iRhythm Technologies, Inc. (NASDAQ:IRTC) Sees Large Decline in Short Interest

iRhythm Technologies, Inc. (NASDAQ:IRTC) saw a significant decrease in short interest in November. As of November 15th, there was short interest totalling 2,410,000 shares, a decrease of 12.0% from the October 31st total of 2,740,000 shares. Based on an average daily volume of 583,400 shares, the days-to-cover ratio is presently 4.1 days.

iRhythm Technologies Price Performance

NASDAQ:IRTC traded down $2.06 during trading hours on Friday, hitting $86.96. 155,454 shares of the company’s stock traded hands, compared to its average volume of 515,620. The stock’s fifty day moving average price is $74.17 and its two-hundred day moving average price is $81.59. The company has a quick ratio of 6.12, a current ratio of 6.27 and a debt-to-equity ratio of 9.00. iRhythm Technologies has a twelve month low of $55.92 and a twelve month high of $124.11.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings data on Wednesday, October 30th. The company reported ($1.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.55) by ($0.71). iRhythm Technologies had a negative net margin of 26.90% and a negative return on equity of 120.86%. The business had revenue of $147.54 million during the quarter, compared to the consensus estimate of $146.69 million. During the same quarter in the previous year, the firm posted ($0.89) EPS. The company’s revenue for the quarter was up 18.4% compared to the same quarter last year. On average, sell-side analysts forecast that iRhythm Technologies will post -3.44 EPS for the current fiscal year.

Insider Transactions at iRhythm Technologies

In other news, CEO Quentin S. Blackford sold 16,145 shares of the company’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $77.41, for a total value of $1,249,784.45. Following the completion of the sale, the chief executive officer now owns 159,929 shares in the company, valued at $12,380,103.89. This represents a 9.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Abhijit Y. Talwalkar acquired 6,664 shares of the business’s stock in a transaction dated Monday, November 4th. The stock was purchased at an average price of $75.16 per share, with a total value of $500,866.24. Following the acquisition, the director now owns 18,941 shares of the company’s stock, valued at approximately $1,423,605.56. This trade represents a 54.28 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 0.68% of the company’s stock.

Institutional Investors Weigh In On iRhythm Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Eventide Asset Management LLC grew its stake in iRhythm Technologies by 170.8% in the third quarter. Eventide Asset Management LLC now owns 736,721 shares of the company’s stock valued at $54,694,000 after acquiring an additional 464,629 shares during the period. Braidwell LP grew its stake in iRhythm Technologies by 48.7% in the third quarter. Braidwell LP now owns 782,557 shares of the company’s stock valued at $58,097,000 after acquiring an additional 256,200 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its stake in iRhythm Technologies by 38.1% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 707,175 shares of the company’s stock valued at $52,501,000 after acquiring an additional 195,246 shares during the period. Mackenzie Financial Corp grew its stake in iRhythm Technologies by 5.9% in the second quarter. Mackenzie Financial Corp now owns 1,428,324 shares of the company’s stock valued at $153,745,000 after acquiring an additional 80,091 shares during the period. Finally, Fred Alger Management LLC boosted its position in shares of iRhythm Technologies by 24.4% during the third quarter. Fred Alger Management LLC now owns 314,117 shares of the company’s stock worth $23,320,000 after buying an additional 61,696 shares during the period.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on IRTC shares. Citigroup reduced their target price on iRhythm Technologies from $135.00 to $110.00 and set a “buy” rating for the company in a report on Thursday, August 22nd. Robert W. Baird reduced their target price on iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating for the company in a report on Friday, November 1st. Canaccord Genuity Group upped their target price on iRhythm Technologies from $122.00 to $137.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. Truist Financial upped their target price on iRhythm Technologies from $80.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Finally, Needham & Company LLC reduced their target price on iRhythm Technologies from $119.00 to $96.00 and set a “buy” rating for the company in a report on Thursday, October 31st. One analyst has rated the stock with a sell rating, one has issued a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $108.50.

About iRhythm Technologies

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.