iRhythm Technologies, Inc. (NASDAQ:IRTC) Short Interest Update

iRhythm Technologies, Inc. (NASDAQ:IRTC) was the target of a large growth in short interest in 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 currently 5.7 days.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Oppenheimer cut their price objective on iRhythm Technologies from $165.00 to $145.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. StockNews.com downgraded shares of iRhythm Technologies from a “hold” rating to a “sell” rating in a research note on Friday. Citigroup cut their target price on shares of iRhythm Technologies from $135.00 to $110.00 and set a “buy” rating on the stock in a research note on Thursday, August 22nd. Robert W. Baird decreased their price target on shares of iRhythm Technologies from $120.00 to $110.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Finally, JPMorgan Chase & Co. cut their price objective on iRhythm Technologies from $133.00 to $100.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. One research analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $120.33.

iRhythm Technologies Stock Performance

IRTC opened at $74.24 on Tuesday. The stock has a market cap of $2.31 billion, a price-to-earnings ratio of -17.55 and a beta of 1.22. The business has a 50 day moving average of $73.72 and a 200-day moving average of $92.22. iRhythm Technologies has a 12-month low of $60.88 and a 12-month high of $124.11. 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 (NASDAQ:IRTC) last issued its quarterly earnings data on Thursday, August 1st. The company reported ($0.61) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.89) by $0.28. The company had revenue of $148.05 million during the quarter, compared to analysts’ expectations of $146.15 million. iRhythm Technologies had a negative return on equity of 84.14% and a negative net margin of 24.50%. The business’s revenue was up 19.3% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.61) earnings per share. On average, equities research analysts expect that iRhythm Technologies will post -2.66 earnings per share for the current year.

Insider Transactions at iRhythm Technologies

In other news, CFO Brice Bobzien sold 1,372 shares of iRhythm Technologies stock in a transaction 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 completion of the transaction, the chief financial officer now owns 24,428 shares of the company’s stock, valued at approximately $1,718,265.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other iRhythm Technologies news, CFO Brice Bobzien sold 1,372 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief financial officer now owns 24,428 shares of the company’s stock, valued at $1,718,265.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Chad Patterson sold 3,012 shares of the company’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $74.66, for a total value of $224,875.92. Following the completion of the sale, the insider now owns 37,133 shares in the company, valued at $2,772,349.78. The disclosure for this sale can be found here. Insiders have sold 5,072 shares of company stock valued at $372,748 in the last quarter. 0.68% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On iRhythm Technologies

Several institutional investors have recently made changes to their positions in IRTC. Headlands Technologies LLC grew its stake in iRhythm Technologies by 10,650.0% during the first quarter. Headlands Technologies LLC now owns 430 shares of the company’s stock worth $50,000 after buying an additional 426 shares in the last quarter. Nisa Investment Advisors LLC increased its stake in 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 acquiring an additional 277 shares during the last quarter. SG Americas Securities LLC acquired a new position in iRhythm Technologies during the first quarter valued at approximately $126,000. Russell Investments Group Ltd. lifted its stake in iRhythm Technologies by 79,700.0% during the first quarter. Russell Investments Group Ltd. now owns 1,596 shares of the company’s stock worth $185,000 after purchasing an additional 1,594 shares during the last quarter. Finally, SeaCrest Wealth Management LLC boosted its holdings in shares of iRhythm Technologies by 7.6% in 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 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.