iRhythm Technologies (NASDAQ:IRTC) Stock Price Up 7.8% – What’s Next?

iRhythm Technologies, Inc. (NASDAQ:IRTC) was up 7.8% on Monday . The stock traded as high as $81.27 and last traded at $80.86. Approximately 276,694 shares were traded during mid-day trading, a decline of 41% from the average daily volume of 469,386 shares. The stock had previously closed at $75.04.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. The Goldman Sachs Group assumed coverage on iRhythm Technologies in a research note on Friday, October 4th. They set a “neutral” rating and a $78.00 target price on the stock. Oppenheimer decreased their target price on iRhythm Technologies from $165.00 to $145.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Citigroup dropped their price target on iRhythm Technologies from $135.00 to $110.00 and set a “buy” rating on the stock in a research report on Thursday, August 22nd. Canaccord Genuity Group increased their price objective on iRhythm Technologies from $122.00 to $137.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. Finally, JPMorgan Chase & Co. dropped their target price on shares of iRhythm Technologies from $133.00 to $100.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. One analyst has rated the stock with a sell rating, one has given a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, iRhythm Technologies currently has an average rating of “Moderate Buy” and an average price target of $108.50.

iRhythm Technologies Stock Up 8.5 %

The company’s 50-day simple moving average is $69.24 and its two-hundred day simple moving average is $84.85. The firm has a market capitalization of $2.55 billion, a P/E ratio of -16.51 and a beta of 1.23. The company has a debt-to-equity ratio of 9.00, a current ratio of 6.27 and a quick ratio of 6.76.

iRhythm Technologies (NASDAQ:IRTC) last released its earnings results on Wednesday, October 30th. The company reported ($1.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.55) by ($0.71). The firm had revenue of $147.54 million during the quarter, compared to analysts’ expectations of $146.69 million. iRhythm Technologies had a negative return on equity of 120.86% and a negative net margin of 26.90%. The company’s revenue was up 18.4% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.89) earnings per share. As a group, research analysts expect that iRhythm Technologies, Inc. will post -2.66 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Brice Bobzien sold 1,372 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $70.34, for a total transaction of $96,506.48. Following the sale, the chief financial officer now directly owns 24,428 shares of the company’s stock, valued at $1,718,265.52. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.68% of the stock is owned by company insiders.

Institutional Trading of iRhythm Technologies

A number of hedge funds have recently added to or reduced their stakes in the business. Sei Investments Co. raised its stake in iRhythm Technologies by 7.0% in the first quarter. Sei Investments Co. now owns 235,361 shares of the company’s stock valued at $27,302,000 after buying an additional 15,381 shares during the last quarter. Daiwa Securities Group Inc. purchased a new position in shares of iRhythm Technologies in the 1st quarter valued at approximately $1,925,000. Assenagon Asset Management S.A. boosted its stake in iRhythm Technologies by 361.1% in the 2nd quarter. Assenagon Asset Management S.A. now owns 48,962 shares of the company’s stock worth $5,270,000 after purchasing an additional 38,344 shares in the last quarter. Westfield Capital Management Co. LP purchased a new stake in iRhythm Technologies during the 1st quarter worth approximately $58,311,000. Finally, Allspring Global Investments Holdings LLC increased its stake in iRhythm Technologies by 14.6% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 475,586 shares of the company’s stock valued at $51,192,000 after purchasing an additional 60,560 shares in the last quarter.

iRhythm Technologies Company Profile

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.