Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. iRhythm Technologies Inc. shares valued at $14,379 were sold by Bairey Merz Cathleen Noel on Sep 12. At $159.77 per share, Bairey Merz Cathleen Noel sold 90 shares. The insider’s holdings dropped to 4,887 shares worth approximately $0.65 million following the completion of this transaction.
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Also, Devine Douglas sold 10,109 shares, netting a total of over 1,154,650 in proceeds. Following the sale of shares at $114.22 each, the insider now holds 29,702 shares.
Before that, Wilson Daniel G. had sold 1,428 shares from its account. In a trade valued at $155,553, the EVP, Strategy Corp Dev Inv Rel traded iRhythm Technologies Inc. shares for $108.93 each. Upon closing the transaction, the insider’s holdings decreased to 1,428 shares, worth approximately $4.97 million.
As published in a research note from Citigroup on June 09, 2022, iRhythm Technologies Inc. [IRTC] has been rated down from a Buy to a Neutral and the price target has been revised to $155 from $180. This represents a 14.56% premium over Wednesday’s closing price. Analysts at Wolfe Research started covering the stock with ‘”an Underperform”‘ outlook in a report released in early April. As of February 24, 2022, Needham has increased its “Hold” rating to a “Buy” for IRTC. Earlier on February 24, 2022, Needham upgraded its rating. Their new recommendation was “a Buy” for IRTC stock which previously was a “a Hold”.
Analyzing IRTC’s Price Performance
On Wednesday, iRhythm Technologies Inc. [NASDAQ: IRTC] plunged -14.80% to $132.43. The stock’s lowest price that day was $132.42, but it reached a high of $155.00 in the same session. During the last five days, there has been a drop of approximately -16.96%. Over the course of the year, iRhythm Technologies Inc. shares have jumped approximately 12.52%. Shares of the company reached a 52-week high of $169.54 on 04/05/22 and a 52-week low of $101.63 on 01/07/22. A 50-day SMA is recorded $150.25, while a 200-day SMA reached $132.83. Nevertheless, trading volume fell to 1.43 million shares from 0.35 million shares the previous day.
Support And Resistance Levels for iRhythm Technologies Inc. (IRTC)
According to the 24-hour chart, there is a support level at 124.90, which, if violated, would cause prices to drop to 117.37. In the upper region, resistance lies at 147.48. The next price resistance is at 162.53. RSI (Relative Strength Index) is 36.66 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -6.29, which suggests the price will decrease in the coming days. Percent R is at 99.97%, indicating bearish price movement. Stochastics %K at holding indicates that the stock is to be held.
Is iRhythm Technologies Inc. subject to short interest?
Stocks of iRhythm Technologies Inc. saw a sharp rise in short interest on Jul 14, 2022 jumping by 0.22 million shares to 1.85 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 1.63 million shares. A jump of 11.89% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 3.41 of the overall float, the days-to-cover ratio (short ratio) jumped to 3.41.
Which companies own the most shares of iRhythm Technologies Inc. (IRTC)?
According to Sands Capital Management LLC filings, the company currently owns 3,051,447 shares, which is about 10.16% of the total IRTC shares outstanding. The investor’s shares have appreciated by 26,689 from its previous 13-F filing of 3024758.0 shares. With the completion of the buy transaction, The Vanguard Group, Inc.’s stake is now worth $394,015,595. BlackRock Fund Advisors acquire a 1.30% interest valued at $279.55 million while LTS One Management LP purchased a 515,000 stake. A total of 37,587 shares of iRhythm Technologies Inc. were bought by Mackenzie Financial Corp. during the quarter, and 8,621 were bought by AllianceBernstein LP. In its current portfolio, Capital Research & Management Co holds 965,000 shares valued at $142.29 million.
In spite of this, 10 analysts ranked iRhythm Technologies Inc. stock as an Overweight at the end of 2022. On January 18, 2022, Morgan Stanley assigned a price target of “an Overweight” to the stock and upgraded coverage with a $167.