iRhythm Technologies (NASDAQ:IRTC) Shares Gap Up – Here’s Why

iRhythm Technologies, Inc. (NASDAQ:IRTC) shares gapped up prior to trading on Monday . The stock had previously closed at $100.67, but opened at $103.89. iRhythm Technologies shares last traded at $100.40, with a volume of 10,786 shares trading hands.

Analyst Upgrades and Downgrades

IRTC has been the topic of a number of research analyst reports. StockNews.com raised iRhythm Technologies from a “sell” rating to a “hold” rating in a research note on Monday, February 24th. Truist Financial increased their target price on iRhythm Technologies from $111.00 to $145.00 and gave the company a “buy” rating in a research note on Friday, February 21st. Needham & Company LLC increased their target price on iRhythm Technologies from $125.00 to $138.00 and gave the company a “buy” rating in a research note on Friday, February 21st. Canaccord Genuity Group increased their target price on iRhythm Technologies from $125.00 to $152.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Finally, Wells Fargo & Company increased their target price on iRhythm Technologies from $86.00 to $104.00 and gave the company an “equal weight” rating in a research note on Friday, February 21st. Three equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $119.73.

iRhythm Technologies Stock Down 2.0 %

The company has a debt-to-equity ratio of 9.00, a current ratio of 6.27 and a quick ratio of 6.12. The company has a market capitalization of $3.19 billion, a P/E ratio of -27.93 and a beta of 1.36. The company has a 50 day moving average of $107.20 and a 200-day moving average of $88.17.

iRhythm Technologies (NASDAQ:IRTC) last posted its earnings results on Thursday, February 20th. The company reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.29) by $0.30. The company had revenue of $164.33 million for the quarter, compared to analysts’ expectations of $158.30 million. iRhythm Technologies had a negative return on equity of 118.83% and a negative net margin of 19.14%. As a group, equities analysts anticipate that iRhythm Technologies, Inc. will post -1.98 EPS for the current year.

Institutional Trading of iRhythm Technologies

Several large investors have recently modified their holdings of the business. Ascent Group LLC lifted its holdings in iRhythm Technologies by 13.0% in the fourth quarter. Ascent Group LLC now owns 8,110 shares of the company’s stock worth $731,000 after buying an additional 935 shares during the period. Raiffeisen Bank International AG purchased a new stake in iRhythm Technologies in the fourth quarter worth about $60,000. ProShare Advisors LLC lifted its holdings in iRhythm Technologies by 52.1% in the fourth quarter. ProShare Advisors LLC now owns 8,988 shares of the company’s stock worth $810,000 after buying an additional 3,079 shares during the period. Nomura Holdings Inc. purchased a new stake in iRhythm Technologies in the fourth quarter worth about $488,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in iRhythm Technologies by 5.3% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 34,349 shares of the company’s stock worth $3,097,000 after buying an additional 1,743 shares during the period.

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.