iRhythm Technologies (NASDAQ:IRTC) Stock Price Up 8.6% – Still a Buy?

iRhythm Technologies, Inc. (NASDAQ:IRTC)’s share price rose 8.6% during trading on Monday . The company traded as high as $80.75 and last traded at $80.37. Approximately 155,838 shares changed hands during mid-day trading, a decline of 67% from the average daily volume of 473,737 shares. The stock had previously closed at $73.99.

Wall Street Analyst Weigh In

IRTC has been the subject of a number of recent research reports. Robert W. Baird dropped their target price on iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating for the company in a report on Friday, November 1st. Truist Financial boosted their price objective on iRhythm Technologies from $80.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Canaccord Genuity Group boosted their price objective on iRhythm Technologies from $122.00 to $137.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. StockNews.com cut iRhythm Technologies from a “hold” rating to a “sell” rating in a report on Friday, September 27th. Finally, The Goldman Sachs Group initiated coverage on iRhythm Technologies in a report on Friday, October 4th. They set a “neutral” rating and a $78.00 price objective for the company. One investment analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $108.50.

iRhythm Technologies Trading Up 8.0 %

The company has a current ratio of 6.27, a quick ratio of 6.12 and a debt-to-equity ratio of 9.00. The stock has a 50-day simple moving average of $73.51 and a two-hundred day simple moving average of $81.74. The firm has a market capitalization of $2.79 billion, a P/E ratio of -18.32 and a beta of 1.23.

iRhythm Technologies (NASDAQ:IRTC) last issued its earnings results on Wednesday, October 30th. The company reported ($1.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.71). The firm had revenue of $147.54 million for 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 company’s revenue for the quarter was up 18.4% on a year-over-year basis. During the same period last year, the firm earned ($0.89) earnings per share. On average, equities research analysts anticipate that iRhythm Technologies, Inc. will post -3.44 earnings per share for the current year.

Insider Transactions at iRhythm Technologies

In related news, Director Abhijit Y. Talwalkar purchased 6,664 shares of iRhythm Technologies stock in a transaction dated Monday, November 4th. The stock was purchased at an average cost of $75.16 per share, with a total value of $500,866.24. Following the transaction, the director now owns 18,941 shares in the company, valued at approximately $1,423,605.56. The trade was a 54.28 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Quentin S. Blackford sold 16,145 shares of the business’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $77.41, for a total value of $1,249,784.45. Following the transaction, the chief executive officer now owns 159,929 shares in the company, valued at approximately $12,380,103.89. This trade represents a 9.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.68% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Mackenzie Financial Corp grew its stake in iRhythm Technologies by 5.9% during the 2nd quarter. Mackenzie Financial Corp now owns 1,428,324 shares of the company’s stock worth $153,745,000 after buying an additional 80,091 shares during the last quarter. State Street Corp grew its stake in iRhythm Technologies by 1.3% during 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 grew its stake in iRhythm Technologies by 48.7% during the 3rd quarter. Braidwell LP now owns 782,557 shares of the company’s stock worth $58,097,000 after buying an additional 256,200 shares during the last quarter. Eventide Asset Management LLC grew its stake in iRhythm Technologies by 170.8% during the 3rd quarter. Eventide Asset Management LLC now owns 736,721 shares of the company’s stock worth $54,694,000 after buying an additional 464,629 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in iRhythm Technologies by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 733,308 shares of the company’s stock worth $54,451,000 after buying an additional 5,423 shares during the last quarter.

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.