Short Interest in iRhythm Technologies, Inc. (NASDAQ:IRTC) Drops By 12.0%

iRhythm Technologies, Inc. (NASDAQ:IRTC) was the target of a significant decline in short interest in the month of November. As of November 15th, there was short interest totalling 2,410,000 shares, a decline of 12.0% from the October 31st total of 2,740,000 shares. Based on an average daily trading volume, of 583,400 shares, the short-interest ratio is presently 4.1 days.

iRhythm Technologies Trading Up 1.1 %

Shares of NASDAQ:IRTC opened at $87.90 on Tuesday. The stock has a 50 day moving average price of $74.53 and a 200-day moving average price of $81.38. iRhythm Technologies has a 52-week low of $55.92 and a 52-week high of $124.11. The company has a debt-to-equity ratio of 9.00, a current ratio of 6.27 and a quick ratio of 6.12.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings results on Wednesday, October 30th. The company reported ($1.26) EPS for the quarter, missing the consensus estimate of ($0.55) by ($0.71). iRhythm Technologies had a negative return on equity of 120.86% and a negative net margin of 26.90%. The company had revenue of $147.54 million during the quarter, compared to analysts’ expectations of $146.69 million. During the same period in the prior year, the business earned ($0.89) EPS. The company’s quarterly revenue was up 18.4% on a year-over-year basis. On average, equities research analysts forecast that iRhythm Technologies will post -3.44 EPS for the current year.

Insider Buying and Selling at iRhythm Technologies

In related news, Director Abhijit Y. Talwalkar purchased 6,664 shares of the firm’s stock in a transaction on Monday, November 4th. The shares were bought at an average cost of $75.16 per share, for a total transaction of $500,866.24. Following the transaction, the director now directly owns 18,941 shares of the company’s stock, valued at approximately $1,423,605.56. This trade represents a 54.28 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Quentin S. Blackford sold 16,145 shares of the company’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $77.41, for a total value of $1,249,784.45. Following the transaction, the chief executive officer now directly owns 159,929 shares in the company, valued at approximately $12,380,103.89. This represents a 9.17 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.68% of the company’s stock.

Institutional Trading of iRhythm Technologies

Several large investors have recently added to or reduced their stakes in the business. Mackenzie Financial Corp boosted its stake in iRhythm Technologies by 5.9% in the 2nd quarter. Mackenzie Financial Corp now owns 1,428,324 shares of the company’s stock valued at $153,745,000 after purchasing an additional 80,091 shares during the period. State Street Corp boosted its stake in iRhythm Technologies by 1.3% in the third quarter. State Street Corp now owns 908,843 shares of the company’s stock valued at $67,473,000 after acquiring an additional 11,992 shares during the last quarter. Braidwell LP lifted its holdings in shares of iRhythm Technologies by 48.7% in the third quarter. Braidwell LP now owns 782,557 shares of the company’s stock worth $58,097,000 after buying an additional 256,200 shares in the last quarter. Eventide Asset Management LLC increased its position in shares of iRhythm Technologies by 170.8% during the 3rd quarter. Eventide Asset Management LLC now owns 736,721 shares of the company’s stock valued at $54,694,000 after purchasing an additional 464,629 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of iRhythm Technologies by 0.7% during the third quarter. Geode Capital Management LLC now owns 733,308 shares of the company’s stock valued at $54,451,000 after acquiring an additional 5,423 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Canaccord Genuity Group boosted their price target on shares of iRhythm Technologies from $122.00 to $137.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. StockNews.com cut shares of iRhythm Technologies from a “hold” rating to a “sell” rating in a research report on Friday, September 27th. Needham & Company LLC dropped their price objective on shares of iRhythm Technologies from $119.00 to $96.00 and set a “buy” rating on the stock in a research note on Thursday, October 31st. Citigroup reduced their target price on shares of iRhythm Technologies from $135.00 to $110.00 and set a “buy” rating on the stock in a research note on Thursday, August 22nd. Finally, The Goldman Sachs Group initiated coverage on iRhythm Technologies in a report on Friday, October 4th. They issued a “neutral” rating and a $78.00 target price on the stock. One analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $108.50.

iRhythm Technologies Company Profile

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.