iRhythm Technologies, Inc. (NASDAQ:IRTC) is 3.27 points higher today and the only thing that matters is where they go from here. You simply have to look deeper than the share price and explore the fundamentals and future growth potential. The stock value has climbed by nearly 4.48% to $76.3 from its previous close of $73.03. Does this growth mean it the best stock to buy right now? The shares seem to have an active trading volume day with a reported 127983 contracts so far this session. IRTC shares had a relatively better volume day versus average trading capacity of 533.34 thousand shares, but with a 24.44 million float and a 2.9% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for IRTC stock indicates that the average analyst price target is $94 per share. This means the stock has a potential increase of 23.2% from where the IRTC share price has been trading recently which is between $72.165 and $75.69. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $75.
The shorts are running away from iRhythm Technologies, Inc. (IRTC) stock. The latest set of short interest data was released on 31 May 2019, and the numbers show a drop in short interest in IRTC shares. While short interest still represents only 19.46% of IRTC’s float, the number of shares shorted have fallen by -145079. The number of shares shorted fell to 4611255 shares, down from 4756334 shares during the preceding fortnight. With average daily trading volumes at 355652 shares, days to cover increased to about 10.35893 days. The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “iRhythm Technologies to Present at the BMO Capital Markets 2019 Prescriptions for Success Healthcare Conference” and dated June 05, 2019.
During the recent trading session for iRhythm Technologies, Inc. (NASDAQ:IRTC), the company witnessed their stock rise $5.86 over a week and surge $6.43 from the price 20 days ago. When compared to their established 52-week high of $98.37, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 09/13/18. The recent low of $58.99 stood for a -22.44% since 12/21/18, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 0 is also allocated to the stock. Since the beta is less than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.
Looking at the current readings for iRhythm Technologies, Inc., the two-week RSI stands at 63.06. This figure suggests that IRTC stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current IRTC readings is similarly very revealing as it has a stochastic reading of 86.38% at this stage. This figure means that IRTC share price today is being oversold.
Technical chart claims that iRhythm Technologies, Inc. (IRTC) would settle between $75.09/share to $77.15/share level. However, if the stock price goes below the $71.57 mark, then the market for iRhythm Technologies, Inc. becomes much weaker. If that happens, the stock price might even plunge as low as $70.1 for its downside target. The stock is currently in the green zone of MACD, with the indicator reading 2.73. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.
Analysts at Chardan Capital Markets lowered their recommendation on shares of IRTC from Buy to Neutral in their opinion released on February 20. Canaccord Genuity analysts again handed out a Buy recommendation to iRhythm Technologies, Inc. (NASDAQ:IRTC) stock but they lifted target price for the shares in a flash note issued to investors on September 13. The target price has been raised from $93 to $100. Analysts at Chardan Capital Markets, made their first call for the equity with a Buy recommendation, according to a research note that dated back to September 06.
IRTC equity has an average rating of 2.11, with the figure leaning towards a bullish end. 9 analysts who tracked the company were contacted by Reuters. Amongst them, 3 rated the stock as a hold while the remaining 6 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while no rated it as a sell. 6 analysts rated iRhythm Technologies, Inc. (NASDAQ:IRTC) as a buy or a strong buy while not a single analyst advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.
Moving on, IRTC stock price is currently trading at 0X forward 12-month Consensus EPS estimates, and its P/S ratio is 11 while for the average stock in the same group, the multiple is 19.95.
iRhythm Technologies, Inc. (IRTC)’s current-quarter revenues are projected to climb by nearly 40.66% to hit $49.89 million, based on current Zacks Consensus Estimate. The firm’s full-year revenues are expected to expand by over 41.75% from $147290 to a noteworthy $208790. At the other end of the current quarter income statement, iRhythm Technologies, Inc. is expected to see its adjusted earnings surge by roughly 13.73% to hit $-0.44 per share. For the fiscal year, IRTC’s earnings are projected to climb by roughly 19.05% to hit $-1.53 per share.