iRhythm Technologies (NASDAQ:IRTC) Trading Up 8.6% – Should You Buy?

iRhythm Technologies, Inc. (NASDAQ:IRTC) shares 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 changed hands during mid-day trading, a decline of 67% from the average session volume of 473,737 shares. The stock had previously closed at $73.99.

Analyst Upgrades and Downgrades

A number of research firms have commented on IRTC. JPMorgan Chase & Co. decreased their price target on iRhythm Technologies from $133.00 to $100.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Citigroup lowered their price objective on shares of iRhythm Technologies from $135.00 to $110.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. Oppenheimer cut their target price on shares of iRhythm Technologies from $165.00 to $145.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Needham & Company LLC lowered their price target 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, Truist Financial raised their price target on iRhythm Technologies from $80.00 to $95.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. One analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, iRhythm Technologies presently has a consensus rating of “Moderate Buy” and a consensus price target of $108.50.

iRhythm Technologies Trading Up 11.3 %

The firm has a market capitalization of $2.58 billion, a price-to-earnings 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. The business has a fifty day moving average price of $72.76 and a 200 day moving average price of $81.93.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings results on Wednesday, October 30th. The company reported ($1.26) earnings per share for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $146.69 million. During the same period last year, the company posted ($0.89) earnings per share. The firm’s revenue for the quarter was up 18.4% on a year-over-year basis. As a group, equities analysts forecast that iRhythm Technologies, Inc. will post -3.44 earnings per share for the current year.

Insider Buying and Selling

In other iRhythm Technologies news, CEO Quentin S. Blackford sold 16,145 shares of the company’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $77.41, for a total value of $1,249,784.45. Following the transaction, the chief executive officer now directly owns 159,929 shares of the company’s stock, valued at $12,380,103.89. This represents a 9.17 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Abhijit Y. Talwalkar bought 6,664 shares of the company’s stock in a transaction dated Monday, November 4th. The stock was bought at an average cost of $75.16 per share, with a total value of $500,866.24. Following the transaction, the director now directly owns 18,941 shares in the company, valued at approximately $1,423,605.56. The trade was a 54.28 % increase in their position. The disclosure for this purchase can be found here. 0.68% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On iRhythm Technologies

Several large investors have recently made changes to their positions in IRTC. SG Americas Securities LLC bought a new position in shares of iRhythm Technologies in the first quarter worth $126,000. Russell Investments Group Ltd. increased its stake in iRhythm Technologies by 79,700.0% during the 1st quarter. Russell Investments Group Ltd. now owns 1,596 shares of the company’s stock valued at $185,000 after buying an additional 1,594 shares during the period. Ascent Group LLC raised its position in shares of iRhythm Technologies by 4.6% during the 1st quarter. Ascent Group LLC now owns 3,980 shares of the company’s stock worth $462,000 after buying an additional 175 shares in the last quarter. Silvercrest Asset Management Group LLC lifted its stake in shares of iRhythm Technologies by 4.8% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 94,653 shares of the company’s stock worth $10,980,000 after acquiring an additional 4,338 shares during the period. Finally, Comerica Bank boosted its holdings in shares of iRhythm Technologies by 5,033.5% in the first quarter. Comerica Bank now owns 38,963 shares of the company’s stock valued at $4,520,000 after acquiring an additional 38,204 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.