iRhythm Technologies (NASDAQ:IRTC) Reaches New 12-Month High After Strong Earnings

iRhythm Technologies, Inc. (NASDAQ:IRTC) hit a new 52-week high during mid-day trading on Friday after the company announced better than expected quarterly earnings. The stock traded as high as $128.52 and last traded at $120.01, with a volume of 502131 shares traded. The stock had previously closed at $112.67.

The company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.29) by $0.30. The company had revenue of $164.33 million for the quarter, compared to the consensus estimate of $158.30 million. iRhythm Technologies had a negative return on equity of 120.86% and a negative net margin of 26.90%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Truist Financial lifted their target price on iRhythm Technologies from $111.00 to $145.00 and gave the stock a “buy” rating in a research report on Friday. Wells Fargo & Company lifted their target price on iRhythm Technologies from $86.00 to $104.00 and gave the stock an “equal weight” rating in a research report on Friday. Canaccord Genuity Group lifted their target price on iRhythm Technologies from $125.00 to $152.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Oppenheimer lifted their target price on iRhythm Technologies from $105.00 to $120.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 8th. Finally, Needham & Company LLC lifted their target price on iRhythm Technologies from $125.00 to $138.00 and gave the stock a “buy” rating in a research report on Friday. One analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $115.55.

Insider Buying and Selling at iRhythm Technologies

In other news, insider Patrick Michael Murphy sold 2,492 shares of iRhythm Technologies stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $85.89, for a total value of $214,037.88. Following the completion of the transaction, the insider now owns 35,327 shares in the company, valued at approximately $3,034,236.03. The trade was a 6.59 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.68% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of IRTC. Hennion & Walsh Asset Management Inc. raised its stake in shares of iRhythm Technologies by 27.3% in the third quarter. Hennion & Walsh Asset Management Inc. now owns 3,512 shares of the company’s stock valued at $261,000 after acquiring an additional 754 shares during the last quarter. Values First Advisors Inc. bought a new position in iRhythm Technologies in the 3rd quarter worth approximately $380,000. SteelPeak Wealth LLC bought a new position in iRhythm Technologies in the 3rd quarter worth approximately $592,000. Harbor Capital Advisors Inc. raised its position in iRhythm Technologies by 272.0% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 79,938 shares of the company’s stock worth $5,935,000 after purchasing an additional 58,448 shares during the last quarter. Finally, WoodTrust Financial Corp raised its position in iRhythm Technologies by 28.4% in the 3rd quarter. WoodTrust Financial Corp now owns 11,307 shares of the company’s stock worth $839,000 after purchasing an additional 2,500 shares during the last quarter.

iRhythm Technologies Stock Up 6.1 %

The company has a debt-to-equity ratio of 9.00, a quick ratio of 6.12 and a current ratio of 6.27. The firm’s 50-day moving average is $101.11 and its two-hundred day moving average is $83.27. The stock has a market cap of $3.74 billion, a P/E ratio of -24.61 and a beta of 1.29.

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.