iRhythm Technologies, Inc. (NASDAQ:IRTC) Short Interest Down 14.0% in August

iRhythm Technologies, Inc. (NASDAQ:IRTC - Get Free Report) was the target of a significant drop in short interest in the month of August. As of August 15th, there was short interest totalling 2,570,000 shares, a drop of 14.0% from the July 31st total of 2,990,000 shares. Based on an average trading volume of 440,200 shares, the days-to-cover ratio is presently 5.8 days.

Insider Buying and Selling

In other news, CFO Brice Bobzien sold 1,372 shares of the firm's stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $70.34, for a total transaction of $96,506.48. Following the transaction, the chief financial officer now directly owns 24,428 shares of the company's stock, valued at $1,718,265.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CMO Minang Turakhia sold 1,404 shares of the company's stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $105.65, for a total transaction of $148,332.60. Following the completion of the sale, the chief marketing officer now owns 27,255 shares of the company's stock, valued at $2,879,490.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Brice Bobzien sold 1,372 shares of the firm's stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $70.34, for a total transaction of $96,506.48. Following the completion of the transaction, the chief financial officer now directly owns 24,428 shares in the company, valued at $1,718,265.52. The disclosure for this sale can be found here. Over the last three months, insiders have sold 6,476 shares of company stock valued at $521,081. 0.68% of the stock is owned by company insiders.

Institutional Trading of iRhythm Technologies

A number of large investors have recently added to or reduced their stakes in the stock. Artisan Partners Limited Partnership raised its stake in shares of iRhythm Technologies by 5.5% in the fourth quarter. Artisan Partners Limited Partnership now owns 2,071,500 shares of the company's stock valued at $221,733,000 after buying an additional 108,875 shares during the period. Sei Investments Co. lifted its holdings in iRhythm Technologies by 7.0% during the first quarter. Sei Investments Co. now owns 235,361 shares of the company's stock valued at $27,302,000 after purchasing an additional 15,381 shares during the last quarter. Capital Research Global Investors boosted its position in iRhythm Technologies by 5.1% during the fourth quarter. Capital Research Global Investors now owns 2,495,626 shares of the company's stock worth $267,132,000 after purchasing an additional 121,709 shares during the period. Daiwa Securities Group Inc. purchased a new position in shares of iRhythm Technologies in the first quarter worth about $1,925,000. Finally, Capstone Investment Advisors LLC bought a new stake in shares of iRhythm Technologies in the first quarter valued at approximately $1,078,000.

iRhythm Technologies Stock Down 2.1 %

Shares of NASDAQ:IRTC traded down $1.54 during mid-day trading on Monday, hitting $70.88. 510,600 shares of the company traded hands, compared to its average volume of 433,677. The stock has a market cap of $2.21 billion, a P/E ratio of -16.76 and a beta of 1.25. The stock has a 50-day moving average price of $85.05 and a two-hundred day moving average price of $97.83. iRhythm Technologies has a 12-month low of $63.65 and a 12-month high of $124.11. 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 (NASDAQ:IRTC - Get Free Report) last released its quarterly earnings results on Thursday, August 1st. The company reported ($0.61) earnings per share for the quarter, topping the consensus estimate of ($0.89) by $0.28. The business had revenue of $148.05 million for the quarter, compared to analysts' expectations of $146.15 million. iRhythm Technologies had a negative net margin of 24.50% and a negative return on equity of 84.14%. The firm's revenue for the quarter was up 19.3% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.61) earnings per share. On average, equities research analysts forecast that iRhythm Technologies will post -2.66 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. JPMorgan Chase & Co. dropped their price objective on shares of iRhythm Technologies from $133.00 to $100.00 and set an "overweight" rating for the company in a research note on Friday, August 2nd. Wolfe Research upgraded iRhythm Technologies from a "peer perform" rating to an "outperform" rating and set a $115.00 target price for the company in a research report on Thursday, June 20th. StockNews.com cut iRhythm Technologies from a "hold" rating to a "sell" rating in a report on Friday. Morgan Stanley cut their target price on shares of iRhythm Technologies from $135.00 to $130.00 and set an "overweight" rating on the stock in a research report on Monday, July 15th. Finally, Oppenheimer decreased their price target on shares of iRhythm Technologies from $165.00 to $145.00 and set an "outperform" rating for the company in a research report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $118.67.

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.