iRhythm Technologies (NASDAQ:IRTC) Shares Up 7.3% – Should You Buy?

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

Wall Street Analysts Forecast Growth

IRTC has been the topic of a number of research reports. Canaccord Genuity Group lowered their price objective on iRhythm Technologies from $180.00 to $152.00 and set a “buy” rating on the stock in a research report on Monday, June 1st. HC Wainwright reiterated a “buy” rating on shares of iRhythm Technologies in a research report on Monday, June 1st. Truist Financial reduced their target price on shares of iRhythm Technologies from $200.00 to $170.00 and set a “buy” rating on the stock in a research note on Wednesday, April 15th. JPMorgan Chase & Co. dropped their price objective on iRhythm Technologies from $215.00 to $175.00 and set an “overweight” rating for the company in a report on Friday, May 1st. Finally, BTIG Research reissued a “buy” rating and issued a $185.00 price target on shares of iRhythm Technologies in a report on Monday. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, iRhythm Technologies has a consensus rating of “Moderate Buy” and a consensus target price of $187.38.

iRhythm Technologies Price Performance

The firm has a market cap of $3.65 billion, a P/E ratio of -130.01 and a beta of 1.27. The business’s 50 day moving average is $115.68 and its two-hundred day moving average is $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.

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

Insiders Place Their Bets

In other news, Director Abhijit Y. Talwalkar purchased 5,312 shares of the firm’s stock in a transaction dated Monday, May 11th. The shares were purchased at an average price of $10.71 per share, with a total value of $56,891.52. Following the completion of the acquisition, the director owned 25,611 shares in the company, valued at $274,293.81. This trade represents a 26.17% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.98% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Amundi increased its stake in shares of iRhythm Technologies by 48.4% during the first quarter. Amundi now owns 49,575 shares of the company’s stock valued at $5,851,000 after purchasing an additional 16,165 shares in the last quarter. California State Teachers Retirement System grew its holdings in iRhythm Technologies by 22.1% during the first quarter. California State Teachers Retirement System now owns 37,324 shares of the company’s stock valued at $4,405,000 after purchasing an additional 6,763 shares during the period. Rock Springs Capital Management LP increased its holdings in iRhythm Technologies by 11.4% in the 1st quarter. Rock Springs Capital Management LP now owns 261,750 shares of the company’s stock worth $30,892,000 after acquiring an additional 26,750 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of iRhythm Technologies by 99.2% during the 1st quarter. The Manufacturers Life Insurance Company now owns 390,577 shares of the company’s stock valued at $46,096,000 after buying an additional 194,502 shares in the last quarter. Finally, Quantinno Capital Management LP lifted its position in shares of iRhythm Technologies by 1,172.8% in the first quarter. Quantinno Capital Management LP now owns 18,621 shares of the company’s stock valued at $2,198,000 after acquiring an additional 17,158 shares in 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.