Irhythm Technologies (IRTC) Hits New 52-Week High at $66.22

Irhythm Technologies Inc (NASDAQ:IRTC)’s share price hit a new 52-week high on Friday . The company traded as high as $66.22 and last traded at $65.58, with a volume of 280500 shares. The stock had previously closed at $65.58.

IRTC has been the subject of a number of research analyst reports. Royal Bank of Canada initiated coverage on shares of Irhythm Technologies in a research note on Monday, December 4th. They issued an “outperform” rating and a $79.00 target price for the company. Zacks Investment Research lowered shares of Irhythm Technologies from a “hold” rating to a “sell” rating in a research note on Wednesday, January 3rd. BidaskClub raised shares of Irhythm Technologies from a “hold” rating to a “buy” rating in a research note on Friday, January 5th. Canaccord Genuity reaffirmed a “buy” rating and issued a $59.00 target price on shares of Irhythm Technologies in a research note on Tuesday, November 14th. Finally, Morgan Stanley upped their target price on shares of Irhythm Technologies from $50.00 to $65.00 and gave the stock an “overweight” rating in a research note on Friday, November 3rd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $65.60.

The company has a debt-to-equity ratio of 0.38, a current ratio of 7.65 and a quick ratio of 7.57. The firm has a market capitalization of $1,484.60, a P/E ratio of -51.14 and a beta of 1.56.

Irhythm Technologies (NASDAQ:IRTC) last issued its earnings results on Wednesday, February 14th. The company reported ($0.48) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.35) by ($0.13). Irhythm Technologies had a negative net margin of 29.87% and a negative return on equity of 33.67%. The firm had revenue of $28.20 million during the quarter, compared to analyst estimates of $26.79 million. During the same quarter last year, the business posted ($0.37) earnings per share. The company’s revenue for the quarter was up 50.8% on a year-over-year basis. equities analysts anticipate that Irhythm Technologies Inc will post -1.53 earnings per share for the current fiscal year.

In related news, CFO Matthew C. Garrett sold 1,193 shares of the firm’s stock in a transaction dated Monday, December 4th. The shares were sold at an average price of $55.00, for a total value of $65,615.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Vijay K. Lathi sold 57,430 shares of the firm’s stock in a transaction dated Tuesday, December 5th. The shares were sold at an average price of $52.41, for a total transaction of $3,009,906.30. The disclosure for this sale can be found here. Insiders sold a total of 420,533 shares of company stock valued at $24,047,296 over the last quarter. 23.30% of the stock is currently owned by company insiders.

Large investors have recently modified their holdings of the stock. JPMorgan Chase & Co. raised its holdings in Irhythm Technologies by 9,692.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 313,371 shares of the company’s stock valued at $16,220,000 after acquiring an additional 310,171 shares during the period. OppenheimerFunds Inc. bought a new position in Irhythm Technologies in the 4th quarter valued at about $15,385,000. Citadel Advisors LLC raised its holdings in Irhythm Technologies by 84.1% in the 4th quarter. Citadel Advisors LLC now owns 594,494 shares of the company’s stock valued at $33,321,000 after acquiring an additional 271,543 shares during the period. Redmile Group LLC raised its holdings in Irhythm Technologies by 47.6% in the 4th quarter. Redmile Group LLC now owns 814,574 shares of the company’s stock valued at $45,657,000 after acquiring an additional 262,533 shares during the period. Finally, Wells Fargo & Company MN raised its holdings in Irhythm Technologies by 67.0% in the 3rd quarter. Wells Fargo & Company MN now owns 609,187 shares of the company’s stock valued at $31,604,000 after acquiring an additional 244,411 shares during the period. Institutional investors and hedge funds own 99.18% of the company’s stock.

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Irhythm Technologies Company Profile

iRhythm Technologies, Inc is a United States-based digital health company. The Company develops and commercializes solutions that integrate biosensor technology, patient data, analytics and medical expertise. The Company offers flagship solution, the ZIO Service. Its ZIO Service consists of the ZIO XT Patch, algorithms and the ZIO Report.

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