iRhythm Technologies (NASDAQ:IRTC) Shares Gap Up – Here’s What Happened

iRhythm Technologies, Inc. (NASDAQ:IRTC)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $62.10, but opened at $70.11. iRhythm Technologies shares last traded at $72.78, with a volume of 439,491 shares.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Oppenheimer decreased their target price on shares of iRhythm Technologies from $165.00 to $145.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. The Goldman Sachs Group began coverage on shares of iRhythm Technologies in a research report on Friday, October 4th. They set a “neutral” rating and a $78.00 price objective for the company. Citigroup dropped their target price on shares of iRhythm Technologies from $135.00 to $110.00 and set a “buy” rating for the company in a report on Thursday, August 22nd. StockNews.com cut iRhythm Technologies from a “hold” rating to a “sell” rating in a research note on Friday, September 27th. Finally, Robert W. Baird cut their price objective on iRhythm Technologies from $120.00 to $110.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. 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 stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $112.40.

iRhythm Technologies Trading Up 20.1 %

The company has a current ratio of 6.92, a quick ratio of 6.76 and a debt-to-equity ratio of 6.50. The company has a market cap of $2.32 billion, a PE ratio of -17.19 and a beta of 1.22. The company has a fifty day simple moving average of $67.94 and a two-hundred day simple moving average of $87.19.

iRhythm Technologies (NASDAQ:IRTC) last released its earnings results on Thursday, August 1st. The company reported ($0.61) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.89) by $0.28. iRhythm Technologies had a negative net margin of 24.50% and a negative return on equity of 84.14%. The firm had revenue of $148.05 million for the quarter, compared to analyst estimates of $146.15 million. During the same period in the prior year, the firm earned ($0.61) earnings per share. The business’s quarterly revenue was up 19.3% compared to the same quarter last year. Analysts anticipate that iRhythm Technologies, Inc. will post -2.66 EPS for the current year.

Insider Transactions at iRhythm Technologies

In other news, insider Chad Patterson sold 3,012 shares of the stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $74.66, for a total value of $224,875.92. Following the transaction, the insider now owns 37,133 shares in the company, valued at approximately $2,772,349.78. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CFO Brice Bobzien sold 1,372 shares of the business’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $70.34, for a total value of $96,506.48. Following the completion of the sale, the chief financial officer now directly owns 24,428 shares of the company’s stock, valued at $1,718,265.52. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Chad Patterson sold 3,012 shares of the firm’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $74.66, for a total value of $224,875.92. Following the transaction, the insider now directly owns 37,133 shares in the company, valued at approximately $2,772,349.78. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 5,072 shares of company stock valued at $372,748. Insiders own 0.68% of the company’s stock.

Institutional Trading of iRhythm Technologies

Institutional investors and hedge funds have recently made changes to their positions in the company. Headlands Technologies LLC boosted its stake in iRhythm Technologies by 10,650.0% during the 1st quarter. Headlands Technologies LLC now owns 430 shares of the company’s stock worth $50,000 after purchasing an additional 426 shares during the period. Nisa Investment Advisors LLC boosted its stake in shares of iRhythm Technologies by 79.6% during the second quarter. Nisa Investment Advisors LLC now owns 625 shares of the company’s stock worth $67,000 after buying an additional 277 shares during the period. SG Americas Securities LLC purchased a new position in shares of iRhythm Technologies during the first quarter worth about $126,000. nVerses Capital LLC grew its holdings in shares of iRhythm Technologies by 400.0% during the third quarter. nVerses Capital LLC now owns 2,000 shares of the company’s stock worth $148,000 after buying an additional 1,600 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its position in iRhythm Technologies by 79,700.0% in the 1st quarter. Russell Investments Group Ltd. now owns 1,596 shares of the company’s stock valued at $185,000 after acquiring an additional 1,594 shares during the period.

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.