Robert W. Baird Issues Pessimistic Forecast for iRhythm Technologies (NASDAQ:IRTC) Stock Price

iRhythm Technologies (NASDAQ:IRTC) had its price objective dropped by investment analysts at Robert W. Baird from $100.00 to $79.00 in a report issued on Friday, Benzinga reports. The firm presently has an “outperform” rating on the stock. Robert W. Baird’s target price indicates a potential upside of 5.28% from the stock’s current price.

Other analysts also recently issued research reports about the stock. Morgan Stanley reduced their price objective on shares of iRhythm Technologies from $135.00 to $130.00 and set an “overweight” rating for the company in a research report on Monday, July 15th. Needham & Company LLC decreased their price objective on shares of iRhythm Technologies from $119.00 to $96.00 and set a “buy” rating for the company in a research note on Thursday. JPMorgan Chase & Co. dropped their price objective on iRhythm Technologies from $133.00 to $100.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Canaccord Genuity Group boosted their target price on iRhythm Technologies from $122.00 to $137.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. Finally, Oppenheimer dropped their price target on iRhythm Technologies from $165.00 to $145.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. One research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $108.50.

iRhythm Technologies Stock Performance

NASDAQ:IRTC opened at $75.04 on Friday. iRhythm Technologies has a 12 month low of $55.92 and a 12 month 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 6.76. The firm has a market capitalization of $2.35 billion, a PE ratio of -15.44 and a beta of 1.23. The business’s fifty day moving average price is $69.24 and its 200 day moving average price is $85.04.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings data on Wednesday, October 30th. The company reported ($1.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.71). The business 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 company’s revenue was up 18.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.89) EPS. On average, sell-side analysts anticipate that iRhythm Technologies will post -2.66 earnings per share for the current fiscal year.

Insider Transactions at iRhythm Technologies

In other iRhythm Technologies news, CFO Brice Bobzien sold 1,372 shares of the business’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $70.34, for a total value of $96,506.48. Following the transaction, the chief financial officer now directly owns 24,428 shares of the company’s stock, valued at approximately $1,718,265.52. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.68% of the company’s stock.

Institutional Investors Weigh In On iRhythm Technologies

A number of hedge funds have recently added to or reduced their stakes in the company. Headlands Technologies LLC raised its stake in shares of iRhythm Technologies by 10,650.0% during the 1st quarter. Headlands Technologies LLC now owns 430 shares of the company’s stock worth $50,000 after buying an additional 426 shares in the last quarter. Nisa Investment Advisors LLC raised its position in iRhythm Technologies by 79.6% in the second quarter. Nisa Investment Advisors LLC now owns 625 shares of the company’s stock worth $67,000 after acquiring an additional 277 shares in the last quarter. SG Americas Securities LLC acquired a new stake in iRhythm Technologies in the first quarter valued at $126,000. nVerses Capital LLC boosted its position in shares of iRhythm Technologies by 400.0% during the 3rd quarter. nVerses Capital LLC now owns 2,000 shares of the company’s stock worth $148,000 after purchasing an additional 1,600 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its position in shares of iRhythm Technologies by 79,700.0% during the 1st quarter. Russell Investments Group Ltd. now owns 1,596 shares of the company’s stock worth $185,000 after purchasing an additional 1,594 shares in the last quarter.

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.