5,935,000 after purchasing an additional 58,448 shares during the last quarter. Finally, WoodTrust Financial Corp boosted its holdings in shares of iRhythm Technologies by 28.4% in the 3rd 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.

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.