Short Interest in iRhythm Technologies, Inc. (NASDAQ:IRTC) Increases By 10.2%

iRhythm Technologies, Inc. (NASDAQ:IRTC) saw a significant growth in short interest during the month of April. As of April 15th, there was short interest totalling 2,810,000 shares, a growth of 10.2% from the March 31st total of 2,550,000 shares. Based on an average daily trading volume, of 440,700 shares, the short-interest ratio is presently 6.4 days.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Needham & Company LLC raised their target price on iRhythm Technologies from $136.00 to $137.00 and gave the stock a “buy” rating in a research report on Friday, February 23rd. Canaccord Genuity Group raised their price objective on iRhythm Technologies from $121.00 to $133.00 and gave the stock a “buy” rating in a research note on Friday, February 23rd. Finally, JPMorgan Chase & Co. decreased their price objective on iRhythm Technologies from $142.00 to $133.00 and set an “overweight” rating on the stock in a research note on Friday, February 23rd. One analyst has rated the stock with a sell rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $135.11.

Insider Activity at iRhythm Technologies

In related news, CEO Quentin S. Blackford sold 24,701 shares of the stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $121.96, for a total transaction of $3,012,533.96. Following the sale, the chief executive officer now directly owns 180,015 shares of the company’s stock, valued at $21,954,629.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other iRhythm Technologies news, insider Patrick Michael Murphy sold 7,615 shares of the firm’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $121.96, for a total value of $928,725.40. Following the transaction, the insider now directly owns 48,962 shares of the company’s stock, valued at $5,971,405.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Quentin S. Blackford sold 24,701 shares of the firm’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $121.96, for a total value of $3,012,533.96. Following the completion of the transaction, the chief executive officer now directly owns 180,015 shares in the company, valued at $21,954,629.40. The disclosure for this sale can be found here. Insiders have sold 35,052 shares of company stock valued at $4,274,942 over the last ninety days. Insiders own 0.68% of the company’s stock.

Institutional Trading of iRhythm Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Mackenzie Financial Corp raised its stake in iRhythm Technologies by 3.4% during the 3rd quarter. Mackenzie Financial Corp now owns 1,262,179 shares of the company’s stock valued at $111,425,000 after purchasing an additional 41,052 shares during the period. Canada Pension Plan Investment Board purchased a new position in iRhythm Technologies during the 3rd quarter valued at $1,046,000. Braidwell LP boosted its holdings in iRhythm Technologies by 18.7% during the 3rd quarter. Braidwell LP now owns 568,157 shares of the company’s stock valued at $53,554,000 after acquiring an additional 89,600 shares during the period. TD Asset Management Inc lifted its holdings in shares of iRhythm Technologies by 48.4% in the 3rd quarter. TD Asset Management Inc now owns 33,904 shares of the company’s stock worth $3,196,000 after buying an additional 11,052 shares during the period. Finally, Millrace Asset Group Inc. purchased a new stake in shares of iRhythm Technologies in the 3rd quarter worth $1,345,000.

iRhythm Technologies Stock Up 0.9 %

Shares of IRTC opened at $109.58 on Wednesday. The business’s 50 day moving average is $111.11 and its 200 day moving average is $102.82. The company has a market capitalization of $3.41 billion, a PE ratio of -27.06 and a beta of 1.31. iRhythm Technologies has a 12-month low of $70.24 and a 12-month high of $134.45. The company has a current ratio of 2.15, a quick ratio of 2.02 and a debt-to-equity ratio of 0.17.

iRhythm Technologies (NASDAQ:IRTC) last issued its earnings results on Thursday, February 22nd. The company reported ($1.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.60) by ($0.66). The business had revenue of $132.51 million for the quarter, compared to the consensus estimate of $131.14 million. iRhythm Technologies had a negative net margin of 25.05% and a negative return on equity of 56.38%. Research analysts expect that iRhythm Technologies will post -3.14 earnings per share for the current fiscal year.

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.