iRhythm Technologies (NASDAQ:IRTC) Short Interest Down 14.8% in March

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

Analyst Upgrades and Downgrades

IRTC has been the topic of a number of research reports. Citigroup dropped their price target on shares of iRhythm Technologies from $242.00 to $214.00 and set a “buy” rating on the stock in a research note on Wednesday, March 11th. Canaccord Genuity Group lowered their target price 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. Freedom Capital raised iRhythm Technologies to a “strong-buy” rating in a research report on Thursday, January 15th. Evercore raised iRhythm Technologies from an “in-line” rating to an “outperform” rating and raised their price target for the stock from $194.00 to $210.00 in a research note on Monday, January 5th. Finally, Robert W. Baird reduced their price target on iRhythm Technologies from $220.00 to $200.00 and set an “outperform” rating for the company in a report on Friday, February 20th. Two equities 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 company. According to MarketBeat.com, iRhythm Technologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $209.46.

iRhythm Technologies Stock Up 0.2%

Shares of IRTC stock traded up $0.27 on Wednesday, hitting $118.29. The company’s stock had a trading volume of 415,819 shares, compared to its average volume of 692,224. The company has a debt-to-equity ratio of 4.25, a current ratio of 4.63 and a quick ratio of 4.48. iRhythm Technologies has a fifty-two week low of $92.52 and a fifty-two week high of $212.00. The firm’s fifty day moving average price is $137.07 and its 200-day moving average price is $162.59. The stock has a market capitalization of $3.82 billion, a price-to-earnings ratio of -84.49 and a beta of 1.09.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings data on Thursday, February 19th. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $208.89 million during the quarter, compared to analysts’ expectations of $202.61 million. During the same period in the prior year, the company posted ($0.04) earnings per share. iRhythm Technologies’s revenue for the quarter was up 27.1% on a year-over-year basis. Research analysts anticipate that iRhythm Technologies will post -1.98 EPS for the current year.

Insiders Place Their Bets

In other iRhythm Technologies news, EVP Sumi Shrishrimal sold 2,830 shares of the company’s stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $128.44, for a total value of $363,485.20. Following the transaction, the executive vice president owned 41,870 shares in the company, valued at approximately $5,377,782.80. This represents a 6.33% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Mervin Smith sold 1,352 shares of the stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $128.44, for a total transaction of $173,650.88. Following the completion of the sale, the executive vice president owned 25,612 shares of the company’s stock, valued at approximately $3,289,605.28. The trade was a 5.01% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 94,509 shares of company stock valued at $12,734,195 over the last ninety days. Insiders own 0.68% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Tudor Investment Corp ET AL acquired a new position in iRhythm Technologies during the third quarter valued at approximately $3,439,800,000. RTW Investments LP acquired a new stake in shares of iRhythm Technologies in the fourth quarter worth $209,732,000. Millennium Management LLC lifted its stake in shares of iRhythm Technologies by 197.4% in the fourth 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 boosted its holdings 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 period. Finally, Polar Capital Holdings Plc grew its stake in iRhythm Technologies by 24,782.1% in the 3rd quarter. Polar Capital Holdings Plc now owns 335,908 shares of the company’s stock valued at $57,773,000 after buying an additional 334,558 shares during the last quarter.

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.