iRhythm Technologies (NASDAQ:IRTC) Shares Cross Above 200-Day Moving Average – Time to Sell?

iRhythm Technologies (NASDAQ:IRTC)’s stock price crossed above its two hundred day moving average during trading on Tuesday. The stock has a two hundred day moving average of $123.59 and traded as high as $124.21. iRhythm Technologies shares last traded at $123.75, with a volume of 380,383 shares trading hands.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Wall Street Zen downgraded shares of iRhythm Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, October 10th. Stephens began coverage on iRhythm Technologies in a research note on Thursday, July 23rd. They issued an “overweight” rating and a $160.00 price objective on the stock. Needham & Company LLC lifted their target price on iRhythm Technologies from $192.00 to $194.00 and gave the company a “buy” rating in a research report on Monday, October 5th. Piper Sandler began coverage on iRhythm Technologies in a research report on Friday, October 16th. They set an “overweight” rating and a $160.00 price target on the stock. Finally, Wells Fargo & Company lowered their price target on shares of iRhythm Technologies from $168.00 to $150.00 and set an “overweight” rating for the company in a research report on Tuesday, October 6th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, iRhythm Technologies currently has an average rating of “Moderate Buy” and a consensus target price of $177.53.

iRhythm Technologies Stock Performance

The company has a market capitalization of $4.21 billion, a PE ratio of -297.21 and a beta of 1.45. The company has a quick ratio of 3.74, a current ratio of 3.86 and a debt-to-equity ratio of 3.50. The business has a 50 day simple moving average of $115.13 and a 200 day simple moving average of $123.00.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings data on Thursday, August 6th. The company reported $0.58 EPS for the quarter, beating the consensus estimate of ($0.04) by $0.62. The firm had revenue of $224.17 million during the quarter, compared to analyst estimates of $219.30 million. iRhythm Technologies had a negative net margin of 1.69% and a positive return on equity of 10.11%. iRhythm Technologies’s revenue was up 20.1% on a year-over-year basis. During the same period last year, the firm posted ($0.32) EPS. Equities research analysts predict that iRhythm Technologies will post 0.54 EPS for the current fiscal year.

Institutional Trading of iRhythm Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in IRTC. Braidwell LP raised its stake in shares of iRhythm Technologies by 7.2% during the 2nd quarter. Braidwell LP now owns 654,262 shares of the company’s stock valued at $77,824,000 after buying an additional 44,070 shares during the last quarter. Stephens Investment Management Group LLC raised its position in iRhythm Technologies by 8.1% during the first quarter. Stephens Investment Management Group LLC now owns 561,530 shares of the company’s stock valued at $66,272,000 after acquiring an additional 42,205 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in iRhythm Technologies by 14.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 467,113 shares of the company’s stock valued at $55,222,000 after acquiring an additional 59,704 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in iRhythm Technologies by 99.2% in the first quarter. The Manufacturers Life Insurance Company now owns 390,577 shares of the company’s stock valued at $46,096,000 after acquiring an additional 194,502 shares during the period. Finally, Rock Springs Capital Management LP boosted its position 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 purchasing an additional 26,750 shares in the last quarter.

About iRhythm Technologies

iRhythm Technologies, Inc is a digital health company focused on the diagnosis and management of cardiac arrhythmias. The company provides ambulatory cardiac monitoring services that enable physicians to evaluate patients for conditions such as atrial fibrillation and other irregular heart rhythms.

Its principal offering is the Zio platform, which combines wearable electrocardiogram (ECG) monitoring devices with cloud-based data analysis and physician reports. Products in the platform include the Zio XT, an extended-wear monitor, and the Zio AT, which provides near-real-time monitoring capabilities.