iRhythm Technologies (NASDAQ:IRTC) Reaches New 1-Year High - Still a Buy?

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

Wall Street Analyst Weigh In

A number of research firms recently commented on IRTC. Needham & Company LLC lifted their price objective on iRhythm Technologies from $138.00 to $151.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd. Citigroup boosted their target price on shares of iRhythm Technologies from $130.00 to $167.00 and gave the company a "buy" rating in a report on Thursday, May 22nd. Robert W. Baird upped their target price on iRhythm Technologies from $133.00 to $150.00 and gave the company an "outperform" rating in a research report on Friday, May 2nd. Morgan Stanley boosted their price target on iRhythm Technologies from $130.00 to $160.00 and gave the company an "overweight" rating in a research note on Wednesday, June 11th. Finally, Canaccord Genuity Group lowered their price objective on shares of iRhythm Technologies from $152.00 to $139.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $138.60.

iRhythm Technologies Stock Down 0.3%

The stock's fifty day moving average is $139.23 and its 200 day moving average is $115.30. The company has a market capitalization of $4.54 billion, a P/E ratio of -45.34 and a beta of 1.41. The company has a current ratio of 5.71, a quick ratio of 5.58 and a debt-to-equity ratio of 7.47.

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

Insider Activity at iRhythm Technologies

In other news, insider Chad Patterson sold 936 shares of the company's stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $150.00, for a total value of $140,400.00. Following the completion of the sale, the insider directly owned 48,929 shares in the company, valued at $7,339,350. This represents a 1.88% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Daniel G. Wilson sold 3,000 shares of the business's stock in a transaction that occurred on Monday, June 23rd. The stock was 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 directly owned 40,307 shares in the company, valued at approximately $6,046,050. This represents a 6.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,356 shares of company stock worth $796,882 over the last quarter. Company insiders own 1.10% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. GAMMA Investing LLC grew its stake in shares of iRhythm Technologies by 30,928.6% during the 1st quarter. GAMMA Investing LLC now owns 8,688 shares of the company's stock worth $909,000 after purchasing an additional 8,660 shares during the period. SG Americas Securities LLC boosted its holdings in iRhythm Technologies by 95.6% in the 1st quarter. SG Americas Securities LLC now owns 8,427 shares of the company's stock worth $882,000 after buying an additional 4,119 shares during the last quarter. Invesco Ltd. raised its holdings in shares of iRhythm Technologies by 1.1% during the fourth quarter. Invesco Ltd. now owns 19,200 shares of the company's stock valued at $1,731,000 after acquiring an additional 207 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of iRhythm Technologies by 23.2% in the fourth quarter. Bank of New York Mellon Corp now owns 491,485 shares of the company's stock valued at $44,317,000 after acquiring an additional 92,591 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its stake in shares of iRhythm Technologies by 32.3% in the fourth quarter. PNC Financial Services Group Inc. now owns 4,980 shares of the company's stock worth $449,000 after acquiring an additional 1,215 shares during the last quarter.

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.