Point72 Asset Management L.P. lifted its stake in Irhythm Technologies Inc (NASDAQ:IRTC) by 17.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 552,859 shares of the company’s stock after purchasing an additional 82,760 shares during the period. Point72 Asset Management L.P. owned 2.34% of Irhythm Technologies worth $34,802,000 at the end of the most recent quarter.
Several other institutional investors also recently modified their holdings of the stock. Barclays PLC acquired a new stake in shares of Irhythm Technologies in the first quarter valued at approximately $735,000. A.R.T. Advisors LLC acquired a new stake in Irhythm Technologies during the 1st quarter worth $656,000. Rock Springs Capital Management LP grew its holdings in Irhythm Technologies by 17.6% during the 1st quarter. Rock Springs Capital Management LP now owns 477,500 shares of the company’s stock worth $30,059,000 after acquiring an additional 71,500 shares during the period. Lisanti Capital Growth LLC grew its holdings in Irhythm Technologies by 76.5% during the 1st quarter. Lisanti Capital Growth LLC now owns 39,120 shares of the company’s stock worth $2,463,000 after acquiring an additional 16,950 shares during the period. Finally, Nuveen Asset Management LLC acquired a new stake in Irhythm Technologies during the 1st quarter worth $1,103,000.
A number of analysts have commented on IRTC shares. BidaskClub raised shares of Irhythm Technologies from a “hold” rating to a “buy” rating in a report on Wednesday, June 13th. Canaccord Genuity reaffirmed a “buy” rating and set a $80.00 target price (up previously from $68.00) on shares of Irhythm Technologies in a report on Monday, March 12th. ValuEngine raised shares of Irhythm Technologies from a “hold” rating to a “buy” rating in a report on Wednesday, May 9th. Zacks Investment Research raised shares of Irhythm Technologies from a “sell” rating to a “hold” rating in a report on Tuesday, May 8th. Finally, Northland Securities reaffirmed a “hold” rating and set a $60.00 target price on shares of Irhythm Technologies in a report on Monday, April 16th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company. Irhythm Technologies has an average rating of “Buy” and a consensus price target of $74.00.
In other news, insider Derrick Sung sold 10,000 shares of Irhythm Technologies stock in a transaction on Friday, May 18th. The shares were sold at an average price of $70.00, for a total transaction of $700,000.00. Following the transaction, the insider now directly owns 23,858 shares of the company’s stock, valued at $1,670,060. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Kevin M. King sold 80,000 shares of the business’s stock in a transaction on Tuesday, May 8th. The shares were sold at an average price of $65.91, for a total transaction of $5,272,800.00. Following the completion of the sale, the insider now directly owns 218,146 shares in the company, valued at $14,378,002.86. The disclosure for this sale can be found here. Over the last three months, insiders have sold 96,877 shares of company stock worth $6,525,780. Insiders own 23.30% of the company’s stock.
Shares of NASDAQ IRTC opened at $81.13 on Friday. Irhythm Technologies Inc has a twelve month low of $40.12 and a twelve month high of $84.70. The company has a debt-to-equity ratio of 0.45, a current ratio of 6.59 and a quick ratio of 6.48.
Irhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings results on Wednesday, May 2nd. The company reported ($0.47) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.11). The firm had revenue of $30.60 million for the quarter, compared to the consensus estimate of $29.07 million. Irhythm Technologies had a negative return on equity of 43.37% and a negative net margin of 32.73%. The company’s revenue for the quarter was up 43.0% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.24) earnings per share. equities analysts expect that Irhythm Technologies Inc will post -1.57 earnings per share for the current fiscal year.
Irhythm Technologies Company Profile
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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