iRhythm Technologies (NASDAQ:IRTC) Trading Up 8.6% – Still a Buy?

iRhythm Technologies, Inc. (NASDAQ:IRTC)’s stock price traded up 8.6% during mid-day trading on Monday . The company traded as high as $80.75 and last traded at $80.37. 155,838 shares traded hands during trading, a decline of 67% from the average session volume of 473,737 shares. The stock had previously closed at $73.99.

Analysts Set New Price Targets

IRTC has been the subject of a number of research analyst reports. Citigroup cut their price target on shares of iRhythm Technologies from $135.00 to $110.00 and set a “buy” rating for the company in a report on Thursday, August 22nd. Robert W. Baird cut their price target on shares of iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating on the stock in a report on Friday, November 1st. JPMorgan Chase & Co. lowered their price objective on shares of iRhythm Technologies from $133.00 to $100.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Needham & Company LLC reduced their target price on iRhythm Technologies from $119.00 to $96.00 and set a “buy” rating for the company in a report on Thursday, October 31st. Finally, The Goldman Sachs Group initiated coverage on iRhythm Technologies in a report on Friday, October 4th. They set a “neutral” rating and a $78.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $108.50.

iRhythm Technologies Trading Up 11.3 %

The company has a 50 day moving average of $72.76 and a 200 day moving average of $81.93. The firm has a market cap of $2.58 billion, a P/E ratio of -16.94 and a beta of 1.23. The company has a debt-to-equity ratio of 9.00, a quick ratio of 6.12 and a current ratio of 6.27.

iRhythm Technologies (NASDAQ:IRTC) last posted its earnings results on Wednesday, October 30th. The company reported ($1.26) EPS for the quarter, missing the consensus estimate of ($0.55) by ($0.71). iRhythm Technologies had a negative return on equity of 120.86% and a negative net margin of 26.90%. The business had revenue of $147.54 million during the quarter, compared to the consensus estimate of $146.69 million. During the same period in the prior year, the firm earned ($0.89) earnings per share. The business’s revenue was up 18.4% on a year-over-year basis. Analysts predict that iRhythm Technologies, Inc. will post -3.44 EPS for the current fiscal year.

Insider Activity

In related news, Director Abhijit Y. Talwalkar acquired 6,664 shares of the business’s stock in a transaction dated Monday, November 4th. The stock was acquired at an average price of $75.16 per share, with a total value of $500,866.24. Following the completion of the transaction, the director now owns 18,941 shares of the company’s stock, valued at approximately $1,423,605.56. This represents a 54.28 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, 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 transaction, the chief executive officer now directly owns 159,929 shares of the company’s stock, valued at approximately $12,380,103.89. This trade represents a 9.17 % decrease in their position. The disclosure for this sale can be found here. 0.68% of the stock is currently owned by insiders.

Institutional Investors Weigh In On iRhythm Technologies

Several institutional investors and hedge funds have recently bought and sold shares of IRTC. Eventide Asset Management LLC grew its stake in shares of iRhythm Technologies by 170.8% in the 3rd quarter. Eventide Asset Management LLC now owns 736,721 shares of the company’s stock valued at $54,694,000 after purchasing an additional 464,629 shares during the period. Braidwell LP raised its holdings in shares of iRhythm Technologies by 48.7% in the third quarter. Braidwell LP now owns 782,557 shares of the company’s stock valued at $58,097,000 after buying an additional 256,200 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its position in shares of iRhythm Technologies by 38.1% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 707,175 shares of the company’s stock worth $52,501,000 after purchasing an additional 195,246 shares in the last quarter. Mackenzie Financial Corp raised its position in 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 purchasing an additional 80,091 shares during the last quarter. Finally, Fred Alger Management LLC lifted its holdings in iRhythm Technologies by 24.4% during the 3rd quarter. Fred Alger Management LLC now owns 314,117 shares of the company’s stock worth $23,320,000 after buying an additional 61,696 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.