Needham & Company LLC Forecasts Strong Price Appreciation for iRhythm Technologies (NASDAQ:IRTC) Stock

iRhythm Technologies (NASDAQ:IRTC) had its price objective upped by equities researchers at Needham & Company LLC from $192.00 to $194.00 in a research note issued on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price target would suggest a potential upside of 80.97% from the stock’s current price.

A number of other analysts have also commented on the company. Wall Street Zen raised iRhythm Technologies from a “hold” rating to a “buy” rating in a report on Saturday, September 26th. Truist Financial increased their price objective on iRhythm Technologies from $160.00 to $168.00 and gave the stock a “buy” rating in a research note on Monday, August 10th. BTIG Research restated a “buy” rating and issued a $185.00 target price on shares of iRhythm Technologies in a report on Monday, June 22nd. Stephens initiated coverage on iRhythm Technologies in a research report on Thursday, July 23rd. They set an “overweight” rating and a $160.00 target price on the stock. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of iRhythm Technologies in a report on Monday, September 14th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, iRhythm Technologies presently has an average rating of “Moderate Buy” and a consensus target price of $178.79.

iRhythm Technologies Stock Down 1.7%

iRhythm Technologies stock opened at $107.20 on Monday. iRhythm Technologies has a 1-year low of $100.85 and a 1-year high of $212.00. The firm has a market capitalization of $3.53 billion, a price-to-earnings ratio of -249.30 and a beta of 1.45. The firm’s fifty day moving average price is $118.42 and its two-hundred day moving average price is $117.07. The company has a current ratio of 3.86, a quick ratio of 3.74 and a debt-to-equity ratio of 3.50.

iRhythm Technologies (NASDAQ:IRTC) last posted its earnings results on Thursday, August 6th. The company reported $0.58 EPS for the quarter, topping the consensus estimate of ($0.04) by $0.62. iRhythm Technologies had a negative net margin of 1.69% and a positive return on equity of 10.11%. The company had revenue of $224.17 million during the quarter, compared to the consensus estimate of $219.30 million. During the same period in the previous year, the firm posted ($0.32) earnings per share. The firm’s revenue for the quarter was up 20.1% on a year-over-year basis. On average, equities research analysts predict that iRhythm Technologies will post 0.6 earnings per share for the current fiscal year.

Institutional Investors Weigh In On iRhythm Technologies

Institutional investors have recently added to or reduced their stakes in the company. Braidwell LP lifted its position in shares of iRhythm Technologies by 7.2% during the 2nd quarter. Braidwell LP now owns 654,262 shares of the company’s stock worth $77,824,000 after buying an additional 44,070 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in shares of iRhythm Technologies by 12.2% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 606,969 shares of the company’s stock valued at $107,701,000 after acquiring an additional 65,930 shares in the last quarter. Stephens Investment Management Group LLC grew its holdings in shares of iRhythm Technologies by 8.1% in the first quarter. Stephens Investment Management Group LLC now owns 561,530 shares of the company’s stock valued at $66,272,000 after acquiring an additional 42,205 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of iRhythm Technologies by 14.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 467,113 shares of the company’s stock valued at $55,222,000 after acquiring an additional 59,704 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in shares of iRhythm Technologies by 99.2% during the first quarter. The Manufacturers Life Insurance Company now owns 390,577 shares of the company’s stock valued at $46,096,000 after acquiring an additional 194,502 shares during the last quarter.

About iRhythm Technologies

iRhythm Technologies, Inc is a digital health care company focused on ambulatory cardiac monitoring and the diagnosis of cardiac arrhythmias. The company combines wearable biosensor technology, cloud-based data analysis and clinical services to help physicians detect and manage irregular heart rhythms, including atrial fibrillation.

Its principal products include the Zio monitor portfolio, which is designed for extended, continuous electrocardiogram monitoring in an easy-to-use wearable format.