iRhythm Technologies (NASDAQ:IRTC) Reaches New 52-Week High on Strong Earnings

iRhythm Technologies, Inc. (NASDAQ:IRTC) shares hit a new 52-week high on Friday after the company announced better than expected quarterly earnings. The company traded as high as $128.52 and last traded at $120.01, with a volume of 502131 shares changing hands. The stock had previously closed at $112.67.

The company reported $0.01 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.30. iRhythm Technologies had a negative net margin of 19.14% and a negative return on equity of 118.83%. The business had revenue of $164.33 million for the quarter, compared to analysts’ expectations of $158.30 million.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. Oppenheimer upped their price target on shares of iRhythm Technologies from $105.00 to $120.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 8th. Wells Fargo & Company raised their price target on shares of iRhythm Technologies from $86.00 to $104.00 and gave the stock an “equal weight” rating in a research note on Friday. Canaccord Genuity Group raised their price target on shares of iRhythm Technologies from $125.00 to $152.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Robert W. Baird cut their price objective on shares of iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating on the stock in a report on Friday, November 1st. Finally, Needham & Company LLC increased their price objective on shares of iRhythm Technologies from $125.00 to $138.00 and gave the stock a “buy” rating in a report on Friday. One analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $115.55.

Insider Activity at iRhythm Technologies

In related news, insider Patrick Michael Murphy sold 2,492 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $85.89, for a total value of $214,037.88. Following the transaction, the insider now owns 35,327 shares in the company, valued at approximately $3,034,236.03. This trade represents a 6.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.68% of the stock is currently owned by insiders.

Institutional Trading of iRhythm Technologies

Large investors have recently bought and sold shares of the company. R Squared Ltd acquired a new stake in iRhythm Technologies in the fourth quarter valued at approximately $45,000. Van ECK Associates Corp grew its position in shares of iRhythm Technologies by 41.3% during the fourth quarter. Van ECK Associates Corp now owns 554 shares of the company’s stock worth $50,000 after buying an additional 162 shares in the last quarter. Quarry LP acquired a new stake in shares of iRhythm Technologies during the third quarter worth approximately $59,000. Raiffeisen Bank International AG acquired a new stake in shares of iRhythm Technologies during the fourth quarter worth approximately $60,000. Finally, Nisa Investment Advisors LLC grew its position in shares of iRhythm Technologies by 166.6% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,037 shares of the company’s stock worth $94,000 after buying an additional 648 shares in the last quarter.

iRhythm Technologies Price Performance

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 firm has a market cap of $3.74 billion, a price-to-earnings ratio of -32.85 and a beta of 1.29. The business’s 50-day moving average price is $101.77 and its two-hundred day moving average price is $83.61.

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.