Short Interest in iRhythm Technologies, Inc. (NASDAQ:IRTC) Grows By 8.5%

iRhythm Technologies, Inc. (NASDAQ:IRTC) was the recipient of a significant growth in short interest during the month of September. As of September 15th, there was short interest totalling 2,690,000 shares, a growth of 8.5% from the August 31st total of 2,480,000 shares. Based on an average trading volume of 468,100 shares, the days-to-cover ratio is presently 5.7 days.

Insider Transactions at iRhythm Technologies

In other iRhythm Technologies news, EVP Mervin Smith sold 688 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $74.66, for a total transaction of $51,366.08. Following the sale, the executive vice president now owns 10,360 shares of the company’s stock, valued at $773,477.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, EVP Mervin Smith sold 688 shares of the business’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $74.66, for a total transaction of $51,366.08. Following the sale, the executive vice president now directly owns 10,360 shares in the company, valued at $773,477.60. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Brice Bobzien sold 1,372 shares of iRhythm Technologies 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 owns 24,428 shares in the company, valued at $1,718,265.52. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,072 shares of company stock valued at $372,748. 0.68% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. lifted its stake in shares of iRhythm Technologies by 1.6% in the fourth quarter. Principal Financial Group Inc. now owns 7,208 shares of the company’s stock valued at $772,000 after buying an additional 113 shares in the last quarter. SeaCrest Wealth Management LLC boosted its stake in iRhythm Technologies by 7.6% during the 2nd quarter. SeaCrest Wealth Management LLC now owns 2,125 shares of the company’s stock valued at $229,000 after purchasing an additional 150 shares during the last quarter. Ascent Group LLC increased its holdings in 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 purchasing an additional 175 shares in the last quarter. Swiss National Bank raised its stake in shares of iRhythm Technologies by 0.3% in the first quarter. Swiss National Bank now owns 60,500 shares of the company’s stock worth $7,018,000 after purchasing an additional 200 shares during the last quarter. Finally, Nisa Investment Advisors LLC lifted its holdings in shares of iRhythm Technologies by 79.6% in the second quarter. Nisa Investment Advisors LLC now owns 625 shares of the company’s stock valued at $67,000 after purchasing an additional 277 shares in the last quarter.

iRhythm Technologies Stock Performance

NASDAQ:IRTC opened at $74.24 on Tuesday. The company has a quick ratio of 6.76, a current ratio of 6.92 and a debt-to-equity ratio of 6.50. iRhythm Technologies has a twelve month low of $60.88 and a twelve month high of $124.11. The company has a fifty day moving average of $73.72 and a 200-day moving average of $92.22. The firm has a market capitalization of $2.31 billion, a P/E ratio of -17.55 and a beta of 1.22.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings results on Thursday, August 1st. The company reported ($0.61) earnings per share for the quarter, beating the consensus estimate of ($0.89) by $0.28. The firm had revenue of $148.05 million during the quarter, compared to the consensus estimate of $146.15 million. iRhythm Technologies had a negative net margin of 24.50% and a negative return on equity of 84.14%. The business’s revenue was up 19.3% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.61) earnings per share. As a group, sell-side analysts anticipate that iRhythm Technologies will post -2.66 EPS for the current year.

Analysts Set New Price Targets

IRTC has been the subject of a number of recent research reports. Oppenheimer decreased their price objective on iRhythm Technologies from $165.00 to $145.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Wolfe Research upgraded iRhythm Technologies from a “peer perform” rating to an “outperform” rating and set a $115.00 price objective for the company in a research report on Thursday, June 20th. Needham & Company LLC reduced their target price on iRhythm Technologies from $138.00 to $119.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Canaccord Genuity Group raised their price target on shares of iRhythm Technologies from $122.00 to $137.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. Finally, Citigroup decreased 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 report on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating and nine have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $120.33.

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.