iRhythm Technologies (NASDAQ:IRTC) Shares Gap Up – Should You Buy?

iRhythm Technologies, Inc. (NASDAQ:IRTC)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $62.10, but opened at $70.11. iRhythm Technologies shares last traded at $72.78, with a volume of 439,491 shares changing hands.

Wall Street Analyst Weigh In

IRTC has been the topic of several recent analyst reports. Morgan Stanley dropped their target price on iRhythm Technologies from $135.00 to $130.00 and set an “overweight” rating on the stock in a research report on Monday, July 15th. Needham & Company LLC dropped their price objective on iRhythm Technologies from $138.00 to $119.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Canaccord Genuity Group increased their price objective on iRhythm Technologies from $122.00 to $137.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. Citigroup decreased their target price on shares of iRhythm Technologies from $135.00 to $110.00 and set a “buy” rating on the stock in a research report on Thursday, August 22nd. Finally, The Goldman Sachs Group started coverage on shares of iRhythm Technologies in a report on Friday, October 4th. They issued a “neutral” rating and a $78.00 price target for the company. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, iRhythm Technologies presently has an average rating of “Moderate Buy” and a consensus price target of $112.40.

iRhythm Technologies Trading Up 20.1 %

The company has a market cap of $2.32 billion, a price-to-earnings ratio of -17.19 and a beta of 1.22. The company has a debt-to-equity ratio of 6.50, a current ratio of 6.92 and a quick ratio of 6.76. The business’s 50-day simple moving average is $67.94 and its 200-day simple moving average is $87.19.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings data on Thursday, August 1st. The company reported ($0.61) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.89) by $0.28. iRhythm Technologies had a negative net margin of 24.50% and a negative return on equity of 84.14%. The business had revenue of $148.05 million during the quarter, compared to analysts’ expectations of $146.15 million. During the same period last year, the company posted ($0.61) EPS. The company’s revenue was up 19.3% on a year-over-year basis. Research analysts predict that iRhythm Technologies, Inc. will post -2.66 earnings per share for the current fiscal year.

Insider Transactions at iRhythm Technologies

In other iRhythm Technologies news, CFO Brice Bobzien sold 1,372 shares of the company’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $70.34, for a total value of $96,506.48. Following the transaction, the chief financial officer now directly owns 24,428 shares in the company, valued at approximately $1,718,265.52. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other iRhythm Technologies news, insider Chad Patterson sold 3,012 shares of the firm’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $74.66, for a total value of $224,875.92. Following the sale, the insider now directly owns 37,133 shares of the company’s stock, valued at approximately $2,772,349.78. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Brice Bobzien sold 1,372 shares of iRhythm Technologies stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $70.34, for a total value of $96,506.48. Following the completion of the sale, the chief financial officer now owns 24,428 shares of the company’s stock, valued at $1,718,265.52. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,072 shares of company stock valued at $372,748 over the last three months. 0.68% of the stock is currently owned by insiders.

Institutional Investors Weigh In On iRhythm Technologies

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in iRhythm Technologies by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 2,993,443 shares of the company’s stock valued at $320,418,000 after acquiring an additional 35,694 shares during the last quarter. WoodTrust Financial Corp lifted its stake in shares of iRhythm Technologies by 3.6% in the 1st quarter. WoodTrust Financial Corp now owns 14,232 shares of the company’s stock valued at $1,651,000 after purchasing an additional 500 shares in the last quarter. Diversified Trust Co grew its holdings in shares of iRhythm Technologies by 148.7% during the 1st quarter. Diversified Trust Co now owns 4,934 shares of the company’s stock worth $572,000 after purchasing an additional 2,950 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in shares of iRhythm Technologies by 13.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 415,026 shares of the company’s stock worth $48,143,000 after purchasing an additional 49,168 shares during the period. Finally, Principal Financial Group Inc. increased its position in iRhythm Technologies by 768.4% during the 1st quarter. Principal Financial Group Inc. now owns 62,592 shares of the company’s stock worth $7,261,000 after purchasing an additional 55,384 shares in the last quarter.

iRhythm Technologies Company Profile

iRhythm Technologies, Inc, a digital healthcare company, engages in the design, development, and commercialization of device-based technology to provide ambulatory cardiac monitoring services to diagnose arrhythmias in the United States. It offers Zio services, an ambulatory monitoring solution, including long-term and short-term continuous monitoring and mobile cardiac telemetry monitoring services.