iRhythm Technologies (NASDAQ:IRTC) Releases Earnings Results, Beats Expectations By $0.27 EPS

iRhythm Technologies (NASDAQ:IRTC) posted its quarterly earnings data on Thursday. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.27, FiscalAI reports. iRhythm Technologies had a negative return on equity of 41.86% and a negative net margin of 7.32%.

iRhythm Technologies Stock Up 3.3%

NASDAQ IRTC traded up $5.03 during trading on Thursday, reaching $158.88. 775,472 shares of the company’s stock were exchanged, compared to its average volume of 699,436. The company has a 50 day moving average price of $165.21 and a two-hundred day moving average price of $171.48. The stock has a market cap of $5.12 billion, a P/E ratio of -98.68 and a beta of 1.06. iRhythm Technologies has a 1 year low of $92.52 and a 1 year high of $212.00. The company has a debt-to-equity ratio of 5.32, a quick ratio of 4.50 and a current ratio of 4.63.

Analyst Ratings Changes

IRTC has been the topic of a number of recent research reports. Needham & Company LLC reiterated a “buy” rating and set a $244.00 price target on shares of iRhythm Technologies in a research note on Monday, January 12th. Citigroup upped their target price on shares of iRhythm Technologies from $205.00 to $242.00 and gave the stock a “buy” rating in a research note on Friday, October 31st. Wells Fargo & Company increased their target price on shares of iRhythm Technologies from $220.00 to $225.00 and gave the stock an “overweight” rating in a report on Tuesday, January 13th. Freedom Capital upgraded shares of iRhythm Technologies to a “strong-buy” rating in a research note on Thursday, January 15th. Finally, BTIG Research upped their price objective on iRhythm Technologies from $195.00 to $215.00 and gave the stock a “buy” rating in a research report on Friday, October 31st. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, iRhythm Technologies has an average rating of “Moderate Buy” and an average target price of $219.23.

Insider Activity

In related news, insider Chad Patterson sold 280 shares of the company’s stock in a transaction that occurred on Tuesday, December 2nd. The stock was sold at an average price of $184.83, for a total value of $51,752.40. Following the completion of the transaction, the insider directly owned 43,387 shares of the company’s stock, valued at $8,019,219.21. This represents a 0.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Patrick Michael Murphy sold 2,478 shares of the stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $184.83, for a total transaction of $458,008.74. Following the completion of the transaction, the insider owned 53,281 shares in the company, valued at $9,847,927.23. This represents a 4.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.10% of the stock is currently owned by company insiders.

Institutional Trading of iRhythm Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Corient Private Wealth LLC boosted its position in shares of iRhythm Technologies by 12.1% in the 4th quarter. Corient Private Wealth LLC now owns 1,764 shares of the company’s stock valued at $313,000 after purchasing an additional 191 shares during the period. Fuller & Thaler Asset Management Inc. lifted its stake in iRhythm Technologies by 7.4% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 639,423 shares of the company’s stock valued at $113,459,000 after buying an additional 44,175 shares during the last quarter. XTX Topco Ltd purchased a new stake in iRhythm Technologies in the fourth quarter valued at approximately $855,000. RTW Investments LP acquired a new stake in shares of iRhythm Technologies in the fourth quarter valued at approximately $209,732,000. Finally, Occudo Quantitative Strategies LP boosted its holdings in shares of iRhythm Technologies by 103.8% in the fourth quarter. Occudo Quantitative Strategies LP now owns 16,484 shares of the company’s stock valued at $2,925,000 after acquiring an additional 8,395 shares during the period.

About iRhythm Technologies

iRhythm Technologies, Inc is a medical technology company that develops and commercializes wearable cardiac monitoring devices and associated data analytics services. Founded in 2006 and headquartered in San Francisco, California, the company’s flagship product is the Zio® patch, a discreet, single-use, continuous ECG recorder designed to monitor heart rhythms for up to 14 days. iRhythm’s digital diagnostics platform combines biosensor technology with proprietary algorithms to detect arrhythmias and streamline data interpretation for physicians.

The Zio service is prescribed by cardiologists and other healthcare providers to aid in the diagnosis of atrial fibrillation, bradycardia, tachycardia and other rhythm disorders.