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iRhythm Technologies (IRTC) Soars 3.9%: Is Further Upside Left in the Stock?
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iRhythm Technologies (IRTC - Free Report) shares rallied 3.9% in the last trading session to close at $111.42. 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 3.1% gain over the past four weeks.
iRhythm recorded a strong price rise on investors’ optimism surrounding the presentation of company’s new studies demonstrating favorable outcome of Zio XT. The CAMELOT study, titled “Comparative Effectiveness Of Ambulatory Monitors For Arrhythmia Diagnosis” demonstrated that long-term continuous monitoring (LTCM) with Zio XT is associated with the highest diagnostic yield and the fastest time to clinical diagnosis compared to all other ambulatory cardiac monitors (ACM) when looking at specified arrhythmias. Market is also upbeat about company’s full year 2023 sales guidance, expected to grow around 16%-18% compared to prior year.
This company is expected to post quarterly loss of $0.80 per share in its upcoming report, which represents no change from the year-ago quarter. Revenues are expected to be $108.27 million, up 17.2% 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 7% 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.
iRhythm Technologies is a member of the Zacks Medical Info Systems industry. One other stock in the same industry, Butterfly Network, Inc. (BFLY - Free Report) , finished the last trading session 3.7% higher at $1.99. BFLY has returned -21.3% over the past month.
For Butterfly Network, Inc., the consensus EPS estimate for the upcoming report has changed +17.1% over the past month to -$0.17. This represents a change of +22.7% from what the company reported a year ago. Butterfly Network, Inc. currently has a Zacks Rank of #2 (Buy).
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iRhythm Technologies (IRTC) Soars 3.9%: Is Further Upside Left in the Stock?
iRhythm Technologies (IRTC - Free Report) shares rallied 3.9% in the last trading session to close at $111.42. 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 3.1% gain over the past four weeks.
iRhythm recorded a strong price rise on investors’ optimism surrounding the presentation of company’s new studies demonstrating favorable outcome of Zio XT. The CAMELOT study, titled “Comparative Effectiveness Of Ambulatory Monitors For Arrhythmia Diagnosis” demonstrated that long-term continuous monitoring (LTCM) with Zio XT is associated with the highest diagnostic yield and the fastest time to clinical diagnosis compared to all other ambulatory cardiac monitors (ACM) when looking at specified arrhythmias. Market is also upbeat about company’s full year 2023 sales guidance, expected to grow around 16%-18% compared to prior year.
This company is expected to post quarterly loss of $0.80 per share in its upcoming report, which represents no change from the year-ago quarter. Revenues are expected to be $108.27 million, up 17.2% 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 7% 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 a member of the Zacks Medical Info Systems industry. One other stock in the same industry, Butterfly Network, Inc. (BFLY - Free Report) , finished the last trading session 3.7% higher at $1.99. BFLY has returned -21.3% over the past month.
For Butterfly Network, Inc., the consensus EPS estimate for the upcoming report has changed +17.1% over the past month to -$0.17. This represents a change of +22.7% from what the company reported a year ago. Butterfly Network, Inc. currently has a Zacks Rank of #2 (Buy).