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

iRhythm Technologies (NASDAQ:IRTC) saw a significant increase in short interest during the month of January. As of January 15th, there was short interest totaling 2,750,064 shares, an increase of 19.6% from the December 31st total of 2,299,440 shares. Based on an average daily volume of 818,207 shares, the days-to-cover ratio is currently 3.4 days. Approximately 8.6% of the shares of the company are short sold. Approximately 8.6% of the shares of the company are short sold. Based on an average daily volume of 818,207 shares, the days-to-cover ratio is currently 3.4 days.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on IRTC shares. Wells Fargo & Company raised their price objective on shares of iRhythm Technologies from $220.00 to $225.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 13th. Citigroup increased their price target on shares of iRhythm Technologies from $205.00 to $242.00 and gave the stock a “buy” rating in a report on Friday, October 31st. Truist Financial cut their price objective on shares of iRhythm Technologies from $230.00 to $215.00 and set a “buy” rating for the company in a report on Thursday, December 18th. BTIG Research increased their target price on shares of iRhythm Technologies from $195.00 to $215.00 and gave the stock a “buy” rating in a research note on Friday, October 31st. Finally, Evercore ISI upgraded iRhythm Technologies from an “in-line” rating to an “outperform” rating and raised their target price for the company from $194.00 to $210.00 in a research report on Monday, January 5th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $219.23.

iRhythm Technologies Price Performance

IRTC traded up $5.57 during midday trading on Tuesday, hitting $161.30. 730,396 shares of the company traded hands, compared to its average volume of 727,844. The business has a 50 day simple moving average of $172.22 and a two-hundred day simple moving average of $170.94. iRhythm Technologies has a 52-week low of $92.52 and a 52-week high of $212.00. The company has a market capitalization of $5.20 billion, a price-to-earnings ratio of -100.19 and a beta of 1.06. The company has a current ratio of 4.63, a quick ratio of 4.50 and a debt-to-equity ratio of 5.32.

Insider Activity

In other news, insider Patrick Michael Murphy sold 2,478 shares of the company’s stock in a transaction dated Tuesday, December 2nd. The stock was sold at an average price of $184.83, for a total value of $458,008.74. Following the sale, the insider owned 53,281 shares in the company, valued at $9,847,927.23. This represents a 4.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Chad Patterson sold 280 shares of the firm’s stock in a transaction dated Tuesday, December 2nd. The stock was sold at an average price of $184.83, for a total value of $51,752.40. Following the sale, the insider directly owned 43,387 shares in the company, valued at approximately $8,019,219.21. This trade represents a 0.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.68% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On iRhythm Technologies

Hedge funds have recently made changes to their positions in the company. Tudor Investment Corp ET AL purchased a new position in shares of iRhythm Technologies in the third quarter valued at approximately $3,439,800,000. Vanguard Group Inc. raised its stake in iRhythm Technologies by 2.2% in the 4th quarter. Vanguard Group Inc. now owns 3,310,519 shares of the company’s stock valued at $587,418,000 after purchasing an additional 70,420 shares during the last quarter. Geode Capital Management LLC raised its stake in iRhythm Technologies by 2.3% in the 2nd quarter. Geode Capital Management LLC now owns 767,336 shares of the company’s stock valued at $118,154,000 after purchasing an additional 16,967 shares during the last quarter. Stephens Investment Management Group LLC lifted its holdings in iRhythm Technologies by 6.2% in the 2nd quarter. Stephens Investment Management Group LLC now owns 552,916 shares of the company’s stock valued at $85,127,000 after purchasing an additional 32,334 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its stake in 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 purchasing an additional 532,735 shares during the last quarter.

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.