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

Shares of iRhythm Technologies (NASDAQ:IRTC) rose 7.3% on Tuesday . The stock traded as high as $111.79 and last traded at $112.3150. Approximately 369,819 shares changed 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.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on IRTC. JPMorgan Chase & Co. cut their price target on shares of iRhythm Technologies from $215.00 to $175.00 and set an “overweight” rating for the company in a report on Friday, May 1st. Wall Street Zen cut iRhythm Technologies from a “buy” rating to a “hold” rating in a report on Saturday, May 30th. Wells Fargo & Company cut their price objective on iRhythm Technologies from $200.00 to $180.00 and set an “overweight” rating for the company in a research report on Friday, May 1st. Weiss Ratings raised iRhythm Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, June 18th. Finally, Citigroup increased their target price on iRhythm Technologies from $155.00 to $157.00 and gave the stock a “buy” rating in a report on Monday, May 4th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $187.38.

iRhythm Technologies Price Performance

The stock has a 50-day simple moving average of $115.42 and a 200 day simple moving average of $136.82. The stock has a market capitalization of $3.76 billion, a P/E ratio of -132.58 and a beta of 1.27. The company has a debt-to-equity ratio of 4.03, a quick ratio of 4.98 and a current ratio of 5.17.

iRhythm Technologies (NASDAQ:IRTC) last released its earnings results on Thursday, April 30th. The company reported ($0.35) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.21. The company 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 firm’s quarterly revenue was up 25.6% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.97) earnings per share. On average, equities analysts forecast that iRhythm Technologies will post 0.13 earnings per share for the current fiscal year.

Insider Transactions at iRhythm Technologies

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

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. GAMMA Investing LLC boosted its position in shares of iRhythm Technologies by 48.4% during the fourth quarter. GAMMA Investing LLC now owns 184 shares of the company’s stock worth $33,000 after purchasing an additional 60 shares in the last quarter. Ascent Group LLC grew its stake in iRhythm Technologies by 0.7% in the fourth quarter. Ascent Group LLC now owns 9,587 shares of the company’s stock valued at $1,701,000 after acquiring an additional 70 shares during the period. WoodTrust Financial Corp increased its holdings in shares of iRhythm Technologies by 0.7% in the fourth quarter. WoodTrust Financial Corp now owns 10,070 shares of the company’s stock worth $1,787,000 after acquiring an additional 70 shares in the last quarter. US Bancorp DE lifted its holdings in shares of iRhythm Technologies by 7.8% during the 3rd quarter. US Bancorp DE now owns 1,042 shares of the company’s stock valued at $179,000 after purchasing an additional 75 shares in the last quarter. Finally, State of Wyoming lifted its holdings in shares of iRhythm Technologies by 16.0% during the 4th quarter. State of Wyoming now owns 616 shares of the company’s stock valued at $109,000 after purchasing an additional 85 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.