iRhythm Technologies (NASDAQ:IRTC) Reaches New 52-Week High - Time to Buy?

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) shares reached a new 52-week high during trading on Monday . The stock traded as high as $155.98 and last traded at $155.88, with a volume of 7709 shares trading hands. The stock had previously closed at $154.71.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Morgan Stanley increased their target price on iRhythm Technologies from $130.00 to $160.00 and gave the stock an "overweight" rating in a report on Wednesday, June 11th. Canaccord Genuity Group dropped their price target on iRhythm Technologies from $152.00 to $139.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. Needham & Company LLC upped their price objective on shares of iRhythm Technologies from $138.00 to $151.00 and gave the company a "buy" rating in a report on Friday, May 2nd. Wall Street Zen lowered shares of iRhythm Technologies from a "hold" rating to a "sell" rating in a research report on Monday, May 5th. Finally, Citigroup lifted their target price on shares of iRhythm Technologies from $130.00 to $167.00 and gave the stock a "buy" rating in a report on Thursday, May 22nd. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat.com, iRhythm Technologies presently has a consensus rating of "Moderate Buy" and a consensus target price of $138.60.

iRhythm Technologies Stock Performance

The stock has a 50-day simple moving average of $136.39 and a 200-day simple moving average of $114.42. The stock has a market cap of $4.98 billion, a P/E ratio of -49.61 and a beta of 1.40. The company has a debt-to-equity ratio of 7.47, a current ratio of 5.71 and a quick ratio of 5.58.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The company reported ($0.95) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.89) by ($0.06). iRhythm Technologies had a negative net margin of 15.90% and a negative return on equity of 101.04%. The business had revenue of $158.68 million during the quarter, compared to the consensus estimate of $153.39 million. During the same quarter last year, the business earned ($1.23) EPS. The firm's quarterly revenue was up 20.3% compared to the same quarter last year. Research analysts forecast that iRhythm Technologies will post -1.98 earnings per share for the current year.

Insider Activity at iRhythm Technologies

In related news, insider Chad Patterson sold 936 shares of the company's stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $150.00, for a total transaction of $140,400.00. Following the sale, the insider now owns 48,929 shares in the company, valued at $7,339,350. This represents a 1.88% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Daniel G. Wilson sold 3,000 shares of the business's stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $150.00, for a total value of $450,000.00. Following the completion of the transaction, the chief financial officer now directly owns 40,307 shares in the company, valued at approximately $6,046,050. This trade represents a 6.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.68% of the stock is currently owned by company insiders.

Institutional Trading of iRhythm Technologies

Several hedge funds have recently modified their holdings of IRTC. MCF Advisors LLC acquired a new position in shares of iRhythm Technologies during the first quarter valued at about $25,000. AlphaQuest LLC acquired a new stake in iRhythm Technologies in the 1st quarter valued at $30,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in iRhythm Technologies during the first quarter worth $50,000. CWM LLC boosted its position in shares of iRhythm Technologies by 54.3% during the first quarter. CWM LLC now owns 517 shares of the company's stock valued at $54,000 after buying an additional 182 shares during the last quarter. Finally, Raiffeisen Bank International AG purchased a new stake in shares of iRhythm Technologies during the 4th quarter worth approximately $60,000.

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.

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