Needham Gives a Hold Rating to Irhythm Technologies (IRTC)


Needham analyst David Saxon assigned a Hold rating to Irhythm Technologies (IRTC) today. The company’s shares closed last Tuesday at $76.25, close to its 52-week low of $70.35.

According to TipRanks.com, Saxon is a 4-star analyst with an average return of 26.9% and a 75.0% success rate. Saxon covers the Healthcare sector, focusing on stocks such as Globus Medical, NuVasive, and SI-Bone.

Currently, the analyst consensus on Irhythm Technologies is a Hold with an average price target of $92.40, a 22.3% upside from current levels. In a report released today, Citigroup also downgraded the stock to Hold with a $78.00 price target.

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Based on Irhythm Technologies’ latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $74.31 million and GAAP net loss of $27.78 million. In comparison, last year the company earned revenue of $63.54 million and had a GAAP net loss of $9.07 million.

Based on the recent corporate insider activity of 51 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of IRTC in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

iRhythm Technologies, Inc. is a commercial-stage digital healthcare company, which engages in the development of monitoring and diagnostic solutions for detection of cardiac arrhythmias. It offers ZIO which diagnose many arrhythmias, avoiding multiple indeterminate tests, allowing for appropriate medical intervention, and prevents serious downstream medical events. The company was founded by Uday N. Kumar in September 2006 and is headquartered in San Francisco, CA.

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