Short Interest in iRhythm Technologies (NASDAQ:IRTC) Grows By 20.1%

iRhythm Technologies (NASDAQ:IRTC) was the target of a significant increase in short interest in the month of February. As of February 13th, there was short interest totaling 3,401,218 shares, an increase of 20.1% from the January 29th total of 2,830,877 shares. Approximately 10.6% of the shares of the stock are sold short. Based on an average trading volume of 665,249 shares, the days-to-cover ratio is currently 5.1 days. Based on an average trading volume of 665,249 shares, the days-to-cover ratio is currently 5.1 days. Approximately 10.6% of the shares of the stock are sold short.

Insiders Place Their Bets

In other news, EVP Minang Turakhia sold 7,804 shares of the business’s stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $135.42, for a total value of $1,056,817.68. Following the transaction, the executive vice president directly owned 48,899 shares in the company, valued at $6,621,902.58. The trade was a 13.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Patrick Michael Murphy sold 7,805 shares of the stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $135.42, for a total value of $1,056,953.10. Following the sale, the insider owned 60,536 shares of the company’s stock, valued at $8,197,785.12. This represents a 11.42% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 94,509 shares of company stock valued at $12,734,195. Insiders own 1.10% of the company’s stock.

Hedge Funds Weigh In On iRhythm Technologies

Several large investors have recently modified their holdings of IRTC. Royal Bank of Canada raised its holdings in iRhythm Technologies by 423.0% during the 1st quarter. Royal Bank of Canada now owns 7,573 shares of the company’s stock valued at $793,000 after buying an additional 6,125 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of iRhythm Technologies by 33.5% in the first quarter. Goldman Sachs Group Inc. now owns 433,780 shares of the company’s stock valued at $45,408,000 after acquiring an additional 108,941 shares during the period. Strs Ohio bought a new stake in shares of iRhythm Technologies in the 1st quarter worth about $147,000. Teacher Retirement System of Texas lifted its holdings in shares of iRhythm Technologies by 4.2% in the 2nd quarter. Teacher Retirement System of Texas now owns 4,769 shares of the company’s stock worth $734,000 after acquiring an additional 194 shares during the last quarter. Finally, Atria Investments Inc purchased a new position in shares of iRhythm Technologies during the 2nd quarter worth about $200,000.

Wall Street Analysts Forecast Growth

IRTC has been the topic of several recent analyst reports. Wall Street Zen upgraded shares of iRhythm Technologies from a “hold” rating to a “buy” rating in a research report on Saturday, February 21st. Wells Fargo & Company reduced their price target on shares of iRhythm Technologies from $225.00 to $200.00 and set an “overweight” rating on the stock in a report on Friday, February 20th. Truist Financial reiterated a “buy” rating and issued a $200.00 price target (down from $215.00) on shares of iRhythm Technologies in a research note on Friday, February 20th. Canaccord Genuity Group dropped their price objective on shares of iRhythm Technologies from $212.00 to $198.00 and set a “buy” rating for the company in a report on Friday, February 20th. Finally, Robert W. Baird reduced their target price on iRhythm Technologies from $220.00 to $200.00 and set an “outperform” rating on the stock in a report on Friday, February 20th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, iRhythm Technologies currently has an average rating of “Moderate Buy” and an average target price of $211.62.

iRhythm Technologies Price Performance

Shares of iRhythm Technologies stock traded down $0.71 during trading hours on Thursday, reaching $127.24. The company’s stock had a trading volume of 344,686 shares, compared to its average volume of 741,053. The firm has a 50 day moving average price of $158.44 and a 200-day moving average price of $169.85. iRhythm Technologies has a one year low of $92.52 and a one year high of $212.00. The company has a debt-to-equity ratio of 4.25, a current ratio of 4.63 and a quick ratio of 4.48. The stock has a market cap of $4.11 billion, a P/E ratio of -90.89 and a beta of 1.09.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings results on Thursday, February 19th. The company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.02 by $0.27. iRhythm Technologies had a negative net margin of 5.96% and a negative return on equity of 28.15%. The firm had revenue of $208.89 million during the quarter, compared to the consensus estimate of $202.61 million. During the same quarter last year, the firm earned ($0.04) EPS. The firm’s revenue for the quarter was up 27.1% compared to the same quarter last year. On average, analysts predict that iRhythm Technologies will post -1.98 EPS for the current year.

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.