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iRhythm Technologies (IRTC) Soars 4.3%: Is Further Upside Left in the Stock?

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iRhythm Technologies (IRTC - Free Report) shares rallied 4.3% in the last trading session to close at $145.47. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 23.6% gain over the past four weeks.

This company is expected to post quarterly loss of $1.06 per share in its upcoming report, which represents a year-over-year change of -11.6%. Revenues are expected to be $89.16 million, up 20% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

For iRhythm Technologies, the consensus EPS estimate for the quarter has been revised 11.6% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on IRTC going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

iRhythm Technologies is part of the Zacks Medical Info Systems industry. Axonics Modulation Technologies (AXNX - Free Report) , another stock in the same industry, closed the last trading session 4.7% higher at $58.34. AXNX has returned 14.1% in the past month.

Axonics' consensus EPS estimate for the upcoming report has changed -89.4% over the past month to -$0.68. Compared to the company's year-ago EPS, this represents a change of -47.8%. Axonics currently boasts a Zacks Rank of #4 (Sell).

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