Needham & Company LLC Reaffirms Buy Rating for iRhythm Technologies (NASDAQ:IRTC)

iRhythm Technologies (NASDAQ:IRTC)‘s stock had its “buy” rating reaffirmed by equities research analysts at Needham & Company LLC in a research note issued on Monday,Benzinga reports. They currently have a $244.00 price target on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 41.82% from the stock’s previous close.

Other analysts have also recently issued research reports about the company. Robert W. Baird lifted their price target on iRhythm Technologies from $180.00 to $220.00 and gave the company an “outperform” rating in a report on Friday, October 10th. Morgan Stanley boosted their target price on shares of iRhythm Technologies from $195.00 to $205.00 and gave the company an “overweight” rating in a report on Tuesday, December 2nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of iRhythm Technologies in a research report on Wednesday, October 8th. The Goldman Sachs Group lifted their price target on shares of iRhythm Technologies from $180.00 to $202.00 and gave the company a “neutral” rating in a report on Friday, October 31st. Finally, Loop Capital set a $220.00 price objective on shares of iRhythm Technologies in a research note on Friday, October 31st. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, iRhythm Technologies currently has an average rating of “Moderate Buy” and a consensus target price of $215.77.

iRhythm Technologies Trading Down 4.1%

Shares of IRTC opened at $172.05 on Monday. iRhythm Technologies has a fifty-two week low of $86.99 and a fifty-two week high of $212.00. The company has a market capitalization of $5.54 billion, a PE ratio of -106.44 and a beta of 1.12. The stock has a fifty day moving average of $177.30 and a two-hundred day moving average of $168.51. The company has a debt-to-equity ratio of 5.32, a quick ratio of 4.50 and a current ratio of 4.63.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings data on Thursday, October 30th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.36) by $0.30. The business had revenue of $192.88 million for the quarter, compared to analysts’ expectations of $184.75 million. iRhythm Technologies had a negative return on equity of 41.86% and a negative net margin of 7.32%.The business’s revenue was up 30.8% on a year-over-year basis. During the same quarter last year, the firm earned ($1.26) earnings per share. As a group, analysts forecast that iRhythm Technologies will post -1.98 EPS for the current year.

Insider Buying and Selling at iRhythm Technologies

In other news, insider Patrick Michael Murphy sold 2,478 shares of the firm’s stock in a transaction on Tuesday, December 2nd. The shares were sold at an average price of $184.83, for a total value of $458,008.74. Following the transaction, the insider owned 53,281 shares of the company’s stock, valued at approximately $9,847,927.23. This trade represents a 4.44% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Quentin S. Blackford sold 14,059 shares of iRhythm Technologies stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $182.94, for a total transaction of $2,571,953.46. Following the transaction, the chief executive officer owned 164,979 shares in the company, valued at $30,181,258.26. The trade was a 7.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 24,817 shares of company stock worth $4,741,235 over the last three months. 1.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On iRhythm Technologies

Hedge funds have recently modified their holdings of the stock. Tudor Investment Corp ET AL purchased a new position in iRhythm Technologies in the 3rd quarter worth approximately $3,439,800,000. Geode Capital Management LLC lifted its position in shares of iRhythm Technologies by 2.3% during the second quarter. Geode Capital Management LLC now owns 767,336 shares of the company’s stock worth $118,154,000 after purchasing an additional 16,967 shares in the last quarter. Stephens Investment Management Group LLC boosted its stake in shares of iRhythm Technologies by 6.2% in the second quarter. Stephens Investment Management Group LLC now owns 552,916 shares of the company’s stock valued at $85,127,000 after purchasing an additional 32,334 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in iRhythm Technologies by 6,415.4% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 541,039 shares of the company’s stock valued at $93,053,000 after purchasing an additional 532,735 shares in the last quarter. Finally, Holocene Advisors LP grew its holdings in iRhythm Technologies by 51.2% during the 3rd quarter. Holocene Advisors LP now owns 473,280 shares of the company’s stock valued at $81,399,000 after purchasing an additional 160,186 shares in the last quarter.

iRhythm Technologies Company Profile

iRhythm Technologies, Inc is a medical technology company that develops and commercializes wearable cardiac monitoring devices and associated data analytics services. Founded in 2006 and headquartered in San Francisco, California, the company’s flagship product is the Zio® patch, a discreet, single-use, continuous ECG recorder designed to monitor heart rhythms for up to 14 days. iRhythm’s digital diagnostics platform combines biosensor technology with proprietary algorithms to detect arrhythmias and streamline data interpretation for physicians.

The Zio service is prescribed by cardiologists and other healthcare providers to aid in the diagnosis of atrial fibrillation, bradycardia, tachycardia and other rhythm disorders.