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 daily volume of 468,100 shares, the days-to-cover ratio is currently 5.7 days.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Needham & Company LLC decreased their price objective on shares of iRhythm Technologies from $138.00 to $119.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. StockNews.com lowered iRhythm Technologies from a “hold” rating to a “sell” rating in a research note on Friday. Oppenheimer reduced their price objective on iRhythm Technologies from $165.00 to $145.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Canaccord Genuity Group boosted their target price on iRhythm Technologies from $122.00 to $137.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. Finally, Robert W. Baird dropped 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. One research analyst has rated the stock with a sell rating and nine have issued a buy rating to the company. According to data from MarketBeat, iRhythm Technologies presently has an average rating of “Moderate Buy” and a consensus price target of $120.33.

iRhythm Technologies Stock Performance

Shares of NASDAQ IRTC traded up $1.37 during midday trading on Monday, hitting $74.24. The company’s stock had a trading volume of 339,847 shares, compared to its average volume of 440,025. The stock has a fifty day moving average price of $73.72 and a 200 day moving average price of $92.22. The company has a current ratio of 6.92, a quick ratio of 6.76 and a debt-to-equity ratio of 6.50. iRhythm Technologies has a one year low of $60.88 and a one year high of $124.11. The firm has a market capitalization of $2.31 billion, a price-to-earnings ratio of -17.55 and a beta of 1.22.

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

Insiders Place Their Bets

In other iRhythm Technologies news, EVP Mervin Smith sold 688 shares of the stock in a transaction that occurred 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 transaction, the executive vice president now owns 10,360 shares in the company, valued at approximately $773,477.60. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CFO Brice Bobzien sold 1,372 shares of the business’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $70.34, for a total value 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 legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Mervin Smith sold 688 shares of the 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 owns 10,360 shares in the company, valued at $773,477.60. The disclosure for this sale can be found here. Insiders sold 6,476 shares of company stock worth $521,081 in the last quarter. 0.68% of the stock is currently owned by corporate insiders.

Institutional Trading of iRhythm Technologies

A number of institutional investors have recently modified their holdings of IRTC. Principal Financial Group Inc. grew its stake in iRhythm Technologies by 1.6% in the fourth quarter. Principal Financial Group Inc. now owns 7,208 shares of the company’s stock worth $772,000 after purchasing an additional 113 shares during the period. Norges Bank bought a new stake in shares of iRhythm Technologies during the 4th quarter valued at about $26,522,000. Evoke Wealth LLC purchased a new stake in iRhythm Technologies during the fourth quarter valued at approximately $1,419,000. Eagle Asset Management Inc. grew its holdings in iRhythm Technologies by 5.1% during the fourth quarter. Eagle Asset Management Inc. now owns 84,570 shares of the company’s stock valued at $9,052,000 after purchasing an additional 4,102 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its holdings in iRhythm Technologies by 74.9% during the fourth quarter. The Manufacturers Life Insurance Company now owns 177,094 shares of the company’s stock valued at $18,956,000 after purchasing an additional 75,811 shares in the last quarter.

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.