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

iRhythm Technologies (NASDAQ:IRTC) had its price objective reduced by stock analysts at Needham & Company LLC from $119.00 to $96.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s target price suggests a potential upside of 33.67% from the company’s previous close.

Several other equities research analysts have also recently issued reports on the stock. The Goldman Sachs Group initiated coverage on shares of iRhythm Technologies in a research note on Friday, October 4th. They set a “neutral” rating and a $78.00 target price on the stock. StockNews.com lowered iRhythm Technologies from a “hold” rating to a “sell” rating in a report on Friday, September 27th. Canaccord Genuity Group lifted their price target on iRhythm Technologies from $122.00 to $137.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. Truist Financial lifted their price target on iRhythm Technologies from $80.00 to $95.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Finally, JPMorgan Chase & Co. reduced their price target on iRhythm Technologies from $133.00 to $100.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $111.60.

iRhythm Technologies Price Performance

iRhythm Technologies stock opened at $71.82 on Thursday. The company’s fifty day moving average price is $69.09 and its 200 day moving average price is $85.54. iRhythm Technologies has a 1 year low of $55.92 and a 1 year high of $124.11. The stock has a market capitalization of $2.23 billion, a P/E ratio of -15.92 and a beta of 1.22. 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 (NASDAQ:IRTC) last released its quarterly 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 24.50% and a negative return on equity of 84.14%. The company had revenue of $147.54 million during the quarter, compared to analyst estimates of $146.69 million. During the same period in the prior year, the business posted ($0.89) EPS. iRhythm Technologies’s revenue was up 18.4% compared to the same quarter last year. As a group, equities research analysts anticipate that iRhythm Technologies will post -2.66 earnings per share for the current fiscal year.

Insider Activity at iRhythm Technologies

In related news, EVP Mervin Smith sold 688 shares of the business’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $74.66, for a total value of $51,366.08. Following the sale, the executive vice president now directly owns 10,360 shares in the company, valued at approximately $773,477.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other iRhythm Technologies news, EVP Mervin Smith sold 688 shares of iRhythm Technologies stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $74.66, for a total value of $51,366.08. Following the completion of the transaction, the executive vice president now directly owns 10,360 shares of the company’s stock, valued at $773,477.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Chad Patterson sold 3,012 shares of iRhythm Technologies stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $74.66, for a total value of $224,875.92. Following the completion of the transaction, the insider now directly owns 37,133 shares of the company’s stock, valued at approximately $2,772,349.78. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 5,072 shares of company stock worth $372,748. Company insiders own 0.68% of the company’s stock.

Hedge Funds Weigh In On iRhythm Technologies

Institutional investors have recently bought and sold shares of the company. Headlands Technologies LLC grew its position in shares of iRhythm Technologies by 10,650.0% during the first quarter. Headlands Technologies LLC now owns 430 shares of the company’s stock worth $50,000 after buying an additional 426 shares in the last quarter. Nisa Investment Advisors LLC grew 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 buying an additional 277 shares in the last quarter. SG Americas Securities LLC acquired a new position in shares of iRhythm Technologies during the first quarter worth about $126,000. Russell Investments Group Ltd. grew its position in shares of iRhythm Technologies by 79,700.0% during the first quarter. Russell Investments Group Ltd. now owns 1,596 shares of the company’s stock worth $185,000 after buying an additional 1,594 shares in the last quarter. Finally, nVerses Capital LLC grew its position in shares of iRhythm Technologies by 400.0% during the third quarter. nVerses Capital LLC now owns 2,000 shares of the company’s stock worth $148,000 after buying an additional 1,600 shares in the last quarter.

iRhythm Technologies Company Profile

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.