Needham & Company LLC Increases iRhythm Technologies (NASDAQ:IRTC) Price Target to $193.00

Key Points

• Needham & Company LLC has raised its price target for iRhythm Technologies from $180.00 to $193.00, indicating a potential upside of 13.67% based on the stock's previous close.
• The consensus rating for iRhythm Technologies across analysts is a strong Buy, with 11 analysts recommending a buy and only one giving a hold rating.
• In its latest quarterly earnings report, iRhythm Technologies surpassed analysts' expectations with a revenue of $186.69 million, reflecting a year-over-year increase of 26.1%.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) had its price objective raised by Needham & Company LLC from $180.00 to $193.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Needham & Company LLC's target price would suggest a potential upside of 13.54% from the company's current price.

IRTC has been the topic of several other research reports. Wells Fargo & Company boosted their target price on iRhythm Technologies from $130.00 to $180.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Citigroup boosted their target price on iRhythm Technologies from $167.00 to $183.00 and gave the company a "buy" rating in a research note on Thursday, August 21st. Wall Street Zen cut iRhythm Technologies from a "hold" rating to a "sell" rating in a research note on Monday, May 5th. Bank of America assumed coverage on iRhythm Technologies in a research report on Wednesday, August 20th. They set a "buy" rating and a $200.00 price target on the stock. Finally, Robert W. Baird boosted their price target on iRhythm Technologies from $133.00 to $150.00 and gave the stock an "outperform" rating in a research report on Friday, May 2nd. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, iRhythm Technologies presently has a consensus rating of "Buy" and an average price target of $163.82.

iRhythm Technologies Stock Down 0.9%

NASDAQ IRTC traded down $1.49 during trading on Thursday, hitting $169.98. The stock had a trading volume of 193,610 shares, compared to its average volume of 545,079. The company has a market capitalization of $5.46 billion, a PE ratio of -58.01 and a beta of 1.41. The company's 50-day moving average price is $150.26 and its two-hundred day moving average price is $130.07. The company has a debt-to-equity ratio of 6.25, a quick ratio of 4.88 and a current ratio of 5.02. iRhythm Technologies has a 12 month low of $55.92 and a 12 month high of $172.59.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported ($0.32) EPS for the quarter, beating the consensus estimate of ($0.53) by $0.21. The firm had revenue of $186.69 million for the quarter, compared to analysts' expectations of $173.94 million. iRhythm Technologies had a negative return on equity of 90.03% and a negative net margin of 14.06%.The business's quarterly revenue was up 26.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.61) EPS. iRhythm Technologies has set its FY 2025 guidance at EPS. As a group, sell-side analysts forecast that iRhythm Technologies will post -1.98 EPS for the current year.

Insider Activity

In other iRhythm Technologies news, CEO Quentin S. Blackford sold 30,000 shares of the business's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $160.54, for a total transaction of $4,816,200.00. Following the transaction, the chief executive officer owned 179,038 shares of the company's stock, valued at $28,742,760.52. The trade was a 14.35% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Minang Turakhia sold 1,420 shares of the business's stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $145.41, for a total value of $206,482.20. Following the transaction, the executive vice president directly owned 41,393 shares in the company, valued at $6,018,956.13. The trade was a 3.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 47,425 shares of company stock worth $7,549,869. Corporate insiders own 1.10% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in IRTC. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of iRhythm Technologies by 169.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 903,084 shares of the company's stock worth $94,535,000 after acquiring an additional 568,261 shares during the last quarter. Fuller & Thaler Asset Management Inc. acquired a new position in shares of iRhythm Technologies during the 1st quarter worth approximately $54,249,000. Millennium Management LLC increased its holdings in shares of iRhythm Technologies by 563.8% during the 1st quarter. Millennium Management LLC now owns 399,746 shares of the company's stock worth $41,845,000 after acquiring an additional 339,529 shares during the last quarter. Holocene Advisors LP increased its holdings in shares of iRhythm Technologies by 2,023.1% during the 2nd quarter. Holocene Advisors LP now owns 313,094 shares of the company's stock worth $48,204,000 after acquiring an additional 298,347 shares during the last quarter. Finally, Jennison Associates LLC acquired a new position in shares of iRhythm Technologies during the 1st quarter worth approximately $29,330,000.

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.