iRhythm Technologies (NASDAQ:IRTC) Trading Up 7.8% - What's Next?

iRhythm Technologies, Inc. (NASDAQ:IRTC - Get Free Report) traded up 7.8% during mid-day trading on Monday . The stock traded as high as $81.27 and last traded at $80.86. 276,694 shares changed hands during mid-day trading, a decline of 41% from the average session volume of 469,386 shares. The stock had previously closed at $75.04.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. StockNews.com downgraded shares of iRhythm Technologies from a "hold" rating to a "sell" rating in a report on Friday, September 27th. Truist Financial boosted their price objective on iRhythm Technologies from $80.00 to $95.00 and gave the company a "buy" rating in a research note on Tuesday, October 22nd. Oppenheimer lowered 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. JPMorgan Chase & Co. decreased their price target on iRhythm Technologies from $133.00 to $100.00 and set an "overweight" rating on the stock in a research report on Friday, August 2nd. Finally, Robert W. Baird cut their price objective on iRhythm Technologies from $100.00 to $79.00 and set an "outperform" rating for the company in a report on Friday. One analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $108.50.

iRhythm Technologies Stock Performance

The firm has a market cap of $2.55 billion, a PE ratio of -16.76 and a beta of 1.23. The company has a 50 day simple moving average of $69.48 and a 200-day simple moving average of $84.64. The company has a debt-to-equity ratio of 9.00, a current ratio of 6.27 and a quick ratio of 6.76.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last announced its quarterly earnings data on Wednesday, October 30th. The company reported ($1.26) earnings per share for the quarter, missing the consensus estimate of ($0.55) by ($0.71). The company had revenue of $147.54 million during the quarter, compared to the consensus estimate of $146.69 million. iRhythm Technologies had a negative net margin of 26.90% and a negative return on equity of 120.86%. The business's revenue for the quarter was up 18.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.89) EPS. As a group, equities research analysts anticipate that iRhythm Technologies, Inc. will post -2.66 EPS for the current year.

Insider Activity at iRhythm Technologies

In related news, CFO Brice Bobzien sold 1,372 shares of the company's stock in a transaction that occurred on Friday, August 9th. The stock was 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 owns 24,428 shares in the company, valued at $1,718,265.52. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.68% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On iRhythm Technologies

Hedge funds and other institutional investors have recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of iRhythm Technologies by 7.2% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 78,111 shares of the company's stock valued at $9,360,000 after buying an additional 5,276 shares during the last quarter. BNP Paribas Financial Markets grew its stake in iRhythm Technologies by 9.2% during the first quarter. BNP Paribas Financial Markets now owns 16,176 shares of the company's stock valued at $1,876,000 after acquiring an additional 1,358 shares in the last quarter. Daiwa Securities Group Inc. purchased a new position in iRhythm Technologies during the first quarter valued at $1,925,000. SG Americas Securities LLC purchased a new position in shares of iRhythm Technologies in the 1st quarter worth $126,000. Finally, Swiss National Bank grew its stake in shares of iRhythm Technologies by 0.3% in the 1st quarter. Swiss National Bank now owns 60,500 shares of the company's stock worth $7,018,000 after buying an additional 200 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.