iRhythm Technologies, Inc. (NASDAQ:IRTC) Short Interest Down 12.0% in November

iRhythm Technologies, Inc. (NASDAQ:IRTC) was the recipient of a large decline in short interest in the month of November. As of November 15th, there was short interest totalling 2,410,000 shares, a decline of 12.0% from the October 31st total of 2,740,000 shares. Based on an average daily volume of 583,400 shares, the short-interest ratio is presently 4.1 days.

iRhythm Technologies Trading Up 1.1 %

Shares of IRTC stock traded up $0.94 on Monday, hitting $87.90. 366,190 shares of the stock traded hands, compared to its average volume of 473,057. The company has a debt-to-equity ratio of 9.00, a quick ratio of 6.12 and a current ratio of 6.27. iRhythm Technologies has a twelve month low of $55.92 and a twelve month high of $124.11. The firm’s 50-day moving average price is $74.17 and its two-hundred day moving average price is $81.45. The stock has a market capitalization of $2.75 billion, a PE ratio of -18.07 and a beta of 1.23.

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

Insider Activity at iRhythm Technologies

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

Institutional Investors Weigh In On iRhythm Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IRTC. SeaCrest Wealth Management LLC grew its holdings in shares of iRhythm Technologies by 7.6% during the 2nd quarter. SeaCrest Wealth Management LLC now owns 2,125 shares of the company’s stock worth $229,000 after purchasing an additional 150 shares during the period. Nisa Investment Advisors LLC increased its position in shares of iRhythm Technologies by 79.6% during the second quarter. Nisa Investment Advisors LLC now owns 625 shares of the company’s stock valued at $67,000 after acquiring an additional 277 shares during the last quarter. Arizona State Retirement System raised its stake in shares of iRhythm Technologies by 3.4% in the 2nd quarter. Arizona State Retirement System now owns 8,711 shares of the company’s stock valued at $938,000 after acquiring an additional 287 shares during the period. Oppenheimer Asset Management Inc. lifted its holdings in shares of iRhythm Technologies by 6.5% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 7,909 shares of the company’s stock worth $851,000 after acquiring an additional 482 shares during the last quarter. Finally, Bank Pictet & Cie Europe AG lifted its holdings in shares of iRhythm Technologies by 22.3% in the 3rd quarter. Bank Pictet & Cie Europe AG now owns 3,105 shares of the company’s stock worth $231,000 after acquiring an additional 567 shares during the last quarter.

Analyst Ratings Changes

IRTC has been the subject of a number of research analyst reports. StockNews.com cut shares of iRhythm Technologies from a “hold” rating to a “sell” rating in a research report on Friday, September 27th. The Goldman Sachs Group assumed coverage on shares of iRhythm Technologies in a research note on Friday, October 4th. They issued a “neutral” rating and a $78.00 price target on the stock. Canaccord Genuity Group increased their target price on iRhythm Technologies from $122.00 to $137.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. Citigroup decreased their target price on iRhythm Technologies from $135.00 to $110.00 and set a “buy” rating on the stock in a research report on Thursday, August 22nd. Finally, Truist Financial boosted their price target on iRhythm Technologies from $80.00 to $95.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, iRhythm Technologies currently has a consensus rating of “Moderate Buy” and a consensus target price of $108.50.

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.