Needham & Company LLC Issues Positive Forecast for iRhythm Technologies (NASDAQ:IRTC) Stock Price

iRhythm Technologies (NASDAQ:IRTC) had its price target increased by Needham & Company LLC from $192.00 to $194.00 in a research report sent to investors on Monday,Benzinga reports. They currently have a buy rating on the stock.

Several other research firms have also recently weighed in on IRTC. Stephens started coverage on shares of iRhythm Technologies in a report on Thursday, July 23rd. They issued an “overweight” rating and a $160.00 price target on the stock. Truist Financial boosted their price objective on iRhythm Technologies from $160.00 to $168.00 and gave the stock a “buy” rating in a report on Monday, August 10th. Wall Street Zen raised iRhythm Technologies from a “hold” rating to a “buy” rating in a research report on Saturday, September 26th. Weiss Ratings reiterated a “sell (d-)” rating on shares of iRhythm Technologies in a research note on Monday, September 14th. Finally, Wells Fargo & Company dropped their price target on iRhythm Technologies from $180.00 to $168.00 and set an “overweight” rating for the company in a report on Tuesday, August 18th. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $180.07.

iRhythm Technologies Trading Down 1.2%

IRTC stock opened at $109.09 on Monday. iRhythm Technologies has a one year low of $100.85 and a one year high of $212.00. The stock has a market cap of $3.60 billion, a price-to-earnings ratio of -253.70 and a beta of 1.45. The company has a fifty day moving average price of $118.62 and a two-hundred day moving average price of $117.14. The company has a debt-to-equity ratio of 3.50, a current ratio of 3.86 and a quick ratio of 3.74.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.58 earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.62. The company had revenue of $224.17 million for the quarter, compared to analyst estimates of $219.30 million. iRhythm Technologies had a negative net margin of 1.69% and a positive return on equity of 10.11%. The company’s revenue was up 20.1% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.32) earnings per share. Equities analysts anticipate that iRhythm Technologies will post 0.6 EPS for the current year.

Institutional Investors Weigh In On iRhythm Technologies

Several institutional investors have recently made changes to their positions in IRTC. Braidwell LP increased its stake in 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 acquiring an additional 44,070 shares during the period. Arrowstreet Capital Limited Partnership lifted its position in shares of iRhythm Technologies by 12.2% during the 4th 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 during the period. Stephens Investment Management Group LLC grew its holdings in shares of iRhythm Technologies by 8.1% during the 1st quarter. Stephens Investment Management Group LLC now owns 561,530 shares of the company’s stock worth $66,272,000 after purchasing 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% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 467,113 shares of the company’s stock worth $55,222,000 after purchasing 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% in the first quarter. The Manufacturers Life Insurance Company now owns 390,577 shares of the company’s stock worth $46,096,000 after purchasing an additional 194,502 shares during the period.

iRhythm Technologies Company Profile

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.