iRhythm Technologies (NASDAQ:IRTC) Trading Up 5%

iRhythm Technologies, Inc. (NASDAQ:IRTC)’s stock price traded up 5% on Wednesday . The company traded as high as $71.76 and last traded at $71.42. 218,658 shares changed hands during mid-day trading, a decline of 49% from the average session volume of 432,576 shares. The stock had previously closed at $68.00.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Wolfe Research raised shares of iRhythm Technologies from a “peer perform” rating to an “outperform” rating and set a $115.00 price objective on the stock in a research note on Thursday, June 20th. Morgan Stanley reduced their price objective on iRhythm Technologies from $135.00 to $130.00 and set an “overweight” rating for the company in a research report on Monday, July 15th. Robert W. Baird dropped their target price on iRhythm Technologies from $120.00 to $110.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Truist Financial reaffirmed a “buy” rating and issued a $117.00 price target (down previously from $134.00) on shares of iRhythm Technologies in a research report on Friday, August 2nd. Finally, Needham & Company LLC dropped their price target on shares of iRhythm Technologies from $138.00 to $119.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. One investment analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, iRhythm Technologies presently has an average rating of “Moderate Buy” and a consensus price target of $118.67.

iRhythm Technologies Stock Performance

The business’s 50-day simple moving average is $82.92 and its 200 day simple moving average is $97.08. The company has a debt-to-equity ratio of 6.50, a quick ratio of 6.76 and a current ratio of 6.92. The firm has a market cap of $2.09 billion, a P/E ratio of -15.12 and a beta of 1.25.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings results on Thursday, August 1st. The company reported ($0.61) earnings per share for the quarter, beating the consensus estimate of ($0.89) by $0.28. iRhythm Technologies had a negative return on equity of 84.14% and a negative net margin of 24.50%. The company had revenue of $148.05 million for the quarter, compared to analyst estimates of $146.15 million. During the same quarter in the prior year, the firm posted ($0.61) EPS. iRhythm Technologies’s quarterly revenue was up 19.3% compared to the same quarter last year. As a group, equities analysts predict that iRhythm Technologies, Inc. will post -2.66 earnings per share for the current year.

Insider Transactions at iRhythm Technologies

In related news, CMO Minang Turakhia sold 1,404 shares of the business’s stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $105.65, for a total value of $148,332.60. Following the completion of the transaction, the chief marketing officer now directly owns 27,255 shares in the company, valued at approximately $2,879,490.75. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other iRhythm Technologies news, CFO Brice Bobzien sold 1,372 shares of the stock in a transaction on Friday, August 9th. The shares were sold at an average price of $70.34, for a total transaction of $96,506.48. Following the transaction, the chief financial officer now directly owns 24,428 shares of the company’s stock, valued at $1,718,265.52. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CMO Minang Turakhia sold 1,404 shares of iRhythm Technologies stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $105.65, for a total value of $148,332.60. Following the completion of the sale, the chief marketing officer now owns 27,255 shares in the company, valued at $2,879,490.75. The disclosure for this sale can be found here. Insiders have sold 6,476 shares of company stock worth $521,081 over the last quarter. 0.68% of the stock is currently owned by insiders.

Hedge Funds Weigh In On iRhythm Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of iRhythm Technologies by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 2,993,443 shares of the company’s stock valued at $320,418,000 after acquiring an additional 35,694 shares during the last quarter. Capital Research Global Investors lifted its position in shares of iRhythm Technologies by 5.1% during the 4th quarter. Capital Research Global Investors now owns 2,495,626 shares of the company’s stock valued at $267,132,000 after acquiring an additional 121,709 shares during the period. Artisan Partners Limited Partnership boosted its position in iRhythm Technologies by 5.5% during the fourth quarter. Artisan Partners Limited Partnership now owns 2,071,500 shares of the company’s stock worth $221,733,000 after purchasing an additional 108,875 shares in the last quarter. Mackenzie Financial Corp boosted its position in shares of iRhythm Technologies by 5.9% in the 2nd quarter. Mackenzie Financial Corp now owns 1,428,324 shares of the company’s stock worth $153,745,000 after buying an additional 80,091 shares in the last quarter. Finally, Blair William & Co. IL increased its holdings in iRhythm Technologies by 3.5% during the 1st quarter. Blair William & Co. IL now owns 832,934 shares of the company’s stock valued at $96,620,000 after acquiring an additional 27,842 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.