iRhythm Technologies (NASDAQ:IRTC) Sees Large Volume Increase Following Analyst Upgrade

iRhythm Technologies (NASDAQ:IRTC) shares saw strong trading volume on Tuesday after Wells Fargo & Company raised their price target on the stock from $220.00 to $225.00. Wells Fargo & Company currently has an overweight rating on the stock. 1,423,872 shares traded hands during mid-day trading, an increase of 121% from the previous session’s volume of 645,064 shares.The stock last traded at $157.7950 and had previously closed at $168.99.

IRTC has been the subject of several other reports. Morgan Stanley reissued an “overweight” rating on shares of iRhythm Technologies in a research note on Monday. Evercore ISI upgraded iRhythm Technologies from an “in-line” rating to an “outperform” rating and raised their price target for the company from $194.00 to $210.00 in a report on Monday, January 5th. BTIG Research boosted their price objective on iRhythm Technologies from $195.00 to $215.00 and gave the stock a “buy” rating in a report on Friday, October 31st. Weiss Ratings restated a “sell (d-)” rating on shares of iRhythm Technologies in a research report on Wednesday, October 8th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $244.00 price target on shares of iRhythm Technologies in a research report on Monday. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $219.23.

Insider Buying and Selling

In other news, insider Chad Patterson sold 280 shares of the company’s stock in a transaction dated Tuesday, December 2nd. The stock was sold at an average price of $184.83, for a total value of $51,752.40. Following the completion of the sale, the insider directly owned 43,387 shares of the company’s stock, valued at $8,019,219.21. This represents a 0.64% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Quentin S. Blackford sold 14,059 shares of the business’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $182.94, for a total transaction of $2,571,953.46. Following the transaction, the chief executive officer owned 164,979 shares of the company’s stock, valued at approximately $30,181,258.26. This represents a 7.85% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 24,817 shares of company stock valued at $4,741,235 over the last 90 days. 1.10% of the stock is owned by corporate insiders.

Institutional Trading of iRhythm Technologies

Hedge funds have recently added to or reduced their stakes in the business. Royal Bank of Canada grew its stake in iRhythm Technologies by 423.0% in the first quarter. Royal Bank of Canada now owns 7,573 shares of the company’s stock valued at $793,000 after acquiring an additional 6,125 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of iRhythm Technologies by 33.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 433,780 shares of the company’s stock valued at $45,408,000 after purchasing an additional 108,941 shares in the last quarter. Intech Investment Management LLC grew its position in shares of iRhythm Technologies by 17.1% in the 1st quarter. Intech Investment Management LLC now owns 17,484 shares of the company’s stock valued at $1,830,000 after purchasing an additional 2,557 shares during the period. Strs Ohio bought a new stake in iRhythm Technologies during the 1st quarter worth approximately $147,000. Finally, Moody National Bank Trust Division acquired a new stake in iRhythm Technologies during the 2nd quarter worth approximately $247,000.

iRhythm Technologies Stock Performance

The stock has a market cap of $5.26 billion, a P/E ratio of -101.39 and a beta of 1.12. The company has a debt-to-equity ratio of 5.32, a current ratio of 4.63 and a quick ratio of 4.50. The stock’s 50 day simple moving average is $176.12 and its two-hundred day simple moving average is $168.59.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings data on Thursday, October 30th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.36) by $0.30. The company had revenue of $192.88 million during the quarter, compared to the consensus estimate of $184.75 million. iRhythm Technologies had a negative net margin of 7.32% and a negative return on equity of 41.86%. The firm’s revenue was up 30.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($1.26) earnings per share. As a group, research analysts forecast that iRhythm Technologies will post -1.98 EPS for the current year.

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.