iRhythm Technologies’ (IRTC) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of iRhythm Technologies (NASDAQ:IRTC) in a research report sent to investors on Monday,Benzinga reports. They currently have a $244.00 price target on the stock.

IRTC has been the subject of several other research reports. Truist Financial decreased their price objective on shares of iRhythm Technologies from $230.00 to $215.00 and set a “buy” rating for the company in a research note on Thursday, December 18th. Morgan Stanley upped their target price on iRhythm Technologies from $195.00 to $205.00 and gave the company an “overweight” rating in a report on Tuesday, December 2nd. Citigroup lifted their price target on iRhythm Technologies from $205.00 to $242.00 and gave the stock a “buy” rating in a report on Friday, October 31st. Robert W. Baird boosted their price objective on iRhythm Technologies from $180.00 to $220.00 and gave the stock an “outperform” rating in a research report on Friday, October 10th. Finally, Loop Capital set a $220.00 price objective on iRhythm Technologies in a research note on Friday, October 31st. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $219.23.

iRhythm Technologies Price Performance

Shares of NASDAQ:IRTC opened at $163.24 on Monday. The company has a current ratio of 4.63, a quick ratio of 4.50 and a debt-to-equity ratio of 5.32. The stock’s fifty day simple moving average is $176.12 and its two-hundred day simple moving average is $168.59. iRhythm Technologies has a 1-year low of $92.52 and a 1-year high of $212.00. The stock has a market cap of $5.26 billion, a PE ratio of -101.39 and a beta of 1.12.

iRhythm Technologies (NASDAQ:IRTC) last posted its earnings results 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 firm had revenue of $192.88 million during the quarter, compared to analyst estimates of $184.75 million. iRhythm Technologies had a negative net margin of 7.32% and a negative return on equity of 41.86%. The business’s revenue was up 30.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($1.26) EPS. As a group, analysts forecast that iRhythm Technologies will post -1.98 EPS for the current fiscal year.

Insider Transactions at iRhythm Technologies

In other iRhythm Technologies news, insider Patrick Michael Murphy sold 2,478 shares of the company’s stock in a transaction dated Tuesday, December 2nd. The shares were sold at an average price of $184.83, for a total transaction of $458,008.74. Following the sale, the insider directly owned 53,281 shares of the company’s stock, valued at $9,847,927.23. This represents a 4.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Quentin S. Blackford sold 14,059 shares of the stock in a transaction dated Monday, November 3rd. The stock was 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 of the company’s stock, valued at $30,181,258.26. This represents a 7.85% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 24,817 shares of company stock valued at $4,741,235. 1.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of IRTC. Root Financial Partners LLC bought a new stake in shares of iRhythm Technologies during the 3rd quarter valued at $30,000. Measured Wealth Private Client Group LLC purchased a new position in iRhythm Technologies during the 3rd quarter valued at about $30,000. GAMMA Investing LLC grew its holdings in iRhythm Technologies by 48.4% during the 4th quarter. GAMMA Investing LLC now owns 184 shares of the company’s stock valued at $33,000 after buying an additional 60 shares in the last quarter. Smartleaf Asset Management LLC increased its position in shares of iRhythm Technologies by 100.0% during the third quarter. Smartleaf Asset Management LLC now owns 198 shares of the company’s stock valued at $34,000 after buying an additional 99 shares during the period. Finally, FNY Investment Advisers LLC purchased a new stake in shares of iRhythm Technologies in the third quarter worth about $34,000.

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.