iRhythm Technologies (NASDAQ:IRTC) Shares Gap Up – Here’s Why

iRhythm Technologies, Inc. (NASDAQ:IRTC)’s share price gapped up prior to trading on Monday . The stock had previously closed at $100.67, but opened at $103.89. iRhythm Technologies shares last traded at $100.40, with a volume of 10,786 shares changing hands.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on IRTC shares. Oppenheimer upped their target price on shares of iRhythm Technologies from $105.00 to $120.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 8th. Truist Financial boosted their target price on iRhythm Technologies from $111.00 to $145.00 and gave the company a “buy” rating in a research note on Friday, February 21st. StockNews.com raised shares of iRhythm Technologies from a “sell” rating to a “hold” rating in a research report on Monday, February 24th. Wells Fargo & Company lifted their price target on shares of iRhythm Technologies from $86.00 to $104.00 and gave the company an “equal weight” rating in a research note on Friday, February 21st. Finally, The Goldman Sachs Group raised their price objective on iRhythm Technologies from $91.00 to $124.00 and gave the company a “neutral” rating in a report on Monday, February 24th. Three research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $119.73.

iRhythm Technologies Trading Up 0.1 %

The company has a current ratio of 6.27, a quick ratio of 6.12 and a debt-to-equity ratio of 9.00. The firm’s 50-day moving average is $106.75 and its 200-day moving average is $87.73. The firm has a market cap of $3.17 billion, a price-to-earnings ratio of -27.69 and a beta of 1.36.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings results on Thursday, February 20th. The company reported $0.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.30. The business had revenue of $164.33 million during the quarter, compared to the consensus estimate of $158.30 million. iRhythm Technologies had a negative return on equity of 118.83% and a negative net margin of 19.14%. As a group, sell-side analysts anticipate that iRhythm Technologies, Inc. will post -1.98 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in IRTC. Van ECK Associates Corp boosted its holdings in shares of iRhythm Technologies by 41.3% in the fourth quarter. Van ECK Associates Corp now owns 554 shares of the company’s stock worth $50,000 after acquiring an additional 162 shares during the period. Bank Pictet & Cie Europe AG boosted its stake in iRhythm Technologies by 5.9% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 3,289 shares of the company’s stock worth $297,000 after buying an additional 184 shares in the last quarter. Invesco Ltd. raised its position in iRhythm Technologies by 1.1% in the 4th quarter. Invesco Ltd. now owns 19,200 shares of the company’s stock worth $1,731,000 after purchasing an additional 207 shares during the period. Summit Investment Advisors Inc. increased its holdings in shares of iRhythm Technologies by 6.9% in the fourth quarter. Summit Investment Advisors Inc. now owns 3,271 shares of the company’s stock worth $295,000 after buying an additional 210 shares during the period. Finally, KBC Group NV increased its stake in shares of iRhythm Technologies by 45.1% in the fourth quarter. KBC Group NV now owns 1,319 shares of the company’s stock worth $119,000 after buying an additional 410 shares during the period.

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.