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

iRhythm Technologies (NASDAQ:IRTC) had its target price reduced by stock analysts at Needham & Company LLC from $194.00 to $165.00 in a research note issued on Friday, MarketBeat reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC‘s target price points to a potential upside of 25.92% from the stock’s previous close.

IRTC has been the topic of several other research reports. Canaccord Genuity Group set a $206.00 target price on iRhythm Technologies in a research note on Friday. Truist Financial lifted their price objective on shares of iRhythm Technologies from $160.00 to $168.00 and gave the company a “buy” rating in a report on Monday, August 10th. Stephens began coverage on shares of iRhythm Technologies in a research report on Thursday, July 23rd. They issued an “overweight” rating and a $160.00 price objective on the stock. Wells Fargo & Company reduced their target price on shares of iRhythm Technologies from $168.00 to $150.00 and set an “overweight” rating for the company in a report on Tuesday, October 6th. Finally, Weiss Ratings raised shares of iRhythm Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, October 27th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $172.86.

iRhythm Technologies Stock Performance

IRTC opened at $131.03 on Friday. The company has a market capitalization of $4.32 billion, a price-to-earnings ratio of -304.72 and a beta of 1.39. The business’s 50-day moving average price is $115.47 and its two-hundred day moving average price is $122.07. iRhythm Technologies has a 1 year low of $100.70 and a 1 year high of $192.47. 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 posted its quarterly earnings data on Thursday, November 5th. The company reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.80. The company had revenue of $221.59 million during the quarter, compared to analysts’ expectations of $222.23 million. iRhythm Technologies had a positive return on equity of 10.11% and a negative net margin of 1.69%. iRhythm Technologies’s revenue for the quarter was up 14.9% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.06) earnings per share. Equities analysts expect that iRhythm Technologies will post 0.54 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Versant Capital Management Inc raised its holdings in shares of iRhythm Technologies by 123.2% in the 3rd quarter. Versant Capital Management Inc now owns 221 shares of the company’s stock valued at $25,000 after purchasing an additional 122 shares during the period. Covestor Ltd lifted its stake in iRhythm Technologies by 44.8% in the 3rd quarter. Covestor Ltd now owns 417 shares of the company’s stock valued at $47,000 after purchasing an additional 129 shares during the last quarter. Assetmark Inc. lifted its stake in iRhythm Technologies by 30.1% in the 1st quarter. Assetmark Inc. now owns 821 shares of the company’s stock valued at $97,000 after purchasing an additional 190 shares during the last quarter. Swiss National Bank grew its holdings in iRhythm Technologies by 0.5% during the first quarter. Swiss National Bank now owns 63,700 shares of the company’s stock worth $7,518,000 after purchasing an additional 300 shares during the period. Finally, Headlands Technologies LLC grew its holdings in iRhythm Technologies by 6.7% during the second quarter. Headlands Technologies LLC now owns 4,886 shares of the company’s stock worth $581,000 after purchasing an additional 305 shares during the period.

iRhythm Technologies News Summary

Here are the key news stories impacting iRhythm Technologies this week:

• Positive Sentiment: Third-quarter adjusted EPS was $0.82, well above the $0.02 consensus estimate and the year-ago loss of $0.06. iRhythm Q3 Earnings Surpass Estimates
• Neutral Sentiment: Revenue increased 14.9% year over year to $221.6 million, but was just below the $222.2 million analyst estimate, making sales performance broadly in line with expectations. Q3 Revenue Report
• Negative Sentiment: Despite the earnings beat, a report said IRTC shares declined following the results, suggesting investors were disappointed by something beyond the headline EPS figure. Needham cut its price target to $165 from $194, while keeping its Buy rating. Q3 Results and Share Reaction Needham Price Target Update

About iRhythm Technologies

iRhythm Technologies, Inc is a digital health company focused on the diagnosis and management of cardiac arrhythmias. The company provides ambulatory cardiac monitoring services that enable physicians to evaluate patients for conditions such as atrial fibrillation and other irregular heart rhythms.

Its principal offering is the Zio platform, which combines wearable electrocardiogram (ECG) monitoring devices with cloud-based data analysis and physician reports. Products in the platform include the Zio XT, an extended-wear monitor, and the Zio AT, which provides near-real-time monitoring capabilities.