Needham & Company LLC Forecasts Strong Price Appreciation for iRhythm Technologies (NASDAQ:IRTC) Stock

Key Points

• Needham & Company LLC has increased its target price for iRhythm Technologies from $151.00 to $180.00, suggesting a potential upside of 28.41% from the current stock price.
• Four other financial institutions also adjusted their price targets for iRhythm Technologies, with Citigroup raising it to $167.00 and others giving varying ratings from "buy" to "overweight."
• The company recently reported earnings of ($0.32) per share, beating analyst expectations, and its revenues increased by 26.1% year-over-year, totaling $186.69 million for the quarter.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) had its price target boosted by equities research analysts at Needham & Company LLC from $151.00 to $180.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a "buy" rating on the stock. Needham & Company LLC's target price suggests a potential upside of 12.32% from the company's previous close.

IRTC has been the topic of several other reports. Morgan Stanley dropped their price objective on iRhythm Technologies from $160.00 to $147.00 and set an "overweight" rating on the stock in a report on Tuesday, July 15th. Wells Fargo & Company upgraded iRhythm Technologies from an "equal weight" rating to an "overweight" rating and lifted their price objective for the stock from $104.00 to $130.00 in a report on Friday, May 2nd. Citigroup lifted their price objective on iRhythm Technologies from $130.00 to $167.00 and gave the stock a "buy" rating in a report on Thursday, May 22nd. Wall Street Zen downgraded iRhythm Technologies from a "hold" rating to a "sell" rating in a report on Monday, May 5th. Finally, Canaccord Genuity Group dropped their price objective on iRhythm Technologies from $152.00 to $139.00 and set a "buy" rating on the stock in a report on Friday, May 2nd. One analyst has rated the stock with a sell rating, one has given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $157.30.

iRhythm Technologies Trading Down 2.9%

NASDAQ:IRTC traded down $4.73 during mid-day trading on Friday, reaching $160.25. The company's stock had a trading volume of 502,952 shares, compared to its average volume of 475,436. The company's fifty day simple moving average is $143.12 and its two-hundred day simple moving average is $123.07. The company has a debt-to-equity ratio of 6.25, a current ratio of 5.02 and a quick ratio of 4.88. iRhythm Technologies has a twelve month low of $55.92 and a twelve month high of $168.32. The stock has a market cap of $5.15 billion, a P/E ratio of -54.69 and a beta of 1.41.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The company reported ($0.32) earnings per share for the quarter, beating the consensus estimate of ($0.53) by $0.21. The business had revenue of $186.69 million for the quarter, compared to analyst estimates of $173.94 million. iRhythm Technologies had a negative return on equity of 90.03% and a negative net margin of 14.06%. The company's revenue was up 26.1% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.61) EPS. On average, equities analysts predict that iRhythm Technologies will post -1.98 EPS for the current year.

Insider Transactions at iRhythm Technologies

In other news, EVP Minang Turakhia sold 1,420 shares of the firm's stock in a transaction 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. This trade represents a 3.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Daniel G. Wilson sold 3,000 shares of the firm's stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $150.00, for a total value of $450,000.00. Following the completion of the transaction, the chief financial officer owned 40,307 shares in the company, valued at $6,046,050. This represents a 6.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,356 shares of company stock valued at $796,882. Corporate insiders own 0.68% of the company's stock.

Institutional Trading of iRhythm Technologies

Several hedge funds and other institutional investors have recently modified their holdings of IRTC. Principal Financial Group Inc. boosted its stake in shares of iRhythm Technologies by 1,793.7% in the first quarter. Principal Financial Group Inc. now owns 50,449 shares of the company's stock valued at $5,281,000 after buying an additional 47,785 shares during the period. GAMMA Investing LLC raised its position in iRhythm Technologies by 30,928.6% during the first quarter. GAMMA Investing LLC now owns 8,688 shares of the company's stock valued at $909,000 after purchasing an additional 8,660 shares in the last quarter. SG Americas Securities LLC raised its position in iRhythm Technologies by 95.6% during the first quarter. SG Americas Securities LLC now owns 8,427 shares of the company's stock valued at $882,000 after purchasing an additional 4,119 shares in the last quarter. Invesco Ltd. raised its position in iRhythm Technologies by 1.1% during the fourth quarter. Invesco Ltd. now owns 19,200 shares of the company's stock valued at $1,731,000 after purchasing an additional 207 shares in the last quarter. Finally, Stephens Inc. AR acquired a new position in iRhythm Technologies during the first quarter valued at approximately $222,000.

iRhythm Technologies Company Profile

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.