iRhythm Technologies (NASDAQ:IRTC) Shares Up 7.3% – Still a Buy?

Shares of iRhythm Technologies (NASDAQ:IRTC) shot up 7.3% on Tuesday . The company traded as high as $111.79 and last traded at $112.3150. Approximately 369,819 shares were traded during trading, a decline of 39% from the average session volume of 604,718 shares. The stock had previously closed at $104.69.

Analyst Ratings Changes

Several analysts have recently commented on IRTC shares. JPMorgan Chase & Co. dropped their price objective on shares of iRhythm Technologies from $215.00 to $175.00 and set an “overweight” rating on the stock in a report on Friday, May 1st. Weiss Ratings upgraded shares of iRhythm Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday. HC Wainwright reaffirmed a “buy” rating on shares of iRhythm Technologies in a research note on Monday, June 1st. Citigroup upped their price target on iRhythm Technologies from $155.00 to $157.00 and gave the company a “buy” rating in a research report on Monday, May 4th. Finally, Wall Street Zen cut shares of iRhythm Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, May 30th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $187.38.

iRhythm Technologies Stock Up 6.2%

The firm has a fifty day moving average of $115.68 and a 200 day moving average of $137.82. The company has a quick ratio of 4.98, a current ratio of 5.17 and a debt-to-equity ratio of 4.03. The stock has a market cap of $3.65 billion, a PE ratio of -130.01 and a beta of 1.27.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings results on Thursday, April 30th. The company reported ($0.35) EPS for the quarter, topping the consensus estimate of ($0.56) by $0.21. The company had revenue of $199.39 million for the quarter, compared to analyst estimates of $194.11 million. iRhythm Technologies had a negative return on equity of 10.26% and a negative net margin of 3.53%.The firm’s revenue was up 25.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.97) earnings per share. On average, equities research analysts anticipate that iRhythm Technologies will post 0.13 EPS for the current fiscal year.

Insider Buying and Selling at iRhythm Technologies

In other news, Director Abhijit Y. Talwalkar purchased 5,312 shares of the stock in a transaction dated Monday, May 11th. The stock was acquired at an average cost of $10.71 per share, for a total transaction of $56,891.52. Following the completion of the acquisition, the director directly owned 25,611 shares in the company, valued at $274,293.81. This represents a 26.17% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.98% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Measured Wealth Private Client Group LLC acquired a new stake in shares of iRhythm Technologies in the 3rd quarter worth approximately $30,000. GAMMA Investing LLC boosted its position in shares of iRhythm Technologies by 48.4% in the fourth quarter. GAMMA Investing LLC now owns 184 shares of the company’s stock worth $33,000 after buying an additional 60 shares during the period. FNY Investment Advisers LLC purchased a new position in iRhythm Technologies during the 3rd quarter valued at about $34,000. Optiver Holding B.V. acquired a new position in iRhythm Technologies in the 3rd quarter valued at approximately $35,000. Finally, Employees Retirement System of Texas purchased a new stake in shares of iRhythm Technologies during the third quarter worth $36,000.

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.