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 stock traded as high as $80.75 and last traded at $80.37. Approximately 155,838 shares changed hands during 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 topic of several recent analyst reports. Needham & Company LLC dropped their price objective on iRhythm Technologies from $119.00 to $96.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. JPMorgan Chase & Co. dropped their price objective 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. Robert W. Baird dropped their price objective on iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating on the stock in a research report on Friday, November 1st. The Goldman Sachs Group started coverage on iRhythm Technologies in a research report on Friday, October 4th. They set a “neutral” rating and a $78.00 price objective on the stock. Finally, Truist Financial increased their target price on iRhythm Technologies from $80.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $108.50.

iRhythm Technologies Price Performance

The firm has a 50 day moving average price of $73.51 and a 200 day moving average price of $81.74. The stock has a market cap of $2.79 billion, a P/E ratio of -18.32 and a beta of 1.23. The company has a quick ratio of 6.12, a current ratio of 6.27 and a debt-to-equity ratio of 9.00.

iRhythm Technologies (NASDAQ:IRTC) last issued its earnings results on Wednesday, October 30th. The company reported ($1.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.55) by ($0.71). The business 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 firm’s revenue for the quarter was up 18.4% compared to the same quarter last year. During the same period last year, the business posted ($0.89) EPS. On average, analysts forecast that iRhythm Technologies, Inc. will post -3.44 EPS for the current fiscal year.

Insider Activity at iRhythm Technologies

In other iRhythm Technologies news, CEO Quentin S. Blackford sold 16,145 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $77.41, for a total transaction of $1,249,784.45. Following the completion of the transaction, the chief executive officer now owns 159,929 shares in the company, valued at $12,380,103.89. This trade represents a 9.17 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Abhijit Y. Talwalkar purchased 6,664 shares of the business’s stock in a transaction on Monday, November 4th. The shares were purchased at an average price of $75.16 per share, with a total value of $500,866.24. Following the acquisition, the director now directly owns 18,941 shares in the company, valued at $1,423,605.56. This represents a 54.28 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.68% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On iRhythm Technologies

Institutional investors have recently added to or reduced their stakes in the company. Quarry LP purchased a new position in shares of iRhythm Technologies in the 3rd quarter worth approximately $59,000. Nisa Investment Advisors LLC boosted its holdings in shares of iRhythm Technologies by 79.6% in the 2nd quarter. Nisa Investment Advisors LLC now owns 625 shares of the company’s stock worth $67,000 after purchasing an additional 277 shares during the period. Wilmington Savings Fund Society FSB purchased a new position in shares of iRhythm Technologies in the 3rd quarter worth approximately $119,000. nVerses Capital LLC boosted its holdings in shares of iRhythm Technologies by 400.0% in the 3rd quarter. nVerses Capital LLC now owns 2,000 shares of the company’s stock worth $148,000 after purchasing an additional 1,600 shares during the period. Finally, Russell Investments Group Ltd. boosted its holdings in shares of iRhythm Technologies by 79,700.0% in the 1st quarter. Russell Investments Group Ltd. now owns 1,596 shares of the company’s stock worth $185,000 after purchasing an additional 1,594 shares during the period.

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.