iRhythm Technologies (NASDAQ:IRTC) Shares Up 5%

iRhythm Technologies, Inc. (NASDAQ:IRTC - Get Free Report) shares traded up 5% during mid-day trading on Wednesday . The stock traded as high as $71.76 and last traded at $71.42. 218,658 shares changed hands during mid-day trading, a decline of 49% from the average session volume of 432,576 shares. The stock had previously closed at $68.00.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Needham & Company LLC lowered 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. Morgan Stanley lowered their price objective on shares of iRhythm Technologies from $135.00 to $130.00 and set an "overweight" rating on the stock in a research note on Monday, July 15th. JPMorgan Chase & Co. dropped their target price on shares of iRhythm Technologies from $133.00 to $100.00 and set an "overweight" rating on the stock in a research report on Friday, August 2nd. Robert W. Baird dropped their target price on shares of iRhythm Technologies from $120.00 to $110.00 and set an "outperform" rating on the stock in a research report on Friday, August 2nd. Finally, Wolfe Research raised shares of iRhythm Technologies from a "peer perform" rating to an "outperform" rating and set a $115.00 target price on the stock in a research report on Thursday, June 20th. One investment analyst has rated the stock with a sell rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $118.67.

iRhythm Technologies Price Performance

The stock's 50-day moving average is $83.70 and its 200 day moving average is $97.30. The stock has a market capitalization of $2.15 billion, a PE ratio of -16.31 and a beta of 1.25. The company has a quick ratio of 6.76, a current ratio of 6.92 and a debt-to-equity ratio of 6.50.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last announced its quarterly earnings data on Thursday, August 1st. The company reported ($0.61) EPS for the quarter, beating analysts' consensus estimates of ($0.89) by $0.28. iRhythm Technologies had a negative net margin of 24.50% and a negative return on equity of 84.14%. The firm had revenue of $148.05 million for the quarter, compared to the consensus estimate of $146.15 million. During the same period in the previous year, the firm posted ($0.61) earnings per share. The firm's revenue was up 19.3% on a year-over-year basis. As a group, equities analysts predict that iRhythm Technologies, Inc. will post -2.66 earnings per share for the current year.

Insider Activity at iRhythm Technologies

In other iRhythm Technologies news, CFO Brice Bobzien sold 1,372 shares of iRhythm Technologies stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $70.34, for a total value of $96,506.48. Following the completion of the sale, the chief financial officer now directly owns 24,428 shares in the company, valued at $1,718,265.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other iRhythm Technologies news, CFO Brice Bobzien sold 1,372 shares of iRhythm Technologies stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $70.34, for a total value of $96,506.48. Following the completion of the sale, the chief financial officer now directly owns 24,428 shares in the company, valued at $1,718,265.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CMO Minang Turakhia sold 1,404 shares of iRhythm Technologies stock in a transaction that occurred on 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 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. Corporate insiders own 0.68% of the company's stock.

Institutional Trading of iRhythm Technologies

A number of institutional investors have recently added to or reduced their stakes in the business. Headlands Technologies LLC lifted its stake in shares of iRhythm Technologies by 10,650.0% in the first quarter. Headlands Technologies LLC now owns 430 shares of the company's stock worth $50,000 after buying an additional 426 shares during the last quarter. Nisa Investment Advisors LLC lifted its stake in shares of 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 buying an additional 277 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of iRhythm Technologies in the first quarter worth $126,000. Russell Investments Group Ltd. lifted its stake in shares of iRhythm Technologies by 79,700.0% in the first quarter. Russell Investments Group Ltd. now owns 1,596 shares of the company's stock worth $185,000 after buying an additional 1,594 shares during the last quarter. Finally, SeaCrest Wealth Management LLC lifted its stake 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 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.