Shares of Irhythm Technologies Inc (NASDAQ:IRTC) shot up 8.3% on Monday . The company traded as high as $72.71 and last traded at $72.07, 761,874 shares were traded during mid-day trading. An increase of 99% from the average session volume of 382,580 shares. The stock had previously closed at $66.52.
A number of research firms have weighed in on IRTC. Oppenheimer began coverage on Irhythm Technologies in a report on Tuesday, October 22nd. They issued a “market perform” rating on the stock. BidaskClub raised Irhythm Technologies from a “strong sell” rating to a “sell” rating in a report on Friday, October 18th. Zacks Investment Research raised Irhythm Technologies from a “hold” rating to a “buy” rating and set a $83.00 price objective on the stock in a research note on Wednesday, October 2nd. JPMorgan Chase & Co. raised their price objective on Irhythm Technologies from $110.00 to $125.00 and gave the stock an “overweight” rating in a research note on Thursday, August 1st. Finally, BTIG Research set a $90.00 price objective on Irhythm Technologies and gave the stock a “buy” rating in a research note on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company’s stock. Irhythm Technologies presently has an average rating of “Buy” and an average price target of $99.56.
The firm has a 50 day moving average price of $72.00 and a 200 day moving average price of $74.27. The company has a quick ratio of 2.59, a current ratio of 2.66 and a debt-to-equity ratio of 2.53. The stock has a market cap of $1.59 billion, a P/E ratio of -38.13 and a beta of 1.76.
Irhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings data on Wednesday, July 31st. The company reported ($0.46) EPS for the quarter, missing the consensus estimate of ($0.44) by ($0.02). Irhythm Technologies had a negative return on equity of 76.47% and a negative net margin of 24.45%. The company had revenue of $53.30 million during the quarter, compared to the consensus estimate of $49.89 million. During the same period last year, the business earned ($0.51) EPS. The firm’s quarterly revenue was up 50.1% compared to the same quarter last year. Equities analysts predict that Irhythm Technologies Inc will post -1.54 earnings per share for the current fiscal year.
In related news, CFO Matthew C. Garrett sold 27,569 shares of the stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $76.83, for a total transaction of $2,118,126.27. Following the completion of the sale, the chief financial officer now owns 29,101 shares in the company, valued at $2,235,829.83. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 3.85% of the stock is owned by company insiders.
Several large investors have recently added to or reduced their stakes in the stock. Brown Capital Management LLC grew its position in shares of Irhythm Technologies by 92.3% during the second quarter. Brown Capital Management LLC now owns 2,217,845 shares of the company’s stock worth $175,387,000 after purchasing an additional 1,064,782 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Irhythm Technologies by 9.5% during the second quarter. Vanguard Group Inc. now owns 2,200,299 shares of the company’s stock worth $173,999,000 after purchasing an additional 190,824 shares in the last quarter. Wells Fargo & Company MN grew its position in shares of Irhythm Technologies by 15.1% during the second quarter. Wells Fargo & Company MN now owns 944,548 shares of the company’s stock worth $74,695,000 after purchasing an additional 123,639 shares in the last quarter. Point72 Asset Management L.P. grew its position in shares of Irhythm Technologies by 224.3% during the second quarter. Point72 Asset Management L.P. now owns 705,966 shares of the company’s stock worth $55,828,000 after purchasing an additional 488,247 shares in the last quarter. Finally, Macquarie Group Ltd. grew its position in shares of Irhythm Technologies by 55.5% during the second quarter. Macquarie Group Ltd. now owns 660,462 shares of the company’s stock worth $52,229,000 after purchasing an additional 235,692 shares in the last quarter.
About Irhythm Technologies (NASDAQ:IRTC)
iRhythm Technologies, Inc, a digital healthcare company, provides ambulatory electrocardiogram (ECG) monitoring products for patients at risk for arrhythmias in the United States. The company 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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