iRhythm Technologies (NASDAQ:IRTC) Sees Large Volume Increase – Still a Buy?

iRhythm Technologies (NASDAQ:IRTC) shares saw strong trading volume on Wednesday. 403,090 shares changed hands during trading, a decline of 33% from the previous session’s volume of 603,757 shares. The stock last traded at $114.4310 and had previously closed at $110.53.

Analysts Set New Price Targets

Several research firms have recently issued reports on IRTC. Wells Fargo & Company dropped their price objective on shares of iRhythm Technologies from $180.00 to $168.00 and set an “overweight” rating for the company in a research report on Tuesday, August 18th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of iRhythm Technologies in a research report on Monday, September 14th. Canaccord Genuity Group lowered their price target on iRhythm Technologies from $180.00 to $152.00 and set a “buy” rating for the company in a report on Monday, June 1st. Truist Financial raised their price objective on iRhythm Technologies from $160.00 to $168.00 and gave the company a “buy” rating in a research report on Monday, August 10th. Finally, Needham & Company LLC reduced their price objective on iRhythm Technologies from $255.00 to $192.00 and set a “buy” rating on the stock in a research note on Friday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, iRhythm Technologies has an average rating of “Moderate Buy” and a consensus price target of $179.93.

iRhythm Technologies Stock Down 0.9%

The firm’s 50 day moving average price is $118.32 and its two-hundred day moving average price is $117.43. The firm has a market capitalization of $3.65 billion, a PE ratio of -257.67 and a beta of 1.31. The company has a quick ratio of 3.74, a current ratio of 3.86 and a debt-to-equity ratio of 3.50.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.62. The firm had revenue of $224.17 million for the quarter, compared to analyst estimates of $219.30 million. iRhythm Technologies had a negative net margin of 1.69% and a positive return on equity of 10.11%. The firm’s revenue was up 20.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.32) EPS. As a group, research analysts forecast that iRhythm Technologies will post 0.6 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Squarepoint Ops LLC boosted its stake in shares of iRhythm Technologies by 1,065.8% during the 2nd quarter. Squarepoint Ops LLC now owns 71,862 shares of the company’s stock valued at $8,548,000 after buying an additional 65,698 shares during the last quarter. Nykredit A S bought a new stake in shares of iRhythm Technologies in the second quarter worth $236,000. Amundi increased its stake in shares of iRhythm Technologies by 14.0% in the second quarter. Amundi now owns 56,534 shares of the company’s stock worth $6,725,000 after buying an additional 6,959 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in iRhythm Technologies in the second quarter valued at $969,000. Finally, Braidwell LP raised its holdings in iRhythm Technologies by 7.2% in the second quarter. Braidwell LP now owns 654,262 shares of the company’s stock valued at $77,824,000 after acquiring an additional 44,070 shares in the last quarter.

About iRhythm Technologies

iRhythm Technologies, Inc is a digital health company focused on ambulatory cardiac monitoring and the detection of cardiac arrhythmias. The company combines wearable electrocardiogram (ECG) sensors, cloud-based data analysis and clinical support services to help healthcare professionals identify and manage irregular heart rhythms.

Its product portfolio includes the Zio monitor and related services, including Zio XT and Zio AT. These single-use, wearable devices continuously record cardiac activity over an extended period, after which iRhythm analyzes the data and provides reports to physicians.