iRhythm Technologies, Inc. (NASDAQ:IRTC) Short Interest Up 8.7% in October

iRhythm Technologies, Inc. (NASDAQ:IRTC) saw a large increase in short interest in October. As of October 31st, there was short interest totalling 2,740,000 shares, an increase 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 currently 4.6 days.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on IRTC shares. Truist Financial raised their price target on shares of iRhythm Technologies from $80.00 to $95.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Oppenheimer decreased their target price on shares of iRhythm Technologies from $165.00 to $145.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Robert W. Baird cut their price objective on iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating on the stock in a report on Friday, November 1st. Canaccord Genuity Group upped their target price on iRhythm Technologies from $122.00 to $137.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. Finally, The Goldman Sachs Group began coverage on iRhythm Technologies in a research note on Friday, October 4th. They set a “neutral” rating and a $78.00 price target on the stock. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $108.50.

iRhythm Technologies Trading Down 4.5 %

iRhythm Technologies stock traded down $3.59 during mid-day trading on Monday, hitting $76.86. 578,878 shares of the stock were exchanged, compared to its average volume of 474,733. iRhythm Technologies has a 12 month low of $55.92 and a 12 month high of $124.11. 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 firm’s fifty day simple moving average is $72.65 and its two-hundred day simple moving average is $83.00. The stock has a market capitalization of $2.41 billion, a price-to-earnings ratio of -16.55 and a beta of 1.23.

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

Insider Transactions at iRhythm Technologies

In related news, CEO Quentin S. Blackford sold 16,145 shares of the stock in a transaction that occurred 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Abhijit Y. Talwalkar acquired 6,664 shares of the stock in a transaction on Monday, November 4th. The shares were purchased at an average price of $75.16 per share, with a total value of $500,866.24. Following the completion of the transaction, the director now owns 18,941 shares of the company’s stock, valued at approximately $1,423,605.56. This represents a 54.28 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.68% of the stock is currently owned by insiders.

Institutional Investors Weigh In On iRhythm Technologies

Hedge funds have recently added to or reduced their stakes in the business. SG Americas Securities LLC bought a new stake in shares of iRhythm Technologies in the 1st quarter valued at $126,000. Swiss National Bank raised its holdings in shares of iRhythm Technologies by 0.3% during the first quarter. Swiss National Bank now owns 60,500 shares of the company’s stock valued at $7,018,000 after purchasing an additional 200 shares during the period. Russell Investments Group Ltd. boosted its position in shares of iRhythm Technologies by 79,700.0% during the 1st quarter. Russell Investments Group Ltd. now owns 1,596 shares of the company’s stock worth $185,000 after purchasing an additional 1,594 shares in the last quarter. ProShare Advisors LLC grew its stake in shares of iRhythm Technologies by 8.5% in the 1st quarter. ProShare Advisors LLC now owns 5,514 shares of the company’s stock valued at $640,000 after buying an additional 433 shares during the period. Finally, State Board of Administration of Florida Retirement System increased its position in iRhythm Technologies by 4.6% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 9,157 shares of the company’s stock valued at $1,136,000 after buying an additional 400 shares in the last quarter.

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.