iRhythm Technologies $IRTC Shares Sold by Engineers Gate Manager LP

Engineers Gate Manager LP lessened its stake in iRhythm Technologies (NASDAQ:IRTC) by 38.3% in the 2nd quarter, Holdings Channel.com reports. The fund owned 30,418 shares of the company’s stock after selling 18,851 shares during the quarter. Engineers Gate Manager LP’s holdings in iRhythm Technologies were worth $3,618,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in IRTC. Quantinno Capital Management LP raised its position in shares of iRhythm Technologies by 1,172.8% during the 1st quarter. Quantinno Capital Management LP now owns 18,621 shares of the company’s stock worth $2,198,000 after purchasing an additional 17,158 shares during the last quarter. Rock Springs Capital Management LP boosted its holdings in iRhythm Technologies by 11.4% in the 1st quarter. Rock Springs Capital Management LP now owns 261,750 shares of the company’s stock worth $30,892,000 after buying an additional 26,750 shares during the last quarter. Legal & General Group Plc boosted its holdings in iRhythm Technologies by 24.0% in the 4th quarter. Legal & General Group Plc now owns 52,070 shares of the company’s stock worth $9,239,000 after buying an additional 10,065 shares during the last quarter. Stephens Investment Management Group LLC increased its stake in iRhythm Technologies by 8.1% during the 1st quarter. Stephens Investment Management Group LLC now owns 561,530 shares of the company’s stock worth $66,272,000 after buying an additional 42,205 shares in the last quarter. Finally, First Light Asset Management LLC increased its stake in iRhythm Technologies by 9.3% during the 1st quarter. First Light Asset Management LLC now owns 168,116 shares of the company’s stock worth $19,841,000 after buying an additional 14,245 shares in the last quarter.

Analyst Ratings Changes

Several research firms have recently weighed in on IRTC. Needham & Company LLC decreased their target price on iRhythm Technologies from $255.00 to $192.00 and set a “buy” rating on the stock in a research report on Friday, August 7th. Stephens assumed coverage on iRhythm Technologies in a research report on Thursday, July 23rd. They set an “overweight” rating and a $160.00 price target for the company. Bank of America reduced their price objective on iRhythm Technologies from $225.00 to $180.00 and set a “buy” rating for the company in a research note on Monday, May 18th. HC Wainwright reaffirmed a “buy” rating on shares of iRhythm Technologies in a research note on Monday, June 1st. Finally, Truist Financial raised their price target on shares of iRhythm Technologies from $160.00 to $168.00 and gave the stock a “buy” rating in a research note on Monday, August 10th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $179.93.

iRhythm Technologies Price Performance

Shares of IRTC stock opened at $111.43 on Friday. The company has a debt-to-equity ratio of 3.50, a current ratio of 3.86 and a quick ratio of 3.74. The firm’s 50-day moving average is $119.67 and its two-hundred day moving average is $118.83. iRhythm Technologies has a 12 month low of $100.85 and a 12 month high of $212.00. The company has a market capitalization of $3.67 billion, a PE ratio of -259.14 and a beta of 1.31.

iRhythm Technologies (NASDAQ:IRTC) last posted its earnings results on Thursday, August 6th. The company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.62. The company had revenue of $224.17 million during the quarter, compared to analysts’ expectations of $219.30 million. iRhythm Technologies had a positive return on equity of 10.11% and a negative net margin of 1.69%.The firm’s quarterly revenue was up 20.1% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.32) earnings per share. Analysts predict that iRhythm Technologies will post 0.6 earnings per share for the current year.

About iRhythm Technologies

iRhythm Technologies, Inc is a digital health company focused on ambulatory cardiac monitoring and the detection of cardiac arrhythmias. The company combines wearable electrocardiogram (ECG) sensors, cloud-based data analysis and clinical support services to help healthcare professionals identify and manage irregular heart rhythms.

Its product portfolio includes the Zio monitor and related services, including Zio XT and Zio AT. These single-use, wearable devices continuously record cardiac activity over an extended period, after which iRhythm analyzes the data and provides reports to physicians.