iRhythm Technologies (NASDAQ:IRTC) Trading Up 6.8%

iRhythm Technologies, Inc. (NASDAQ:IRTC) shot up 6.8% during mid-day trading on Thursday . The stock traded as high as $73.28 and last traded at $73.20. 99,912 shares changed hands during trading, a decline of 77% from the average session volume of 429,186 shares. The stock had previously closed at $68.56.

Analysts Set New Price Targets

IRTC has been the subject of several analyst reports. JPMorgan Chase & Co. reduced their price objective on iRhythm Technologies from $133.00 to $100.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Truist Financial restated a “buy” rating and issued a $117.00 price target (down previously from $134.00) on shares of iRhythm Technologies in a research report on Friday, August 2nd. Morgan Stanley lowered their price objective on iRhythm Technologies from $135.00 to $130.00 and set an “overweight” rating on the stock in a research report on Monday, July 15th. Robert W. Baird reduced their target price on shares of iRhythm Technologies from $120.00 to $110.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Finally, Citigroup decreased 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. One analyst has rated the stock with a sell rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $118.67.

iRhythm Technologies Price Performance

The company has a quick ratio of 6.95, a current ratio of 7.10 and a debt-to-equity ratio of 7.13. The firm’s fifty day moving average price is $85.67 and its 200 day moving average price is $98.37. The stock has a market cap of $2.20 billion, a PE ratio of -16.76 and a beta of 1.25.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings results on Thursday, August 1st. The company reported ($0.61) EPS for the quarter, topping the consensus estimate of ($0.89) by $0.28. iRhythm Technologies had a negative net margin of 24.50% and a negative return on equity of 75.14%. The business had revenue of $148.05 million for the quarter, compared to analysts’ expectations of $146.15 million. During the same quarter in the previous year, the company earned ($0.61) EPS. The business’s quarterly revenue was up 19.3% compared to the same quarter last year. As a group, equities analysts expect that iRhythm Technologies, Inc. will post -3.22 EPS for the current fiscal year.

Insider Activity at iRhythm Technologies

In other iRhythm Technologies news, CAO Marc W. Rosenbaum sold 510 shares of iRhythm Technologies stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $88.91, for a total value of $45,344.10. Following the sale, the chief accounting officer now owns 8,174 shares of the company’s stock, valued at approximately $726,750.34. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CAO Marc W. Rosenbaum sold 510 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $88.91, for a total transaction of $45,344.10. Following the sale, the chief accounting officer now directly owns 8,174 shares in the company, valued at approximately $726,750.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CMO Minang Turakhia sold 1,404 shares of the company’s stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $105.65, for a total value of $148,332.60. Following the sale, the chief marketing officer now owns 27,255 shares in the company, valued at $2,879,490.75. The disclosure for this sale can be found here. Over the last three months, insiders sold 8,117 shares of company stock valued at $666,982. Insiders own 0.68% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Headlands Technologies LLC lifted its holdings in shares of iRhythm Technologies by 10,650.0% in the 1st quarter. Headlands Technologies LLC now owns 430 shares of the company’s stock worth $50,000 after acquiring an additional 426 shares during the last quarter. Nisa Investment Advisors LLC lifted 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 worth $67,000 after purchasing an additional 277 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of iRhythm Technologies during the first quarter valued at approximately $126,000. Russell Investments Group Ltd. grew its stake in shares of iRhythm Technologies by 79,700.0% during the first 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 last quarter. Finally, SeaCrest Wealth Management LLC raised its holdings in shares of iRhythm Technologies by 7.6% in the second quarter. SeaCrest Wealth Management LLC now owns 2,125 shares of the company’s stock worth $229,000 after buying an additional 150 shares during the period.

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.