iRhythm Technologies, Inc. (NASDAQ:IRTC) Sees Large Decline in Short Interest


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iRhythm Technologies, Inc. (NASDAQ:IRTC) was the recipient of a significant decrease in short interest in April. As of April 15th, there was short interest totalling 2,320,000 shares, a decrease of 17.4% from the March 31st total of 2,810,000 shares. Based on an average daily trading volume, of 802,800 shares, the days-to-cover ratio is currently 2.9 days.

Several equities analysts recently commented on IRTC shares. JPMorgan Chase & Co. cut shares of iRhythm Technologies from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $215.00 to $95.00 in a research note on Monday, April 12th. Morgan Stanley restated an “equal weight” rating and set a $94.00 price target (down from $288.00) on shares of iRhythm Technologies in a research report on Tuesday, April 20th. TheStreet downgraded iRhythm Technologies from a “c-” rating to a “d+” rating in a research report on Friday, March 12th. Truist dropped their price objective on iRhythm Technologies from $220.00 to $115.00 in a research note on Tuesday, April 13th. Finally, Robert W. Baird decreased their target price on iRhythm Technologies from $170.00 to $80.00 and set a “neutral” rating on the stock in a research note on Monday, April 19th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $176.43.

A number of hedge funds have recently made changes to their positions in the stock. Sands Capital Management LLC boosted its holdings in iRhythm Technologies by 61.3% in the fourth quarter. Sands Capital Management LLC now owns 3,074,149 shares of the company’s stock valued at $729,219,000 after acquiring an additional 1,168,349 shares in the last quarter. BlackRock Inc. increased its position in shares of iRhythm Technologies by 10.3% during the fourth quarter. BlackRock Inc. now owns 2,278,895 shares of the company’s stock valued at $540,579,000 after buying an additional 212,976 shares during the period. Price T Rowe Associates Inc. MD raised its stake in iRhythm Technologies by 30.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,812,756 shares of the company’s stock worth $430,004,000 after buying an additional 420,419 shares in the last quarter. Artisan Partners Limited Partnership lifted its holdings in iRhythm Technologies by 234.7% in the fourth quarter. Artisan Partners Limited Partnership now owns 1,356,864 shares of the company’s stock worth $321,862,000 after buying an additional 951,511 shares during the period. Finally, JPMorgan Chase & Co. boosted its position in iRhythm Technologies by 6.1% during the 4th quarter. JPMorgan Chase & Co. now owns 949,694 shares of the company’s stock valued at $225,276,000 after acquiring an additional 54,189 shares in the last quarter.

iRhythm Technologies stock traded down $3.02 during trading hours on Tuesday, reaching $72.11. The stock had a trading volume of 690,829 shares, compared to its average volume of 718,321. The company has a fifty day simple moving average of $112.94 and a 200-day simple moving average of $184.92. iRhythm Technologies has a 52 week low of $70.35 and a 52 week high of $286.19. The stock has a market cap of $2.10 billion, a PE ratio of -37.75 and a beta of 1.68. The company has a debt-to-equity ratio of 0.07, a current ratio of 6.55 and a quick ratio of 6.46.

iRhythm Technologies (NASDAQ:IRTC) last posted its earnings results on Thursday, February 25th. The company reported ($0.33) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.31) by ($0.02). iRhythm Technologies had a negative return on equity of 28.89% and a negative net margin of 20.97%. The business had revenue of $78.81 million during the quarter, compared to the consensus estimate of $76.41 million. Research analysts predict that iRhythm Technologies will post -1.56 earnings per share for the current fiscal year.

iRhythm Technologies Company Profile

iRhythm Technologies, Inc, a digital healthcare company, provides ambulatory electrocardiogram (ECG) monitoring products for patients at risk for arrhythmias in the United States. It offers Zio service, an ambulatory cardiac monitoring solution that combines a wire-free, patch-based, and wearable biosensor with a cloud-based data analytic platform to help physicians to monitor patients and diagnose arrhythmias.

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