iRhythm Technologies (NASDAQ:IRTC) Sees Unusually-High Trading Volume – Time to Buy?

Shares of iRhythm Technologies (NASDAQ:IRTC) saw strong trading volume on Wednesday . 403,090 shares traded hands during mid-day trading, a decline of 33% from the previous session’s volume of 603,757 shares.The stock last traded at $114.4310 and had previously closed at $110.53.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of iRhythm Technologies in a report on Monday, September 14th. Wells Fargo & Company lowered their price target on shares of iRhythm Technologies from $180.00 to $168.00 and set an “overweight” rating for the company in a report on Tuesday, August 18th. Truist Financial increased their price target on shares of iRhythm Technologies from $160.00 to $168.00 and gave the company a “buy” rating in a research report on Monday, August 10th. BTIG Research reissued a “buy” rating and issued a $185.00 price target on shares of iRhythm Technologies in a report on Monday, June 22nd. Finally, HC Wainwright restated a “buy” rating on shares of iRhythm Technologies in a research report on Monday, June 1st. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, iRhythm Technologies currently has a consensus rating of “Moderate Buy” and an average target price of $179.93.

iRhythm Technologies Price Performance

The business has a 50 day moving average of $118.44 and a 200 day moving average of $117.63. The company has a market cap of $3.78 billion, a PE ratio of -266.72 and a beta of 1.31. The company has a debt-to-equity ratio of 3.50, a current ratio of 3.86 and a quick ratio of 3.74.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.62. The business had revenue of $224.17 million for the quarter, compared to the consensus estimate of $219.30 million. iRhythm Technologies had a negative net margin of 1.69% and a positive return on equity of 10.11%. The company’s quarterly revenue was up 20.1% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.32) EPS. As a group, research analysts predict that iRhythm Technologies will post 0.6 EPS for the current year.

Hedge Funds Weigh In On iRhythm Technologies

Hedge funds and other institutional investors have recently modified their holdings of the stock. Values First Advisors Inc. boosted its position in shares of iRhythm Technologies by 3.0% during the first quarter. Values First Advisors Inc. now owns 5,937 shares of the company’s stock worth $701,000 after acquiring an additional 172 shares during the last quarter. Assetmark Inc. increased its holdings in iRhythm Technologies by 30.1% in the 1st quarter. Assetmark Inc. now owns 821 shares of the company’s stock valued at $97,000 after acquiring an additional 190 shares during the last quarter. Swiss National Bank increased its holdings in iRhythm Technologies by 0.5% in the 1st quarter. Swiss National Bank now owns 63,700 shares of the company’s stock valued at $7,518,000 after acquiring an additional 300 shares during the last quarter. Headlands Technologies LLC lifted its stake in iRhythm Technologies by 6.7% in the 2nd quarter. Headlands Technologies LLC now owns 4,886 shares of the company’s stock worth $581,000 after purchasing an additional 305 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its stake in iRhythm Technologies by 12.4% in the 4th quarter. PNC Financial Services Group Inc. now owns 3,306 shares of the company’s stock worth $587,000 after purchasing an additional 366 shares in the last quarter.

iRhythm Technologies Company Profile

iRhythm Technologies, Inc is a digital health company focused on ambulatory cardiac monitoring and the detection of cardiac arrhythmias. The company combines wearable electrocardiogram (ECG) sensors, cloud-based data analysis and clinical support services to help healthcare professionals identify and manage irregular heart rhythms.

Its product portfolio includes the Zio monitor and related services, including Zio XT and Zio AT. These single-use, wearable devices continuously record cardiac activity over an extended period, after which iRhythm analyzes the data and provides reports to physicians.