Traders Purchase High Volume of Irhythm Technologies Call Options (IRTC)

Irhythm Technologies Inc (NASDAQ:IRTC) saw unusually large options trading on Tuesday. Stock investors bought 1,031 call options on the company. This represents an increase of approximately 1,537% compared to the typical daily volume of 63 call options.

A number of brokerages have commented on IRTC. Zacks Investment Research upgraded Irhythm Technologies from a “hold” rating to a “buy” rating and set a $86.00 price objective on the stock in a research note on Saturday, October 27th. JPMorgan Chase & Co. boosted their price objective on Irhythm Technologies to $110.00 in a research note on Wednesday. Royal Bank of Canada boosted their price objective on Irhythm Technologies to $109.00 and gave the stock an “outperform” rating in a research note on Wednesday. Canaccord Genuity boosted their price objective on Irhythm Technologies from $90.00 to $104.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, BidaskClub cut Irhythm Technologies from a “buy” rating to a “hold” rating in a research note on Thursday, February 7th. Four investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $99.88.

In other Irhythm Technologies news, EVP Derrick Sung sold 2,000 shares of the business’s stock in a transaction dated Wednesday, January 30th. The stock was sold at an average price of $84.00, for a total transaction of $168,000.00. Following the transaction, the executive vice president now owns 27,258 shares in the company, valued at $2,289,672. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Matthew C. Garrett sold 20,203 shares of the business’s stock in a transaction dated Wednesday, January 16th. The stock was sold at an average price of $85.00, for a total value of $1,717,255.00. Following the transaction, the chief financial officer now owns 40,407 shares in the company, valued at approximately $3,434,595. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 36,447 shares of company stock worth $3,026,782. 5.05% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. PNC Financial Services Group Inc. increased its position in shares of Irhythm Technologies by 38.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,278 shares of the company’s stock worth $89,000 after acquiring an additional 358 shares during the last quarter. CIBC Private Wealth Group LLC increased its position in shares of Irhythm Technologies by 13.9% during the fourth quarter. CIBC Private Wealth Group LLC now owns 3,275 shares of the company’s stock worth $228,000 after acquiring an additional 400 shares during the last quarter. United Services Automobile Association increased its position in shares of Irhythm Technologies by 15.3% during the fourth quarter. United Services Automobile Association now owns 3,444 shares of the company’s stock worth $239,000 after acquiring an additional 458 shares during the last quarter. State Board of Administration of Florida Retirement System increased its position in shares of Irhythm Technologies by 8.3% during the fourth quarter. State Board of Administration of Florida Retirement System now owns 10,063 shares of the company’s stock worth $699,000 after acquiring an additional 772 shares during the last quarter. Finally, Quantamental Technologies LLC purchased a new stake in shares of Irhythm Technologies during the fourth quarter worth about $55,000. 99.80% of the stock is currently owned by institutional investors and hedge funds.

Shares of NASDAQ IRTC opened at $90.54 on Thursday. Irhythm Technologies has a 1 year low of $55.18 and a 1 year high of $98.37. The stock has a market cap of $2.05 billion, a PE ratio of -69.65 and a beta of 1.77. The company has a debt-to-equity ratio of 0.51, a quick ratio of 4.69 and a current ratio of 4.79.

Irhythm Technologies (NASDAQ:IRTC) last announced its earnings results on Tuesday, February 12th. The company reported ($0.48) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.45) by ($0.03). Irhythm Technologies had a negative return on equity of 62.85% and a negative net margin of 33.79%. The business had revenue of $43.16 million for the quarter, compared to analysts’ expectations of $40.21 million. During the same period in the previous year, the firm posted ($0.48) earnings per share. The firm’s revenue was up 53.2% compared to the same quarter last year. Equities research analysts anticipate that Irhythm Technologies will post -1.87 earnings per share for the current year.

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About Irhythm Technologies

iRhythm Technologies, Inc, a digital healthcare company, provides ambulatory electrocardiogram (ECG) monitoring products for patients at risk for arrhythmias in the United States. The company offers Zio service, an ambulatory cardiac monitoring solution that combines a wire-free, patch-based, and wearable biosensor with a cloud-based data analytic platform to help physicians to monitor patients and diagnose arrhythmias.

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