iRhythm Technologies (NASDAQ:IRTC) Sees Strong Trading Volume - Still a Buy?

Key Points

• iRhythm Technologies shares rose 3.7% to $114.43, despite trading volume falling 33% from the prior session. The company has a $3.78 billion market capitalization.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $179.93. Recent targets range from $160 to $192, although one firm downgraded the stock to “Hold.”
• The company exceeded quarterly expectations, reporting $0.58 in EPS versus a consensus loss of $0.04 and revenue of $224.17 million, up 20.1% year over year. Institutional investors including Squarepoint Ops, Amundi and Braidwell increased their positions.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) saw an uptick in trading volume on Wednesday . Approximately 403,090 shares were traded during trading, a decline of 33% from the previous session's volume of 603,757 shares.The stock last traded at $114.4310 and had previously closed at $110.53.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on IRTC shares. Needham & Company LLC lowered their price target on shares of iRhythm Technologies from $255.00 to $192.00 and set a "buy" rating on the stock in a research report on Friday, August 7th. HC Wainwright reissued a "buy" rating on shares of iRhythm Technologies in a report on Monday, June 1st. Stephens initiated coverage on iRhythm Technologies in a report on Thursday, July 23rd. They issued an "overweight" rating and a $160.00 price target for the company. Truist Financial boosted their price objective on iRhythm Technologies from $160.00 to $168.00 and gave the company a "buy" rating in a research note on Monday, August 10th. Finally, Wall Street Zen cut iRhythm Technologies from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $179.93.

iRhythm Technologies Trading Up 3.7%

The firm has a market cap of $3.78 billion, a PE ratio of -266.72 and a beta of 1.31. The company has a debt-to-equity ratio of 3.50, a quick ratio of 3.74 and a current ratio of 3.86. The stock's 50 day simple moving average is $118.44 and its 200 day simple moving average is $117.63.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.62. The firm had revenue of $224.17 million during the quarter, compared to analyst estimates of $219.30 million. iRhythm Technologies had a positive return on equity of 10.11% and a negative net margin of 1.69%.The company's revenue was up 20.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.32) earnings per share. On average, sell-side analysts forecast that iRhythm Technologies will post 0.6 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of IRTC. Squarepoint Ops LLC lifted its stake in iRhythm Technologies by 1,065.8% in the second quarter. Squarepoint Ops LLC now owns 71,862 shares of the company's stock worth $8,548,000 after purchasing an additional 65,698 shares during the last quarter. Nykredit A S bought a new position in shares of iRhythm Technologies during the second quarter valued at about $236,000. Amundi increased its holdings in shares of iRhythm Technologies by 14.0% in the second quarter. Amundi now owns 56,534 shares of the company's stock worth $6,725,000 after buying an additional 6,959 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of iRhythm Technologies in the second quarter worth about $969,000. Finally, Braidwell LP lifted its stake in shares of iRhythm Technologies by 7.2% in the 2nd quarter. Braidwell LP now owns 654,262 shares of the company's stock valued at $77,824,000 after acquiring an additional 44,070 shares during the last quarter.

About iRhythm Technologies

iRhythm Technologies, Inc is a digital health company focused on ambulatory cardiac monitoring and the detection of cardiac arrhythmias. The company combines wearable electrocardiogram (ECG) sensors, cloud-based data analysis and clinical support services to help healthcare professionals identify and manage irregular heart rhythms.

Its product portfolio includes the Zio monitor and related services, including Zio XT and Zio AT. These single-use, wearable devices continuously record cardiac activity over an extended period, after which iRhythm analyzes the data and provides reports to physicians.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.