iRhythm Technologies, Inc. (NASDAQ:IRTC) Short Interest Down 6.2% in May

iRhythm Technologies, Inc. (NASDAQ:IRTC) was the target of a significant decrease in short interest in May. As of May 31st, there was short interest totalling 2,870,000 shares, a decrease of 6.2% from the May 15th total of 3,060,000 shares. Based on an average daily trading volume, of 421,600 shares, the days-to-cover ratio is currently 6.8 days.

Insiders Place Their Bets

In related news, EVP Sumi Shrishrimal sold 1,131 shares of the firm’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $88.91, for a total value of $100,557.21. Following the completion of the sale, the executive vice president now owns 23,298 shares of the company’s stock, valued at $2,071,425.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other iRhythm Technologies news, CAO Marc W. Rosenbaum sold 510 shares of the firm’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $88.91, for a total value of $45,344.10. Following the transaction, the chief accounting officer now directly owns 8,174 shares of the company’s stock, valued at $726,750.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Sumi Shrishrimal sold 1,131 shares of iRhythm Technologies stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $88.91, for a total value of $100,557.21. Following the transaction, the executive vice president now directly owns 23,298 shares in the company, valued at $2,071,425.18. The disclosure for this sale can be found here. 0.68% of the stock is owned by insiders.

Institutional Trading of iRhythm Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. raised its stake in shares of iRhythm Technologies by 1.6% during the 4th quarter. Principal Financial Group Inc. now owns 7,208 shares of the company’s stock worth $772,000 after buying an additional 113 shares in the last quarter. Ascent Group LLC grew 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 valued at $462,000 after buying an additional 175 shares during the last quarter. Handelsbanken Fonder AB grew its holdings in iRhythm Technologies by 3.3% during the 4th quarter. Handelsbanken Fonder AB now owns 6,239 shares of the company’s stock valued at $668,000 after buying an additional 200 shares during the last quarter. Swiss National Bank grew its holdings in iRhythm Technologies by 0.3% during the 1st quarter. Swiss National Bank now owns 60,500 shares of the company’s stock valued at $7,018,000 after buying an additional 200 shares during the last quarter. Finally, Covestor Ltd grew its holdings in iRhythm Technologies by 285.2% during the 3rd quarter. Covestor Ltd now owns 312 shares of the company’s stock valued at $29,000 after buying an additional 231 shares during the last quarter.

iRhythm Technologies Price Performance

IRTC stock opened at $95.75 on Tuesday. The company has a current ratio of 7.10, a quick ratio of 6.95 and a debt-to-equity ratio of 7.13. The company has a market capitalization of $2.98 billion, a PE ratio of -22.64 and a beta of 1.25. iRhythm Technologies has a 12-month low of $70.24 and a 12-month high of $124.11. The business’s fifty day moving average price is $100.70 and its 200 day moving average price is $106.18.

iRhythm Technologies (NASDAQ:IRTC) last released its earnings results on Thursday, May 2nd. The company reported ($1.47) EPS for the quarter, missing the consensus estimate of ($0.99) by ($0.48). The company had revenue of $131.93 million for the quarter, compared to analyst estimates of $128.87 million. iRhythm Technologies had a negative return on equity of 69.87% and a negative net margin of 25.33%. On average, sell-side analysts anticipate that iRhythm Technologies will post -3.22 EPS for the current year.

Analyst Ratings Changes

A number of research firms have issued reports on IRTC. Needham & Company LLC lifted their price objective on iRhythm Technologies from $137.00 to $138.00 and gave the stock a “buy” rating in a research note on Friday, May 3rd. Canaccord Genuity Group dropped their price target on iRhythm Technologies from $133.00 to $122.00 and set a “buy” rating on the stock in a research report on Friday, May 3rd. Finally, JPMorgan Chase & Co. dropped their price target on iRhythm Technologies from $142.00 to $133.00 and set an “overweight” rating on the stock in a research report on Friday, February 23rd. One research analyst has rated the stock with a sell rating and seven have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $133.25.

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.