iRhythm Technologies (NASDAQ:IRTC) Hits New 12-Month High Following Strong Earnings

iRhythm Technologies (NASDAQ:IRTC) hit a new 52-week high during mid-day trading on Friday following a better than expected earnings announcement. The company traded as high as $165.00 and last traded at $161.70, with a volume of 264925 shares changing hands. The stock had previously closed at $140.18.

The company reported ($0.32) EPS for the quarter, topping analysts’ consensus estimates of ($0.53) by $0.21. The firm had revenue of $186.69 million during the quarter, compared to analyst estimates of $173.94 million. iRhythm Technologies had a negative return on equity of 95.60% and a negative net margin of 14.06%. The company’s revenue for the quarter was up 26.1% on a year-over-year basis. During the same period in the previous year, the company posted ($0.61) EPS.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Citigroup upped their price target on iRhythm Technologies from $130.00 to $167.00 and gave the stock a “buy” rating in a report on Thursday, May 22nd. Wall Street Zen lowered shares of iRhythm Technologies from a “hold” rating to a “sell” rating in a research note on Monday, May 5th. Morgan Stanley reduced their target price on shares of iRhythm Technologies from $160.00 to $147.00 and set an “overweight” rating for the company in a research note on Tuesday, July 15th. JPMorgan Chase & Co. upped their target price on shares of iRhythm Technologies from $145.00 to $190.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, Canaccord Genuity Group upped their price objective on shares of iRhythm Technologies from $139.00 to $170.00 and gave the stock a “buy” rating in a research report on Friday. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $157.30.

Insider Activity at iRhythm Technologies

In related news, insider Chad Patterson sold 936 shares of the stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $150.00, for a total transaction of $140,400.00. Following the completion of the transaction, the insider owned 48,929 shares in the company, valued at approximately $7,339,350. This represents a 1.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Minang Turakhia sold 1,420 shares of the stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $145.41, for a total transaction of $206,482.20. Following the transaction, the executive vice president directly owned 41,393 shares of the company’s stock, valued at $6,018,956.13. This represents a 3.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,356 shares of company stock worth $796,882. 1.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On iRhythm Technologies

Several institutional investors and hedge funds have recently bought and sold shares of the company. Bank Pictet & Cie Europe AG grew its stake in shares of iRhythm Technologies by 5.9% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 3,289 shares of the company’s stock worth $297,000 after acquiring an additional 184 shares during the period. LPL Financial LLC bought a new position in iRhythm Technologies during the fourth quarter worth about $243,000. Vanguard Group Inc. boosted its position in iRhythm Technologies by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 3,136,370 shares of the company’s stock worth $282,806,000 after purchasing an additional 18,442 shares during the period. Wellington Management Group LLP boosted its position in iRhythm Technologies by 9.3% during the fourth quarter. Wellington Management Group LLP now owns 233,840 shares of the company’s stock worth $21,085,000 after purchasing an additional 19,891 shares during the period. Finally, Cinctive Capital Management LP bought a new position in iRhythm Technologies during the fourth quarter worth about $734,000.

iRhythm Technologies Stock Performance

The company’s fifty day moving average is $142.68 and its 200 day moving average is $122.43. The company has a market capitalization of $5.27 billion, a P/E ratio of -56.30 and a beta of 1.41. The company has a current ratio of 5.71, a quick ratio of 5.58 and a debt-to-equity ratio of 7.47.

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.