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

iRhythm Technologies (NASDAQ:IRTC) was the recipient of a significant drop in short interest in the month of March. As of March 13th, there was short interest totaling 2,890,311 shares, a drop of 14.8% from the February 26th total of 3,392,832 shares. Based on an average daily volume of 729,542 shares, the days-to-cover ratio is currently 4.0 days. Approximately 9.0% of the shares of the company are short sold.

Insider Transactions at iRhythm Technologies

In other iRhythm Technologies news, insider Patrick Michael Murphy sold 7,805 shares of the business’s stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $135.42, for a total value of $1,056,953.10. Following the transaction, the insider directly owned 60,536 shares of the company’s stock, valued at approximately $8,197,785.12. The trade was a 11.42% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Quentin S. Blackford sold 25,540 shares of the company’s stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $135.42, for a total transaction of $3,458,626.80. Following the transaction, the chief executive officer owned 186,126 shares of the company’s stock, valued at approximately $25,205,182.92. The trade was a 12.07% 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 worth $12,734,195 over the last quarter. 1.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On iRhythm Technologies

Several hedge funds have recently bought and sold shares of IRTC. Tudor Investment Corp ET AL purchased a new stake in iRhythm Technologies during the third quarter worth $3,439,800,000. RTW Investments LP purchased a new position in shares of iRhythm Technologies in the fourth quarter valued at $209,732,000. Millennium Management LLC raised its stake in shares of iRhythm Technologies by 197.4% during the 4th quarter. Millennium Management LLC now owns 826,376 shares of the company’s stock worth $146,632,000 after buying an additional 548,519 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its stake in shares of iRhythm Technologies by 6,415.4% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 541,039 shares of the company’s stock worth $93,053,000 after buying an additional 532,735 shares during the last quarter. Finally, Polar Capital Holdings Plc boosted its position in shares of iRhythm Technologies by 24,782.1% in the 3rd quarter. Polar Capital Holdings Plc now owns 335,908 shares of the company’s stock worth $57,773,000 after buying an additional 334,558 shares in the last quarter.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on IRTC shares. Wells Fargo & Company cut their price target on shares of iRhythm Technologies from $225.00 to $200.00 and set an “overweight” rating for the company in a report on Friday, February 20th. Robert W. Baird dropped their target price on iRhythm Technologies from $220.00 to $200.00 and set an “outperform” rating on the stock in a research report on Friday, February 20th. Evercore raised iRhythm Technologies from an “in-line” rating to an “outperform” rating and increased their target price for the stock from $194.00 to $210.00 in a research note on Monday, January 5th. Morgan Stanley reissued an “overweight” rating on shares of iRhythm Technologies in a report on Monday, January 12th. Finally, Canaccord Genuity Group decreased their price target on iRhythm Technologies from $212.00 to $198.00 and set a “buy” rating on the stock in a research note on Friday, February 20th. 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 issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $209.46.

iRhythm Technologies Stock Up 0.2%

Shares of NASDAQ IRTC opened at $118.22 on Thursday. The stock has a market capitalization of $3.82 billion, a price-to-earnings ratio of -84.44 and a beta of 1.09. iRhythm Technologies has a 52 week low of $92.52 and a 52 week high of $212.00. The firm has a 50-day moving average price of $136.16 and a 200 day moving average price of $162.28. The company has a quick ratio of 4.48, a current ratio of 4.63 and a debt-to-equity ratio of 4.25.

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

iRhythm Technologies Company Profile

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.