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

iRhythm Technologies, Inc. (NASDAQ:IRTC)’s stock price reached a new 52-week high during mid-day trading on Friday following a better than expected earnings announcement. The stock traded as high as $128.52 and last traded at $120.01, with a volume of 502131 shares trading hands. The stock had previously closed at $112.67.

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

Analyst Ratings Changes

IRTC has been the subject of a number of research reports. Canaccord Genuity Group increased their target price on iRhythm Technologies from $125.00 to $152.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Oppenheimer increased their target price on iRhythm Technologies from $105.00 to $120.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 8th. Needham & Company LLC increased their target price on iRhythm Technologies from $125.00 to $138.00 and gave the stock a “buy” rating in a research note on Friday. Wells Fargo & Company increased their target price on iRhythm Technologies from $86.00 to $104.00 and gave the stock an “equal weight” rating in a research note on Friday. Finally, Truist Financial increased their target price on iRhythm Technologies from $85.00 to $111.00 and gave the stock a “buy” rating in a research note on Wednesday, December 18th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $112.45.

Insider Buying and Selling

In other iRhythm Technologies news, insider Patrick Michael Murphy sold 2,492 shares of iRhythm Technologies stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $85.89, for a total value of $214,037.88. Following the transaction, the insider now owns 35,327 shares in the company, valued at $3,034,236.03. The trade was a 6.59 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.68% of the stock is owned by company insiders.

Hedge Funds Weigh In On iRhythm Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Hennion & Walsh Asset Management Inc. lifted its stake in iRhythm Technologies by 27.3% in the third quarter. Hennion & Walsh Asset Management Inc. now owns 3,512 shares of the company’s stock valued at $261,000 after buying an additional 754 shares during the period. Values First Advisors Inc. acquired a new position in iRhythm Technologies in the third quarter valued at approximately $380,000. SteelPeak Wealth LLC acquired a new position in iRhythm Technologies in the third quarter valued at approximately $592,000. Harbor Capital Advisors Inc. lifted its stake in iRhythm Technologies by 272.0% in the third quarter. Harbor Capital Advisors Inc. now owns 79,938 shares of the company’s stock valued at $5,935,000 after buying an additional 58,448 shares during the period. Finally, WoodTrust Financial Corp lifted its stake in iRhythm Technologies by 28.4% in the third quarter. WoodTrust Financial Corp now owns 11,307 shares of the company’s stock valued at $839,000 after buying an additional 2,500 shares during the period.

iRhythm Technologies Stock Performance

The company has a quick ratio of 6.12, a current ratio of 6.27 and a debt-to-equity ratio of 9.00. The company has a 50 day simple moving average of $101.11 and a 200-day simple moving average of $83.27. The stock has a market capitalization of $3.84 billion, a price-to-earnings ratio of -24.94 and a beta of 1.29.

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.