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

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) had its price objective increased by stock analysts at Needham & Company LLC from $192.00 to $194.00 in a report issued on Monday, Benzinga reports. The brokerage presently has a "buy" rating on the stock. Needham & Company LLC's price objective would suggest a potential upside of 77.75% from the stock's previous close.

A number of other research firms have also recently commented on IRTC. Weiss Ratings restated a "sell (d-)" rating on shares of iRhythm Technologies in a research report on Monday, September 14th. Stephens initiated coverage on iRhythm Technologies in a report on Thursday, July 23rd. They issued an "overweight" rating and a $160.00 price target for the company. Wall Street Zen raised iRhythm Technologies from a "hold" rating to a "buy" rating in a report on Saturday, September 26th. Wells Fargo & Company cut their price objective on iRhythm Technologies from $180.00 to $168.00 and set an "overweight" rating for the company in a research report on Tuesday, August 18th. Finally, BTIG Research reaffirmed a "buy" rating and set a $185.00 target price on shares of iRhythm Technologies in a research note on Monday, June 22nd. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $180.07.

iRhythm Technologies Stock Performance

Shares of NASDAQ IRTC traded down $1.23 during midday trading on Monday, reaching $109.14. 141,310 shares of the stock were exchanged, compared to its average volume of 599,188. The company has a quick ratio of 3.74, a current ratio of 3.86 and a debt-to-equity ratio of 3.50. The firm has a market cap of $3.60 billion, a price-to-earnings ratio of -255.00 and a beta of 1.45. The firm has a 50-day simple moving average of $118.68 and a two-hundred day simple moving average of $117.20. iRhythm Technologies has a twelve month low of $100.85 and a twelve month high of $212.00.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.04) by $0.62. iRhythm Technologies had a negative net margin of 1.69% and a positive return on equity of 10.11%. The firm had revenue of $224.17 million for the quarter, compared to the consensus estimate of $219.30 million. During the same period in the prior year, the firm posted ($0.32) earnings per share. The firm's quarterly revenue was up 20.1% compared to the same quarter last year. As a group, analysts anticipate that iRhythm Technologies will post 0.6 EPS for the current fiscal year.

Institutional Investors Weigh In On iRhythm Technologies

Several institutional investors have recently bought and sold shares of IRTC. The Manufacturers Life Insurance Company boosted its position in iRhythm Technologies by 99.2% during the first quarter. The Manufacturers Life Insurance Company now owns 390,577 shares of the company's stock worth $46,096,000 after acquiring an additional 194,502 shares during the last quarter. Granahan Investment Management LLC lifted its stake in iRhythm Technologies by 567.9% in the 1st quarter. Granahan Investment Management LLC now owns 96,022 shares of the company's stock worth $11,333,000 after purchasing an additional 81,645 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in iRhythm Technologies by 12.2% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 606,969 shares of the company's stock worth $107,701,000 after purchasing an additional 65,930 shares in the last quarter. Squarepoint Ops LLC boosted its holdings in shares of iRhythm Technologies by 1,065.8% during the 2nd quarter. Squarepoint Ops LLC now owns 71,862 shares of the company's stock worth $8,548,000 after purchasing an additional 65,698 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its position in shares of iRhythm Technologies by 14.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 467,113 shares of the company's stock valued at $55,222,000 after purchasing an additional 59,704 shares in the last quarter.

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.

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