iRhythm Technologies (NASDAQ:IRTC) Director Purchases $56,891.52 in Stock

iRhythm Technologies (NASDAQ:IRTC) Director Abhijit Talwalkar acquired 5,312 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The shares were acquired at an average cost of $10.71 per share, with a total value of $56,891.52. Following the completion of the transaction, the director directly owned 25,611 shares in the company, valued at approximately $274,293.81. The trade was a 26.17% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

iRhythm Technologies Trading Up 1.3%

NASDAQ:IRTC traded up $1.47 on Tuesday, reaching $118.31. 625,497 shares of the company’s stock were exchanged, compared to its average volume of 629,403. The company has a quick ratio of 4.98, a current ratio of 5.17 and a debt-to-equity ratio of 4.03. The firm has a market capitalization of $3.89 billion, a price-to-earnings ratio of -137.57 and a beta of 1.33. The business has a fifty day moving average of $120.48 and a 200-day moving average of $151.75. iRhythm Technologies has a 52-week low of $112.31 and a 52-week high of $212.00.

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

Analysts Set New Price Targets

IRTC has been the topic of a number of recent research reports. Needham & Company LLC upped their price objective on iRhythm Technologies from $254.00 to $255.00 and gave the stock a “buy” rating in a research report on Friday, May 1st. Citigroup boosted their target price on iRhythm Technologies from $155.00 to $157.00 and gave the stock a “buy” rating in a research note on Monday, May 4th. Freedom Capital upgraded iRhythm Technologies to a “strong-buy” rating in a report on Thursday, January 15th. Wells Fargo & Company reduced their price target on iRhythm Technologies from $200.00 to $180.00 and set an “overweight” rating on the stock in a research report on Friday, May 1st. Finally, Truist Financial lowered their price objective on iRhythm Technologies from $200.00 to $170.00 and set a “buy” rating for the company in a research report on Wednesday, April 15th. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $193.38.

Hedge Funds Weigh In On iRhythm Technologies

Several hedge funds have recently made changes to their positions in IRTC. Federated Hermes Inc. increased its stake in iRhythm Technologies by 45.4% in the 3rd quarter. Federated Hermes Inc. now owns 70,401 shares of the company’s stock valued at $12,108,000 after buying an additional 21,977 shares during the period. Victory Capital Management Inc. boosted its holdings in shares of iRhythm Technologies by 30.1% in the third quarter. Victory Capital Management Inc. now owns 77,952 shares of the company’s stock valued at $13,407,000 after acquiring an additional 18,053 shares in the last quarter. Cookson Peirce & Co. Inc. boosted its holdings in shares of iRhythm Technologies by 105.4% in the third quarter. Cookson Peirce & Co. Inc. now owns 14,524 shares of the company’s stock valued at $2,498,000 after acquiring an additional 7,452 shares in the last quarter. Jain Global LLC acquired a new position in shares of iRhythm Technologies during the third quarter worth about $22,547,000. Finally, Tudor Investment Corp ET AL acquired a new position in shares of iRhythm Technologies during the third quarter worth about $3,439,800,000.

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.