iRhythm Technologies, Inc. (NASDAQ:IRTC) Short Interest Down 12.5% in August – MarketBeat

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iRhythm Technologies, Inc. (NASDAQ:IRTC – Get Rating) saw a large drop in short interest during the month of August. As of August 31st, there was short interest totalling 1,680,000 shares, a drop of 12.5% from the August 15th total of 1,920,000 shares. Based on an average daily volume of 405,000 shares, the short-interest ratio is presently 4.1 days.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on IRTC. Canaccord Genuity Group boosted their price objective on iRhythm Technologies from $185.00 to $198.00 and gave the stock a “buy” rating in a research report on Friday, September 2nd. BTIG Research boosted their price objective on iRhythm Technologies from $155.00 to $178.00 and gave the stock a “buy” rating in a research report on Friday, August 5th. Canaccord Genuity Group boosted their price objective on iRhythm Technologies from $185.00 to $198.00 and gave the stock a “buy” rating in a research report on Friday, September 2nd. Truist Financial reduced their price objective on iRhythm Technologies from $200.00 to $165.00 and set a “buy” rating on the stock in a research report on Thursday, June 16th. Finally, JPMorgan Chase & Co. restated an “overweight” rating and set a $135.00 price objective (down previously from $183.00) on shares of iRhythm Technologies in a research report on Wednesday, June 22nd. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $155.36.

Insider Activity

In other news, CFO Douglas Devine sold 1,239 shares of iRhythm Technologies stock in a transaction on Tuesday, July 5th. The stock was sold at an average price of $108.90, for a total value of $134,927.10. Following the transaction, the chief financial officer now owns 39,811 shares in the company, valued at approximately $4,335,417.90. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, EVP Daniel G. Wilson sold 1,428 shares of iRhythm Technologies stock in a transaction on Tuesday, July 5th. The stock was sold at an average price of $108.93, for a total value of $155,552.04. Following the transaction, the executive vice president now owns 37,562 shares in the company, valued at approximately $4,091,628.66. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Douglas Devine sold 1,239 shares of iRhythm Technologies stock in a transaction on Tuesday, July 5th. The shares were sold at an average price of $108.90, for a total value of $134,927.10. Following the completion of the transaction, the chief financial officer now owns 39,811 shares in the company, valued at approximately $4,335,417.90. The disclosure for this sale can be found here. In the last quarter, insiders have sold 12,866 shares of company stock worth $1,459,508. Insiders own 1.64% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Sands Capital Management LLC lifted its stake in shares of iRhythm Technologies by 0.9% in the 2nd quarter. Sands Capital Management LLC now owns 3,051,447 shares of the company’s stock valued at $329,648,000 after purchasing an additional 26,689 shares during the period. Vanguard Group Inc. increased its position in iRhythm Technologies by 1.3% in the 1st quarter. Vanguard Group Inc. now owns 2,714,221 shares of the company’s stock valued at $427,409,000 after buying an additional 33,521 shares in the last quarter. BlackRock Inc. increased its position in iRhythm Technologies by 0.4% in the 1st quarter. BlackRock Inc. now owns 2,093,147 shares of the company’s stock valued at $329,607,000 after buying an additional 8,440 shares in the last quarter. LTS One Management LP increased its position in iRhythm Technologies by 51.0% in the 2nd quarter. LTS One Management LP now owns 1,525,000 shares of the company’s stock valued at $164,746,000 after buying an additional 515,000 shares in the last quarter. Finally, Capital Research Global Investors increased its position in iRhythm Technologies by 60.9% in the 1st quarter. Capital Research Global Investors now owns 1,411,300 shares of the company’s stock valued at $222,237,000 after buying an additional 534,300 shares in the last quarter. 98.98% of the stock is owned by institutional investors and hedge funds.

iRhythm Technologies Stock Down 3.0 %

Shares of NASDAQ:IRTC opened at $150.01 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 4.04 and a quick ratio of 3.84. The business’s 50-day moving average is $149.87 and its 200-day moving average is $138.48. iRhythm Technologies has a 1 year low of $56.49 and a 1 year high of $169.54.
iRhythm Technologies (NASDAQ:IRTC – Get Rating) last announced its quarterly earnings data on Thursday, August 4th. The company reported ($0.79) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.94) by $0.15. The company had revenue of $102.10 million for the quarter, compared to the consensus estimate of $100.51 million. iRhythm Technologies had a negative return on equity of 38.95% and a negative net margin of 36.15%. The firm’s revenue was up 25.6% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.59) EPS. On average, research analysts anticipate that iRhythm Technologies will post -3.06 EPS for the current fiscal year.

iRhythm Technologies Company Profile

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iRhythm Technologies, Inc, a digital healthcare company, provides ambulatory electrocardiogram (ECG) monitoring products for patients at risk for arrhythmias in the United States. It offers Zio service, an ambulatory cardiac monitoring solution that combines a wire-free, patch-based, and wearable biosensor with a cloud-based data analytic platform to help physicians to monitor patients and diagnose arrhythmias.

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