iRhythm Technologies (NASDAQ:IRTC) Hits New 12-Month High After Better-Than-Expected Earnings

iRhythm Technologies, Inc. (NASDAQ:IRTC) hit a new 52-week high during trading on Friday following a stronger than expected earnings report. The stock traded as high as $128.52 and last traded at $120.01, with a volume of 502131 shares. The stock had previously closed at $112.67.

The company reported $0.01 EPS for the quarter, beating the consensus estimate of ($0.29) by $0.30. The firm had revenue of $164.33 million during the quarter, compared to the consensus estimate of $158.30 million. iRhythm Technologies had a negative return on equity of 120.86% and a negative net margin of 26.90%.

Analysts Set New Price Targets

IRTC has been the subject of several recent research reports. Robert W. Baird decreased their price target on iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating for the company in a report on Friday, November 1st. Needham & Company LLC upped their price target on iRhythm Technologies from $125.00 to $138.00 and gave the stock a “buy” rating in a report on Friday. Wells Fargo & Company upped their price target on iRhythm Technologies from $86.00 to $104.00 and gave the stock an “equal weight” rating in a report on Friday. Truist Financial upped their price target on iRhythm Technologies from $85.00 to $111.00 and gave the stock a “buy” rating in a report on Wednesday, December 18th. Finally, Oppenheimer upped their price target on iRhythm Technologies from $105.00 to $120.00 and gave the stock an “outperform” rating in a report on Wednesday, January 8th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $112.45.

Insiders Place Their Bets

In other news, insider Patrick Michael Murphy sold 2,492 shares of the company’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $85.89, for a total transaction of $214,037.88. Following the transaction, the insider now owns 35,327 shares of the company’s stock, valued at $3,034,236.03. This represents a 6.59 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.68% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Harbor Capital Advisors Inc. lifted its holdings in iRhythm Technologies by 272.0% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 79,938 shares of the company’s stock worth $5,935,000 after purchasing an additional 58,448 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in iRhythm Technologies during the 3rd quarter worth about $1,497,000. Eagle Asset Management Inc. increased its stake in iRhythm Technologies by 44.9% in the 3rd quarter. Eagle Asset Management Inc. now owns 100,655 shares of the company’s stock worth $7,473,000 after acquiring an additional 31,193 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its position in shares of iRhythm Technologies by 38.1% during the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 707,175 shares of the company’s stock valued at $52,501,000 after purchasing an additional 195,246 shares during the last quarter. Finally, Barclays PLC grew its position in iRhythm Technologies by 34.3% during the 3rd quarter. Barclays PLC now owns 209,247 shares of the company’s stock worth $15,534,000 after acquiring an additional 53,498 shares during the last quarter.

iRhythm Technologies Trading Up 8.8 %

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 firm has a fifty day simple moving average of $101.11 and a two-hundred day simple moving average of $83.27. The firm has a market cap of $3.84 billion, a PE ratio of -24.94 and a beta of 1.29.

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.