Short Interest in iRhythm Technologies, Inc. (NASDAQ:IRTC) Expands By 8.7%

iRhythm Technologies, Inc. (NASDAQ:IRTC) was the target of a significant increase in short interest in the month of October. As of October 31st, there was short interest totalling 2,740,000 shares, an increase of 8.7% from the October 15th total of 2,520,000 shares. Based on an average daily trading volume, of 602,100 shares, the short-interest ratio is currently 4.6 days.

Insider Activity at iRhythm Technologies

In related news, CEO Quentin S. Blackford sold 16,145 shares of the business’s stock in a transaction on Monday, November 4th. The shares were sold at an average price of $77.41, for a total value of $1,249,784.45. Following the transaction, the chief executive officer now owns 159,929 shares in the company, valued at $12,380,103.89. The trade was a 9.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Abhijit Y. Talwalkar acquired 6,664 shares of the company’s stock in a transaction dated Monday, November 4th. The shares were bought at an average price of $75.16 per share, for a total transaction of $500,866.24. Following the acquisition, the director now directly 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 position. The disclosure for this purchase can be found here. 0.68% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC grew its position in shares of iRhythm Technologies by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 733,308 shares of the company’s stock valued at $54,451,000 after acquiring an additional 5,423 shares during the period. Brophy Wealth Management LLC purchased a new stake in shares of iRhythm Technologies during the 3rd quarter valued at approximately $274,000. Barclays PLC lifted its stake in shares of iRhythm Technologies by 34.3% during the 3rd quarter. Barclays PLC now owns 209,247 shares of the company’s stock valued at $15,534,000 after buying an additional 53,498 shares in the last quarter. Wellington Management Group LLP lifted its stake in shares of iRhythm Technologies by 6.2% during the 3rd quarter. Wellington Management Group LLP now owns 213,949 shares of the company’s stock valued at $15,884,000 after buying an additional 12,478 shares in the last quarter. Finally, Western Standard LLC purchased a new stake in shares of iRhythm Technologies during the 3rd quarter valued at approximately $4,535,000.

iRhythm Technologies Stock Down 3.6 %

IRTC stock traded down $2.99 during trading on Friday, reaching $80.45. The stock had a trading volume of 480,421 shares, compared to its average volume of 719,896. iRhythm Technologies has a one year low of $55.92 and a one year high of $124.11. The company has a quick ratio of 6.12, a current ratio of 6.27 and a debt-to-equity ratio of 9.00. The company’s 50 day moving average is $72.65 and its two-hundred day moving average is $83.00. The company has a market capitalization of $2.52 billion, a price-to-earnings ratio of -16.55 and a beta of 1.23.

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 analysts’ consensus estimates of ($0.55) by ($0.71). iRhythm Technologies had a negative return on equity of 120.86% and a negative net margin of 26.90%. The firm had revenue of $147.54 million during the quarter, compared to the consensus estimate of $146.69 million. During the same period in the previous year, the company posted ($0.89) earnings per share. The company’s revenue for the quarter was up 18.4% on a year-over-year basis. Equities research analysts forecast that iRhythm Technologies will post -3.44 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on IRTC shares. Needham & Company LLC dropped their price objective on shares of iRhythm Technologies from $119.00 to $96.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. StockNews.com lowered shares of iRhythm Technologies from a “hold” rating to a “sell” rating in a report on Friday, September 27th. JPMorgan Chase & Co. lowered their target price on shares of iRhythm Technologies from $133.00 to $100.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. 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 target price on the stock. Finally, Canaccord Genuity Group upped their target price on shares of iRhythm Technologies from $122.00 to $137.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. One analyst has rated the stock with a sell rating, one has given a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price 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.