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

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

Wall Street Analyst Weigh In

Several research firms have commented on IRTC. Robert W. Baird dropped their price objective on shares of iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating for the company in a research note on Friday, November 1st. Truist Financial upped their price objective on iRhythm Technologies from $80.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Canaccord Genuity Group raised their price target on iRhythm Technologies from $122.00 to $137.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. 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. Finally, Citigroup dropped their price objective on iRhythm Technologies from $135.00 to $110.00 and set a “buy” rating for the company in a report on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, iRhythm Technologies currently has a consensus rating of “Moderate Buy” and an average target price of $108.50.

iRhythm Technologies Stock Up 1.1 %

Shares of NASDAQ:IRTC opened at $87.90 on Tuesday. iRhythm Technologies has a 12 month low of $55.92 and a 12 month high of $124.11. The firm’s 50-day moving average is $74.53 and its 200 day moving average is $81.38. The company has a current ratio of 6.27, a quick ratio of 6.12 and a debt-to-equity ratio of 9.00.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings data on Wednesday, October 30th. The company reported ($1.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.71). The firm had revenue of $147.54 million during the quarter, compared to analysts’ expectations of $146.69 million. iRhythm Technologies had a negative net margin of 26.90% and a negative return on equity of 120.86%. The company’s revenue for the quarter was up 18.4% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.89) EPS. As a group, sell-side analysts expect that iRhythm Technologies will post -3.44 earnings per share for the current fiscal year.

Insider Transactions at iRhythm Technologies

In related news, Director Abhijit Y. Talwalkar acquired 6,664 shares of the business’s stock in a transaction dated Monday, November 4th. The stock was bought at an average price of $75.16 per share, with a total value of $500,866.24. Following the acquisition, the director now owns 18,941 shares in the company, valued at $1,423,605.56. This represents a 54.28 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Quentin S. Blackford sold 16,145 shares of iRhythm Technologies stock in a transaction on Monday, November 4th. The stock was sold at an average price of $77.41, for a total transaction of $1,249,784.45. Following the sale, the chief executive officer now directly owns 159,929 shares of the company’s stock, valued at $12,380,103.89. This represents a 9.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.68% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Quarry LP purchased a new position in iRhythm Technologies during the 3rd quarter worth approximately $59,000. Nisa Investment Advisors LLC increased its stake in iRhythm Technologies by 79.6% in the second quarter. Nisa Investment Advisors LLC now owns 625 shares of the company’s stock valued at $67,000 after purchasing an additional 277 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new stake in iRhythm Technologies during the third quarter worth about $119,000. nVerses Capital LLC raised its holdings in iRhythm Technologies by 400.0% in the 3rd quarter. nVerses Capital LLC now owns 2,000 shares of the company’s stock valued at $148,000 after acquiring an additional 1,600 shares during the period. Finally, SeaCrest Wealth Management LLC increased its holdings in iRhythm Technologies by 7.6% in the 2nd quarter. SeaCrest Wealth Management LLC now owns 2,125 shares of the company’s stock valued at $229,000 after buying an additional 150 shares during the period.

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.