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

iRhythm Technologies (NASDAQ:IRTC) had its target price raised by equities research analysts at Needham & Company LLC from $125.00 to $138.00 in a research note issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price target suggests a potential upside of 22.84% from the company’s current price.

Several other research analysts have also recently weighed in on IRTC. Canaccord Genuity Group boosted 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 reiterated an “equal weight” rating and set a $86.00 target price on shares of iRhythm Technologies in a research report on Tuesday, December 3rd. Truist Financial upped their target price on shares of iRhythm Technologies from $85.00 to $111.00 and gave the company a “buy” rating in a research report on Wednesday, December 18th. Robert W. Baird dropped their target price on shares of iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. Finally, Oppenheimer upped their target price on shares of iRhythm Technologies from $105.00 to $120.00 and gave the company an “outperform” rating in a research report on Wednesday, January 8th. One analyst has rated the stock with a sell rating, two have given a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, iRhythm Technologies currently has an average rating of “Moderate Buy” and an average target price of $110.82.

iRhythm Technologies Stock Performance

NASDAQ:IRTC opened at $112.34 on Friday. iRhythm Technologies has a 1 year low of $55.92 and a 1 year high of $124.11. The firm has a 50 day moving average of $101.11 and a 200-day moving average of $83.27. The company has a current ratio of 6.27, a quick ratio of 6.12 and a debt-to-equity ratio of 9.00. The stock has a market capitalization of $3.52 billion, a P/E ratio of -23.12 and a beta of 1.29.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings data on Thursday, February 20th. The company reported $0.01 earnings per share for the quarter, topping the consensus estimate of ($0.29) by $0.30. iRhythm Technologies had a negative net margin of 26.90% and a negative return on equity of 120.86%. As a group, sell-side 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 the company’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $85.89, for a total value of $214,037.88. Following the sale, the insider now directly owns 35,327 shares of the company’s stock, valued at approximately $3,034,236.03. This represents a 6.59 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.68% of the company’s stock.

Institutional Investors Weigh In On iRhythm Technologies

A number of institutional investors and hedge funds have recently modified their holdings of IRTC. R Squared Ltd bought a new stake in shares of iRhythm Technologies in the 4th quarter valued at about $45,000. Van ECK Associates Corp raised its holdings in shares of iRhythm Technologies by 41.3% in the 4th quarter. Van ECK Associates Corp now owns 554 shares of the company’s stock valued at $50,000 after purchasing an additional 162 shares during the period. Quarry LP bought a new stake in shares of iRhythm Technologies in the 3rd quarter valued at about $59,000. Raiffeisen Bank International AG bought a new stake in shares of iRhythm Technologies in the 4th quarter valued at about $60,000. Finally, Nisa Investment Advisors LLC raised its holdings in shares of iRhythm Technologies by 166.6% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,037 shares of the company’s stock valued at $94,000 after purchasing an additional 648 shares during the period.

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.