Short Interest in iRhythm Technologies, Inc. (NASDAQ:IRTC) Expands By 8.7%

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

Analysts Set New Price Targets

Several research firms have recently weighed in on IRTC. Oppenheimer lowered their price objective on shares of iRhythm Technologies from $165.00 to $145.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. JPMorgan Chase & Co. lowered their price objective on shares of iRhythm Technologies from $133.00 to $100.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Canaccord Genuity Group increased their target price on shares of iRhythm Technologies from $122.00 to $137.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. The Goldman Sachs Group started coverage on shares of iRhythm Technologies in a report on Friday, October 4th. They set a “neutral” rating and a $78.00 target price on the stock. Finally, Needham & Company LLC reduced their target price on shares of iRhythm Technologies from $119.00 to $96.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $108.50.

Insiders Place Their Bets

In related news, Director Abhijit Y. Talwalkar acquired 6,664 shares of the stock in a transaction dated Monday, November 4th. The shares were purchased at an average price of $75.16 per share, for a total transaction of $500,866.24. Following the transaction, the director now owns 18,941 shares in the company, valued at $1,423,605.56. This represents a 54.28 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Quentin S. Blackford sold 16,145 shares of the firm’s stock in a transaction on Monday, November 4th. The shares were sold at an average price of $77.41, for a total transaction of $1,249,784.45. Following the sale, the chief executive officer now owns 159,929 shares in the company, valued at approximately $12,380,103.89. This trade represents a 9.17 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.68% of the company’s stock.

Institutional Investors Weigh In On iRhythm Technologies

A number of large investors have recently modified their holdings of the stock. Geode Capital Management LLC boosted its stake in shares of iRhythm Technologies by 0.7% during 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 in the last quarter. Brophy Wealth Management LLC bought a new stake in shares of iRhythm Technologies during the 3rd quarter valued at about $274,000. Barclays PLC boosted its stake in shares of iRhythm Technologies by 34.3% during the 3rd quarter. Barclays PLC now owns 209,247 shares of the company’s stock valued at $15,534,000 after purchasing an additional 53,498 shares in the last quarter. Wellington Management Group LLP lifted its position in iRhythm Technologies by 6.2% during the 3rd 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 purchased a new position in iRhythm Technologies during the 3rd quarter valued at about $4,535,000.

iRhythm Technologies Trading Down 3.6 %

iRhythm Technologies stock traded down $2.99 during trading hours on Friday, reaching $80.45. The stock had a trading volume of 480,421 shares, compared to its average volume of 719,896. The stock has a market cap of $2.52 billion, a PE ratio of -16.55 and a beta of 1.23. iRhythm Technologies has a 52 week low of $55.92 and a 52 week high of $124.11. 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 fifty day simple moving average of $72.65 and a 200-day simple moving average of $83.00.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings results on Wednesday, October 30th. The company reported ($1.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.71). The firm had revenue of $147.54 million during the quarter, compared to the consensus estimate of $146.69 million. iRhythm Technologies had a negative return on equity of 120.86% and a negative net margin of 26.90%. iRhythm Technologies’s revenue was up 18.4% on a year-over-year basis. During the same period last year, the business earned ($0.89) EPS. Analysts forecast that iRhythm Technologies will post -3.44 EPS for the current fiscal 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.