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

iRhythm Technologies (NASDAQ:IRTC) shares 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 changing hands.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Stephens reduced their target price on shares of iRhythm Technologies from $160.00 to $120.00 and set an “overweight” rating for the company in a research report on Wednesday. Citigroup lowered shares of iRhythm Technologies from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $157.00 to $124.00 in a research report on Friday, November 6th. Canaccord Genuity Group lifted their price objective on shares of iRhythm Technologies from $196.00 to $206.00 and gave the stock a “buy” rating in a research note on Friday, November 6th. BTIG Research cut their price objective on shares of iRhythm Technologies from $185.00 to $170.00 and set a “buy” rating for the company in a report on Friday, November 6th. Finally, Needham & Company LLC cut their price objective on shares of iRhythm Technologies from $194.00 to $165.00 and set a “buy” rating for the company in a report on Friday, November 6th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, iRhythm Technologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $164.07.

iRhythm Technologies Stock Performance

The stock has a market cap of $3.05 billion, a P/E ratio of -77.29 and a beta of 1.39. The company has a current ratio of 3.57, a quick ratio of 3.45 and a debt-to-equity ratio of 3.68. The stock has a 50 day simple moving average of $112.99 and a 200 day simple moving average of $120.57.

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

Institutional Investors Weigh In On iRhythm Technologies

Several institutional investors and hedge funds have recently bought and sold shares of IRTC. Group One Trading LLC raised its position in shares of iRhythm Technologies by 64.4% in the 3rd quarter. Group One Trading LLC now owns 610 shares of the company’s stock valued at $69,000 after buying an additional 239 shares in the last quarter. USS Investment Management Ltd lifted its holdings in shares of iRhythm Technologies by 84.9% during the 3rd quarter. USS Investment Management Ltd now owns 197,729 shares of the company’s stock worth $22,465,000 after acquiring an additional 90,772 shares during the period. Stephens Investment Management Group LLC lifted its holdings in shares of iRhythm Technologies by 1.7% during the 3rd quarter. Stephens Investment Management Group LLC now owns 705,533 shares of the company’s stock worth $80,191,000 after acquiring an additional 12,096 shares during the period. Voya Investment Management LLC boosted its position in shares of iRhythm Technologies by 3,578.5% during the 3rd quarter. Voya Investment Management LLC now owns 230,934 shares of the company’s stock worth $26,248,000 after acquiring an additional 224,656 shares in the last quarter. Finally, Global Retirement Partners LLC boosted its position in shares of iRhythm Technologies by 5,450.0% during the 3rd quarter. Global Retirement Partners LLC now owns 222 shares of the company’s stock worth $25,000 after acquiring an additional 218 shares in the last quarter.

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.