iRhythm Technologies (NASDAQ:IRTC) Sees Large Growth in Short Interest

iRhythm Technologies (NASDAQ:IRTC) was the target of a large increase in short interest during the month of February. As of February 13th, there was short interest totaling 3,401,218 shares, an increase of 20.1% from the January 29th total of 2,830,877 shares. Based on an average daily trading volume, of 665,249 shares, the days-to-cover ratio is currently 5.1 days. Approximately 10.6% of the shares of the stock are short sold. Approximately 10.6% of the shares of the stock are short sold. Based on an average daily trading volume, of 665,249 shares, the days-to-cover ratio is currently 5.1 days.

iRhythm Technologies Stock Performance

IRTC stock opened at $126.95 on Friday. The firm has a market cap of $4.10 billion, a PE ratio of -90.68 and a beta of 1.09. The company has a current ratio of 4.63, a quick ratio of 4.48 and a debt-to-equity ratio of 4.25. The stock has a 50-day moving average price of $157.46 and a 200-day moving average price of $169.55. iRhythm Technologies has a 1-year low of $92.52 and a 1-year high of $212.00.

iRhythm Technologies (NASDAQ:IRTC) last released its earnings results on Thursday, February 19th. The company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.02 by $0.27. iRhythm Technologies had a negative return on equity of 28.15% and a negative net margin of 5.96%.The business had revenue of $208.89 million during the quarter, compared to analysts’ expectations of $202.61 million. During the same quarter last year, the firm posted ($0.04) earnings per share. The firm’s revenue was up 27.1% on a year-over-year basis. As a group, equities research analysts expect that iRhythm Technologies will post -1.98 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Needham & Company LLC reiterated a “buy” rating and issued a $244.00 price target on shares of iRhythm Technologies in a research note on Monday, January 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of iRhythm Technologies in a report on Thursday, January 22nd. Wells Fargo & Company cut their price target on iRhythm Technologies from $225.00 to $200.00 and set an “overweight” rating on the stock in a research note on Friday, February 20th. Evercore upgraded iRhythm Technologies from an “in-line” rating to an “outperform” rating and boosted their price target for the stock from $194.00 to $210.00 in a report on Monday, January 5th. Finally, Freedom Capital upgraded shares of iRhythm Technologies to a “strong-buy” rating in a report on Thursday, January 15th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, iRhythm Technologies currently has an average rating of “Moderate Buy” and a consensus price target of $211.62.

Insiders Place Their Bets

In related news, insider Patrick Michael Murphy sold 4,357 shares of the company’s stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $128.44, for a total transaction of $559,613.08. Following the completion of the transaction, the insider directly owned 63,203 shares in the company, valued at $8,117,793.32. This represents a 6.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Mervin Smith sold 1,352 shares of the stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $128.44, for a total transaction of $173,650.88. Following the completion of the transaction, the executive vice president directly owned 25,612 shares of the company’s stock, valued at approximately $3,289,605.28. The trade was a 5.01% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 94,509 shares of company stock valued at $12,734,195 over the last ninety days. 1.10% of the stock is owned by insiders.

Institutional Investors Weigh In On iRhythm Technologies

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Royal Bank of Canada increased its position in iRhythm Technologies by 423.0% in the 1st quarter. Royal Bank of Canada now owns 7,573 shares of the company’s stock valued at $793,000 after buying an additional 6,125 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in iRhythm Technologies by 33.5% in the first quarter. Goldman Sachs Group Inc. now owns 433,780 shares of the company’s stock worth $45,408,000 after acquiring an additional 108,941 shares in the last quarter. Strs Ohio acquired a new stake in iRhythm Technologies in the first quarter valued at approximately $147,000. Teacher Retirement System of Texas increased its holdings in shares of iRhythm Technologies by 4.2% during the second quarter. Teacher Retirement System of Texas now owns 4,769 shares of the company’s stock valued at $734,000 after acquiring an additional 194 shares in the last quarter. Finally, Atria Investments Inc acquired a new position in shares of iRhythm Technologies during the second quarter worth approximately $200,000.

About iRhythm Technologies

iRhythm Technologies, Inc is a medical technology company that develops and commercializes wearable cardiac monitoring devices and associated data analytics services. Founded in 2006 and headquartered in San Francisco, California, the company’s flagship product is the Zio® patch, a discreet, single-use, continuous ECG recorder designed to monitor heart rhythms for up to 14 days. iRhythm’s digital diagnostics platform combines biosensor technology with proprietary algorithms to detect arrhythmias and streamline data interpretation for physicians.

The Zio service is prescribed by cardiologists and other healthcare providers to aid in the diagnosis of atrial fibrillation, bradycardia, tachycardia and other rhythm disorders.