iRhythm Technologies, Inc. (NASDAQ:IRTC) Sees Significant Growth in Short Interest

iRhythm Technologies, Inc. (NASDAQ:IRTC) saw a large increase in short interest in October. As of October 31st, there was short interest totalling 2,740,000 shares, an increase of 8.7% from the October 15th total of 2,520,000 shares. Based on an average daily trading volume, of 602,100 shares, the days-to-cover ratio is presently 4.6 days.

Insiders Place Their Bets

In other iRhythm Technologies news, Director Abhijit Y. Talwalkar acquired 6,664 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the director now owns 18,941 shares in the company, valued at $1,423,605.56. The trade was a 54.28 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Quentin S. Blackford sold 16,145 shares of the business’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 sale, the chief executive officer now directly owns 159,929 shares of the company’s stock, valued at $12,380,103.89. This represents a 9.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.68% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC grew its stake in shares of iRhythm Technologies by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 733,308 shares of the company’s stock valued at $54,451,000 after purchasing an additional 5,423 shares during the period. Brophy Wealth Management LLC acquired a new stake in iRhythm Technologies in the 3rd quarter valued at $274,000. Barclays PLC grew its position in iRhythm Technologies by 34.3% in the third quarter. Barclays PLC now owns 209,247 shares of the company’s stock valued at $15,534,000 after acquiring an additional 53,498 shares during the period. Wellington Management Group LLP grew its position in iRhythm Technologies by 6.2% in the third quarter. Wellington Management Group LLP now owns 213,949 shares of the company’s stock valued at $15,884,000 after acquiring an additional 12,478 shares during the period. Finally, Western Standard LLC acquired a new position in iRhythm Technologies during the third quarter worth $4,535,000.

Analyst Ratings Changes

Several equities analysts have commented on IRTC shares. Robert W. Baird lowered their target price on shares of 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 assumed coverage on iRhythm Technologies in a research note on Friday, October 4th. They issued a “neutral” rating and a $78.00 price objective on the stock. Canaccord Genuity Group upped their target price on iRhythm Technologies from $122.00 to $137.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. Citigroup dropped their price target on shares of iRhythm Technologies from $135.00 to $110.00 and set a “buy” rating on the stock in a research report on Thursday, August 22nd. Finally, Needham & Company LLC decreased their price objective on shares of iRhythm Technologies from $119.00 to $96.00 and set a “buy” rating for the company in a report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $108.50.

iRhythm Technologies Price Performance

Shares of NASDAQ:IRTC opened at $76.86 on Tuesday. The business’s 50 day moving average is $72.78 and its 200-day moving average is $82.76. 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 market capitalization of $2.41 billion, a PE ratio of -15.81 and a beta of 1.23. iRhythm Technologies has a 1-year low of $55.92 and a 1-year high of $124.11.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly 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 business had revenue of $147.54 million for the quarter, compared to analyst estimates of $146.69 million. iRhythm Technologies had a negative return on equity of 120.86% and a negative net margin of 26.90%. The firm’s quarterly revenue was up 18.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.89) EPS. Sell-side analysts predict that iRhythm Technologies will post -3.44 earnings per share for the current year.

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.