Atle Fund Management AB Increases Position in iRhythm Technologies $IRTC

Atle Fund Management AB lifted its holdings in shares of iRhythm Technologies (NASDAQ:IRTC) by 18.5% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 29,991 shares of the company’s stock after buying an additional 4,689 shares during the quarter. iRhythm Technologies makes up approximately 2.0% of Atle Fund Management AB’s investment portfolio, making the stock its 18th largest position. Atle Fund Management AB’s holdings in iRhythm Technologies were worth $5,158,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Holocene Advisors LP raised its stake in iRhythm Technologies by 2,023.1% during the 2nd quarter. Holocene Advisors LP now owns 313,094 shares of the company’s stock valued at $48,204,000 after acquiring an additional 298,347 shares during the last quarter. Loomis Sayles & Co. L P purchased a new stake in shares of iRhythm Technologies during the second quarter worth approximately $39,339,000. Goldman Sachs Group Inc. lifted 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 worth $45,408,000 after purchasing an additional 108,941 shares during the period. Assenagon Asset Management S.A. purchased a new position in iRhythm Technologies in the 3rd quarter valued at $13,394,000. Finally, M&G PLC acquired a new position in iRhythm Technologies in the 2nd quarter valued at $11,457,000.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Morgan Stanley reaffirmed an “overweight” rating on shares of iRhythm Technologies in a report on Monday, January 12th. Robert W. Baird raised their price objective on shares of iRhythm Technologies from $180.00 to $220.00 and gave the company an “outperform” rating in a research report on Friday, October 10th. Needham & Company LLC reiterated a “buy” rating and set a $244.00 target price on shares of iRhythm Technologies in a research report on Monday, January 12th. BTIG Research increased their target price on iRhythm Technologies from $195.00 to $215.00 and gave the stock a “buy” rating in a research note on Friday, October 31st. Finally, Truist Financial decreased their price target on iRhythm Technologies from $230.00 to $215.00 and set a “buy” rating on the stock in a research note on Thursday, December 18th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, iRhythm Technologies currently has an average rating of “Moderate Buy” and an average target price of $219.23.

Insider Buying and Selling at iRhythm Technologies

In other news, insider Chad Patterson sold 280 shares of the firm’s stock in a transaction on Tuesday, December 2nd. The stock was sold at an average price of $184.83, for a total value of $51,752.40. Following the completion of the transaction, the insider owned 43,387 shares in the company, valued at $8,019,219.21. This trade represents a 0.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Patrick Michael Murphy sold 2,478 shares of iRhythm Technologies stock in a transaction on Tuesday, December 2nd. The stock was sold at an average price of $184.83, for a total value of $458,008.74. Following the transaction, the insider directly owned 53,281 shares of the company’s stock, valued at $9,847,927.23. This trade represents a 4.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 16,817 shares of company stock valued at $3,081,715. Insiders own 1.10% of the company’s stock.

iRhythm Technologies Price Performance

IRTC stock opened at $154.51 on Friday. The firm has a 50 day moving average of $173.31 and a 200-day moving average of $170.38. The company has a market cap of $4.98 billion, a price-to-earnings ratio of -95.97 and a beta of 1.12. The company has a current ratio of 4.63, a quick ratio of 4.50 and a debt-to-equity ratio of 5.32. iRhythm Technologies has a 12-month low of $92.52 and a 12-month high of $212.00.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings data on Thursday, October 30th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.36) by $0.30. The firm had revenue of $192.88 million during the quarter, compared to the consensus estimate of $184.75 million. iRhythm Technologies had a negative return on equity of 41.86% and a negative net margin of 7.32%.iRhythm Technologies’s quarterly revenue was up 30.8% on a year-over-year basis. During the same period last year, the business posted ($1.26) EPS. As a group, equities analysts expect that iRhythm Technologies will post -1.98 EPS for the current fiscal year.

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.