iRhythm Technologies (NASDAQ:IRTC) Reaches New 52-Week High After Earnings Beat

iRhythm Technologies, Inc. (NASDAQ:IRTC - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Friday after the company announced better than expected quarterly earnings. The stock traded as high as $128.52 and last traded at $120.01, with a volume of 502131 shares traded. The stock had previously closed at $112.67.

The company reported $0.01 earnings per share for the quarter, topping the consensus estimate of ($0.29) by $0.30. iRhythm Technologies had a negative net margin of 19.14% and a negative return on equity of 118.83%. The company had revenue of $164.33 million for the quarter, compared to analysts' expectations of $158.30 million.

Analysts Set New Price Targets

Several research analysts recently issued reports on IRTC shares. StockNews.com upgraded shares of iRhythm Technologies from a "sell" rating to a "hold" rating in a research report on Monday. The Goldman Sachs Group increased their price objective on iRhythm Technologies from $91.00 to $124.00 and gave the company a "neutral" rating in a research report on Monday. Wells Fargo & Company boosted their target price on iRhythm Technologies from $86.00 to $104.00 and gave the stock an "equal weight" rating in a research report on Friday. Oppenheimer increased their price target on shares of iRhythm Technologies from $105.00 to $120.00 and gave the company an "outperform" rating in a research report on Wednesday, January 8th. Finally, Needham & Company LLC boosted their price objective on shares of iRhythm Technologies from $125.00 to $138.00 and gave the stock a "buy" rating in a report on Friday. Three research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $119.73.

Insider Buying and Selling

In other iRhythm Technologies news, insider Patrick Michael Murphy sold 2,492 shares of the firm's stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $85.89, for a total value of $214,037.88. Following the sale, the insider now owns 35,327 shares of the company's stock, valued at $3,034,236.03. This trade represents a 6.59 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.68% of the stock is owned by insiders.

Hedge Funds Weigh In On iRhythm Technologies

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in iRhythm Technologies by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 3,136,370 shares of the company's stock valued at $282,806,000 after purchasing an additional 18,442 shares during the period. State Street Corp grew its position in shares of iRhythm Technologies by 1.3% in the 3rd quarter. State Street Corp now owns 908,843 shares of the company's stock worth $67,473,000 after buying an additional 11,992 shares during the last quarter. Braidwell LP increased its stake in shares of iRhythm Technologies by 48.7% during the third quarter. Braidwell LP now owns 782,557 shares of the company's stock valued at $58,097,000 after buying an additional 256,200 shares during the period. Eventide Asset Management LLC raised its holdings in shares of iRhythm Technologies by 170.8% during the third quarter. Eventide Asset Management LLC now owns 736,721 shares of the company's stock valued at $54,694,000 after acquiring an additional 464,629 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in iRhythm Technologies by 0.7% in the third quarter. Geode Capital Management LLC now owns 733,308 shares of the company's stock worth $54,451,000 after acquiring an additional 5,423 shares during the period.

iRhythm Technologies Trading Down 4.2 %

The company has a quick ratio of 6.12, a current ratio of 6.27 and a debt-to-equity ratio of 9.00. The firm's fifty day moving average is $102.34 and its two-hundred day moving average is $84.13. The firm has a market cap of $3.58 billion, a P/E ratio of -31.29 and a beta of 1.29.

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.