iRhythm Technologies (NASDAQ:IRTC) Shares Gap Up – What’s Next?

iRhythm Technologies (NASDAQ:IRTC)’s share price gapped up prior to trading on Thursday. The stock had previously closed at $88.68, but opened at $92.54. iRhythm Technologies shares last traded at $90.0320, with a volume of 60,403 shares traded.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on IRTC shares. Stephens dropped their price target on iRhythm Technologies from $160.00 to $120.00 and set an “overweight” rating on the stock in a research report on Wednesday. Needham & Company LLC dropped their target price on shares of iRhythm Technologies from $194.00 to $165.00 and set a “buy” rating on the stock in a report on Friday, November 6th. Wells Fargo & Company cut their price target on shares of iRhythm Technologies from $150.00 to $135.00 and set an “overweight” rating on the stock in a research note on Friday, November 6th. JPMorgan Chase & Co. cut their price target on shares of iRhythm Technologies from $175.00 to $145.00 and set an “overweight” rating on the stock in a research note on Friday, November 6th. Finally, Canaccord Genuity Group upped their price target on shares of iRhythm Technologies from $196.00 to $206.00 and gave the company a “buy” rating in a report on Friday, November 6th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $164.07.

iRhythm Technologies Price Performance

The company’s fifty day moving average is $112.99 and its 200 day moving average is $120.57. The firm has a market cap of $3.05 billion, a price-to-earnings ratio of -77.29 and a beta of 1.39. The company has a quick ratio of 3.45, a current ratio of 3.57 and a debt-to-equity ratio of 3.68.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings data on Thursday, November 5th. The company reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.80. iRhythm Technologies had a positive return on equity of 26.88% and a negative net margin of 4.52%. The company had revenue of $221.59 million during the quarter, compared to analysts’ expectations of $222.23 million. During the same quarter last year, the company earned ($0.06) EPS. iRhythm Technologies’s revenue for the quarter was up 14.9% compared to the same quarter last year. On average, equities research analysts predict that iRhythm Technologies will post 0.79 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Versant Capital Management Inc grew its stake in iRhythm Technologies by 123.2% in the 3rd quarter. Versant Capital Management Inc now owns 221 shares of the company’s stock valued at $25,000 after buying an additional 122 shares during the last quarter. Covestor Ltd lifted its position in iRhythm Technologies by 44.8% during the third quarter. Covestor Ltd now owns 417 shares of the company’s stock worth $47,000 after acquiring an additional 129 shares during the last quarter. Rothschild Investment LLC lifted its position in iRhythm Technologies by 170.0% during the third quarter. Rothschild Investment LLC now owns 216 shares of the company’s stock worth $25,000 after acquiring an additional 136 shares during the last quarter. Assetmark Inc. boosted its holdings in shares of iRhythm Technologies by 30.1% during the first quarter. Assetmark Inc. now owns 821 shares of the company’s stock worth $97,000 after acquiring an additional 190 shares during the period. Finally, Global Retirement Partners LLC boosted its holdings in shares of iRhythm Technologies by 5,450.0% during the third quarter. Global Retirement Partners LLC now owns 222 shares of the company’s stock worth $25,000 after acquiring an additional 218 shares during the period.

About iRhythm Technologies

iRhythm Technologies is a medical technology company that develops digital solutions for detecting and monitoring heart rhythm disorders. Its services combine wearable electrocardiogram (ECG) devices with cloud-based data analysis and clinical reporting to help healthcare professionals assess patients for conditions such as cardiac arrhythmias. The company’s Zio product line includes wearable ECG monitors, such as Zio XT, which records a patient’s heart activity during an extended monitoring period. iRhythm also offers Zio AT, a monitoring service designed to provide clinicians with ECG data during the monitoring period.