iRhythm Technologies (NASDAQ:IRTC) Stock Price Target Cut by Needham & Company LLC

Key Points

• Needham cut its iRhythm price target to $165 from $194 but maintained a Buy rating; the new target implies about 25.9% upside from the stock’s current price.
• iRhythm reported third-quarter adjusted EPS of $0.82, beating the $0.02 consensus estimate. Revenue rose 14.9% year over year to $221.6 million, slightly below analyst expectations.
• Analyst sentiment remains broadly positive: MarketBeat reports an average “Moderate Buy” rating and an average price target of $172.86, though shares reportedly fell after the earnings release.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) had its price target lowered by equities researchers at Needham & Company LLC from $194.00 to $165.00 in a report released on Friday, MarketBeat reports. The brokerage presently has a "buy" rating on the stock. Needham & Company LLC's target price suggests a potential upside of 25.92% from the stock's current price.

A number of other research analysts also recently issued reports on IRTC. Truist Financial upped their target price on shares of iRhythm Technologies from $160.00 to $168.00 and gave the company a "buy" rating in a research report on Monday, August 10th. Wells Fargo & Company lowered their price target on shares of iRhythm Technologies from $168.00 to $150.00 and set an "overweight" rating for the company in a research report on Tuesday, October 6th. Wall Street Zen downgraded shares of iRhythm Technologies from a "buy" rating to a "hold" rating in a research note on Saturday, October 10th. Piper Sandler assumed coverage on shares of iRhythm Technologies in a research note on Friday, October 16th. They set an "overweight" rating and a $160.00 price target for the company. Finally, Stephens initiated coverage on shares of iRhythm Technologies in a research note on Thursday, July 23rd. They issued an "overweight" rating and a $160.00 price objective on the stock. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $172.86.

iRhythm Technologies Stock Down 2.2%

NASDAQ IRTC opened at $131.03 on Friday. The stock has a market capitalization of $4.32 billion, a P/E ratio of -304.72 and a beta of 1.39. iRhythm Technologies has a 52 week low of $100.70 and a 52 week high of $192.47. The company has a debt-to-equity ratio of 3.50, a quick ratio of 3.74 and a current ratio of 3.86. The stock has a fifty day moving average of $115.47 and a 200-day moving average of $122.07.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last issued its quarterly earnings results on Thursday, November 5th. The company reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.80. The business had revenue of $221.59 million for the quarter, compared to analyst estimates of $222.23 million. iRhythm Technologies had a positive return on equity of 10.11% and a negative net margin of 1.69%. The firm's revenue for the quarter was up 14.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.06) earnings per share. On average, equities research analysts forecast that iRhythm Technologies will post 0.54 EPS for the current year.

Institutional Trading of iRhythm Technologies

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Versant Capital Management Inc raised its position in shares of iRhythm Technologies by 123.2% during the third quarter. Versant Capital Management Inc now owns 221 shares of the company's stock worth $25,000 after purchasing an additional 122 shares during the period. Covestor Ltd lifted its holdings in shares of iRhythm Technologies by 44.8% during the 3rd quarter. Covestor Ltd now owns 417 shares of the company's stock valued at $47,000 after purchasing an additional 129 shares in the last quarter. Harbor Investment Advisory LLC acquired a new position in shares of iRhythm Technologies in the 2nd quarter valued at approximately $50,000. Assetmark Inc. grew its position in shares of 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 period. Finally, Sterling Capital Management LLC grew its position in shares of iRhythm Technologies by 842.2% in the 3rd quarter. Sterling Capital Management LLC now owns 1,093 shares of the company's stock valued at $124,000 after purchasing an additional 977 shares during the period.

More iRhythm Technologies News

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.