iRhythm Technologies (NASDAQ:IRTC) Price Target Raised to $112.00

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) had its price target upped by stock analysts at Needham & Company LLC from $96.00 to $112.00 in a report issued on Monday,Benzinga reports. The firm presently has a "buy" rating on the stock. Needham & Company LLC's target price indicates a potential upside of 18.41% from the stock's previous close.

Other research analysts have also recently issued reports about the stock. Wells Fargo & Company reissued an "equal weight" rating and set a $86.00 price objective on shares of iRhythm Technologies in a research note on Tuesday, December 3rd. StockNews.com lowered shares of iRhythm Technologies from a "hold" rating to a "sell" rating in a report on Friday, September 27th. The Goldman Sachs Group began coverage on shares of iRhythm Technologies in a report on Friday, October 4th. They issued a "neutral" rating and a $78.00 price target on the stock. Robert W. Baird lowered their target price on iRhythm Technologies from $100.00 to $79.00 and set an "outperform" rating for the company in a research note on Friday, November 1st. Finally, Oppenheimer boosted their price target on iRhythm Technologies from $105.00 to $120.00 and gave the stock an "outperform" rating in a research report on Wednesday, January 8th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $108.45.

iRhythm Technologies Stock Performance

Shares of IRTC stock traded down $3.11 during midday trading on Monday, hitting $94.59. The company had a trading volume of 623,351 shares, compared to its average volume of 395,374. The company's 50 day simple moving average is $86.63 and its 200 day simple moving average is $80.43. iRhythm Technologies has a 52-week low of $55.92 and a 52-week high of $124.11. The company has a debt-to-equity ratio of 9.00, a current ratio of 6.27 and a quick ratio of 6.12. The stock has a market cap of $2.96 billion, a price-to-earnings ratio of -19.46 and a beta of 1.26.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last announced its quarterly earnings results on Wednesday, October 30th. The company reported ($1.26) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.55) by ($0.71). The company had revenue of $147.54 million during the quarter, compared to analysts' expectations of $146.69 million. iRhythm Technologies had a negative net margin of 26.90% and a negative return on equity of 120.86%. The business's revenue for the quarter was up 18.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.89) EPS. Research analysts anticipate that iRhythm Technologies will post -3.35 earnings per share for the current fiscal year.

Insider Activity at iRhythm Technologies

In other news, CEO Quentin S. Blackford sold 16,145 shares of the company's stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $77.41, for a total value of $1,249,784.45. Following the completion of the sale, the chief executive officer now directly owns 159,929 shares of the company's stock, valued at approximately $12,380,103.89. This represents a 9.17 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Patrick Michael Murphy sold 2,492 shares of the business's stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $85.89, for a total value of $214,037.88. Following the sale, the insider now directly owns 35,327 shares in the company, valued at approximately $3,034,236.03. The trade was a 6.59 % decrease in their position. The disclosure for this sale can be found here. 0.68% of the stock is currently owned by insiders.

Institutional Trading of iRhythm Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of IRTC. Oppenheimer Asset Management Inc. grew its holdings in iRhythm Technologies by 6.5% during the second quarter. Oppenheimer Asset Management Inc. now owns 7,909 shares of the company's stock valued at $851,000 after purchasing an additional 482 shares during the last quarter. Bank Pictet & Cie Europe AG grew its holdings in iRhythm Technologies by 22.3% in the 3rd quarter. Bank Pictet & Cie Europe AG now owns 3,105 shares of the company's stock valued at $231,000 after buying an additional 567 shares during the last quarter. Hennion & Walsh Asset Management Inc. increased its position in iRhythm Technologies by 27.3% in the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 3,512 shares of the company's stock worth $261,000 after buying an additional 754 shares during the period. Quarry LP bought a new stake in shares of iRhythm Technologies in the third quarter valued at approximately $59,000. Finally, Assetmark Inc. boosted its position in shares of iRhythm Technologies by 8.0% in the third quarter. Assetmark Inc. now owns 12,645 shares of the company's stock valued at $939,000 after acquiring an additional 937 shares during the period.

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.