iRhythm Technologies $IRTC Shares Acquired by Legal & General Group Plc

Legal & General Group Plc lifted its holdings in shares of iRhythm Technologies (NASDAQ:IRTC) by 24.0% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 52,070 shares of the company’s stock after acquiring an additional 10,065 shares during the period. Legal & General Group Plc owned approximately 0.16% of iRhythm Technologies worth $9,239,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. Tudor Investment Corp ET AL acquired a new position in shares of iRhythm Technologies during the third quarter valued at about $3,439,800,000. Vanguard Group Inc. increased its holdings in shares of iRhythm Technologies by 2.2% during the fourth quarter. Vanguard Group Inc. now owns 3,310,519 shares of the company’s stock valued at $587,418,000 after acquiring an additional 70,420 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in shares of iRhythm Technologies by 6,415.4% during the third quarter. Arrowstreet Capital Limited Partnership now owns 541,039 shares of the company’s stock valued at $93,053,000 after acquiring an additional 532,735 shares in the last quarter. Holocene Advisors LP increased its holdings in shares of iRhythm Technologies by 51.2% during the third quarter. Holocene Advisors LP now owns 473,280 shares of the company’s stock valued at $81,399,000 after acquiring an additional 160,186 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in shares of iRhythm Technologies by 33.5% during the first quarter. Goldman Sachs Group Inc. now owns 433,780 shares of the company’s stock valued at $45,408,000 after acquiring an additional 108,941 shares in the last quarter.

iRhythm Technologies Trading Up 2.7%

Shares of NASDAQ:IRTC opened at $107.35 on Friday. iRhythm Technologies has a 52-week low of $101.75 and a 52-week high of $212.00. The stock has a market cap of $3.53 billion, a price-to-earnings ratio of -124.82 and a beta of 1.27. The company has a quick ratio of 4.98, a current ratio of 5.17 and a debt-to-equity ratio of 4.03. The business has a 50-day moving average price of $117.95 and a 200-day moving average price of $143.74.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings data on Thursday, April 30th. The company reported ($0.35) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.56) by $0.21. iRhythm Technologies had a negative return on equity of 10.26% and a negative net margin of 3.53%.The firm had revenue of $199.39 million during the quarter, compared to analysts’ expectations of $194.11 million. During the same period last year, the business posted ($0.97) earnings per share. The company’s revenue for the quarter was up 25.6% compared to the same quarter last year. Equities analysts predict that iRhythm Technologies will post 0.13 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on IRTC. Weiss Ratings downgraded shares of iRhythm Technologies from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday. The Goldman Sachs Group cut their price objective on shares of iRhythm Technologies from $184.00 to $147.00 and set a “neutral” rating on the stock in a report on Thursday, April 9th. JPMorgan Chase & Co. cut their price objective on shares of iRhythm Technologies from $215.00 to $175.00 and set an “overweight” rating on the stock in a report on Friday, May 1st. Needham & Company LLC upped their price objective on shares of iRhythm Technologies from $254.00 to $255.00 and gave the company a “buy” rating in a report on Friday, May 1st. Finally, Truist Financial cut their price objective on shares of iRhythm Technologies from $200.00 to $170.00 and set a “buy” rating on the stock in a report on Wednesday, April 15th. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $189.69.

Insiders Place Their Bets

In related news, Director Abhijit Y. Talwalkar purchased 5,312 shares of iRhythm Technologies stock in a transaction that occurred on Monday, May 11th. The stock was bought at an average cost of $10.71 per share, for a total transaction of $56,891.52. Following the completion of the transaction, the director owned 25,611 shares in the company, valued at $274,293.81. The trade was a 26.17% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.98% of the company’s stock.

About iRhythm Technologies

iRhythm Technologies, Inc is a medical technology company that develops and commercializes wearable cardiac monitoring devices and associated data analytics services. Founded in 2006 and headquartered in San Francisco, California, the company’s flagship product is the Zio® patch, a discreet, single-use, continuous ECG recorder designed to monitor heart rhythms for up to 14 days. iRhythm’s digital diagnostics platform combines biosensor technology with proprietary algorithms to detect arrhythmias and streamline data interpretation for physicians.

The Zio service is prescribed by cardiologists and other healthcare providers to aid in the diagnosis of atrial fibrillation, bradycardia, tachycardia and other rhythm disorders.