iRhythm Technologies (NASDAQ:IRTC) Issues Quarterly Earnings Results, Beats Expectations By $0.27 EPS

iRhythm Technologies (NASDAQ:IRTC) released its earnings results on Thursday. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.27, FiscalAI reports. iRhythm Technologies had a negative net margin of 7.32% and a negative return on equity of 41.86%.

iRhythm Technologies Stock Performance

Shares of NASDAQ IRTC traded up $5.03 during trading hours on Thursday, reaching $158.88. The stock had a trading volume of 773,481 shares, compared to its average volume of 698,900. The firm has a 50-day moving average of $165.21 and a 200-day moving average of $171.48. The firm has a market cap of $5.12 billion, a price-to-earnings ratio of -98.68 and a beta of 1.06. The company has a current ratio of 4.63, a quick ratio of 4.50 and a debt-to-equity ratio of 5.32. iRhythm Technologies has a fifty-two week low of $92.52 and a fifty-two week high of $212.00.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on IRTC. The Goldman Sachs Group upped their price objective on iRhythm Technologies from $180.00 to $202.00 and gave the stock a “neutral” rating in a research report on Friday, October 31st. Citigroup upped their price target on iRhythm Technologies from $205.00 to $242.00 and gave the stock a “buy” rating in a report on Friday, October 31st. BTIG Research increased their price target on iRhythm Technologies from $195.00 to $215.00 and gave the company a “buy” rating in a research report on Friday, October 31st. Wells Fargo & Company boosted their price objective on iRhythm Technologies from $220.00 to $225.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 13th. Finally, Morgan Stanley restated an “overweight” rating on shares of iRhythm Technologies in a research note on Monday, January 12th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $219.23.

Insider Activity at iRhythm Technologies

In other news, insider Chad Patterson sold 280 shares of iRhythm Technologies stock in a transaction on Tuesday, December 2nd. The shares were sold at an average price of $184.83, for a total value of $51,752.40. Following the transaction, the insider directly owned 43,387 shares of the company’s stock, valued at $8,019,219.21. The trade was a 0.64% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Patrick Michael Murphy sold 2,478 shares of the stock in a transaction on Tuesday, December 2nd. The stock was sold at an average price of $184.83, for a total transaction of $458,008.74. Following the sale, the insider owned 53,281 shares of the company’s stock, valued at approximately $9,847,927.23. This represents a 4.44% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 1.10% of the company’s stock.

Hedge Funds Weigh In On iRhythm Technologies

Several institutional investors have recently added to or reduced their stakes in IRTC. Corient Private Wealth LLC lifted its position in iRhythm Technologies by 12.1% during the 4th quarter. Corient Private Wealth LLC now owns 1,764 shares of the company’s stock worth $313,000 after acquiring an additional 191 shares during the period. Fuller & Thaler Asset Management Inc. increased its stake in shares of iRhythm Technologies by 7.4% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 639,423 shares of the company’s stock worth $113,459,000 after acquiring an additional 44,175 shares during the period. XTX Topco Ltd acquired a new position in shares of iRhythm Technologies during the fourth quarter worth about $855,000. RTW Investments LP acquired a new stake in iRhythm Technologies in the fourth quarter valued at about $209,732,000. Finally, Occudo Quantitative Strategies LP increased its position in iRhythm Technologies by 103.8% during the 4th quarter. Occudo Quantitative Strategies LP now owns 16,484 shares of the company’s stock worth $2,925,000 after purchasing an additional 8,395 shares during the period.

iRhythm Technologies Company Profile

iRhythm Technologies, Inc is a medical technology company that develops and commercializes wearable cardiac monitoring devices and associated data analytics services. Founded in 2006 and headquartered in San Francisco, California, the company’s flagship product is the Zio® patch, a discreet, single-use, continuous ECG recorder designed to monitor heart rhythms for up to 14 days. iRhythm’s digital diagnostics platform combines biosensor technology with proprietary algorithms to detect arrhythmias and streamline data interpretation for physicians.

The Zio service is prescribed by cardiologists and other healthcare providers to aid in the diagnosis of atrial fibrillation, bradycardia, tachycardia and other rhythm disorders.