iRhythm Technologies (NASDAQ:IRTC) Sees Significant Growth in Short Interest

iRhythm Technologies (NASDAQ:IRTC) saw a significant growth in short interest in January. As of January 15th, there was short interest totaling 2,750,064 shares, a growth of 19.6% from the December 31st total of 2,299,440 shares. Currently, 8.6% of the company’s stock are sold short. Based on an average daily trading volume, of 818,207 shares, the short-interest ratio is presently 3.4 days. Based on an average daily trading volume, of 818,207 shares, the short-interest ratio is presently 3.4 days. Currently, 8.6% of the company’s stock are sold short.

Insiders Place Their Bets

In related news, insider Patrick Michael Murphy sold 2,478 shares of the company’s 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 completion of the sale, the insider directly owned 53,281 shares in the company, valued at $9,847,927.23. This represents a 4.44% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Chad Patterson sold 280 shares of the firm’s stock in a transaction dated Tuesday, December 2nd. The shares were sold at an average price of $184.83, for a total value of $51,752.40. Following the sale, the insider directly owned 43,387 shares in the company, valued at approximately $8,019,219.21. The trade was a 0.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.68% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. GAMMA Investing LLC lifted its holdings in shares of iRhythm Technologies by 48.4% during the fourth quarter. GAMMA Investing LLC now owns 184 shares of the company’s stock worth $33,000 after purchasing an additional 60 shares during the period. Ascent Group LLC raised its position in iRhythm Technologies by 0.7% during the 4th quarter. Ascent Group LLC now owns 9,587 shares of the company’s stock worth $1,701,000 after buying an additional 70 shares during the last quarter. WoodTrust Financial Corp lifted its stake in iRhythm Technologies by 0.7% during the 4th quarter. WoodTrust Financial Corp now owns 10,070 shares of the company’s stock valued at $1,787,000 after acquiring an additional 70 shares during the period. US Bancorp DE boosted its holdings in shares of iRhythm Technologies by 7.8% in the 3rd quarter. US Bancorp DE now owns 1,042 shares of the company’s stock valued at $179,000 after acquiring an additional 75 shares during the last quarter. Finally, Ameritas Investment Partners Inc. increased its stake in shares of iRhythm Technologies by 2.9% in the second quarter. Ameritas Investment Partners Inc. now owns 3,256 shares of the company’s stock worth $501,000 after acquiring an additional 93 shares during the period.

Wall Street Analysts Forecast Growth

IRTC has been the subject of several analyst reports. Morgan Stanley reissued an “overweight” rating on shares of iRhythm Technologies in a research report on Monday, January 12th. Wells Fargo & Company increased their target price on shares of iRhythm Technologies from $220.00 to $225.00 and gave the company an “overweight” rating in a research report on Tuesday, January 13th. Needham & Company LLC restated a “buy” rating and issued a $244.00 target price on shares of iRhythm Technologies in a research note on Monday, January 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of iRhythm Technologies in a research report on Thursday, January 22nd. Finally, Freedom Capital raised iRhythm Technologies to a “strong-buy” rating in a research report on Thursday, January 15th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $219.23.

iRhythm Technologies Stock Performance

Shares of NASDAQ:IRTC traded up $5.57 on Tuesday, hitting $161.30. 730,396 shares of the company were exchanged, compared to its average volume of 727,844. The firm has a market capitalization of $5.20 billion, a P/E ratio of -100.19 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 1-year low of $92.52 and a 1-year high of $212.00. The stock’s 50 day moving average price is $172.22 and its 200 day moving average price is $170.94.

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.