Squarepoint Ops LLC Raises Stock Position in iRhythm Technologies $IRTC

Squarepoint Ops LLC lifted its holdings in iRhythm Technologies (NASDAQ:IRTC) by 1,065.8% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 71,862 shares of the company’s stock after buying an additional 65,698 shares during the period. Squarepoint Ops LLC’s holdings in iRhythm Technologies were worth $8,548,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Nykredit A S bought a new position in shares of iRhythm Technologies in the 2nd quarter valued at about $236,000. Amundi increased its stake in iRhythm Technologies by 14.0% during the second quarter. Amundi now owns 56,534 shares of the company’s stock worth $6,725,000 after acquiring an additional 6,959 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in iRhythm Technologies during the second quarter valued at approximately $969,000. California State Teachers Retirement System raised its position in iRhythm Technologies by 13,944.0% during the second quarter. California State Teachers Retirement System now owns 5,241,770 shares of the company’s stock valued at $623,509,000 after purchasing an additional 5,204,446 shares during the period. Finally, Braidwell LP lifted its stake in shares of iRhythm Technologies by 7.2% in the 2nd quarter. Braidwell LP now owns 654,262 shares of the company’s stock valued at $77,824,000 after purchasing an additional 44,070 shares during the last quarter.

iRhythm Technologies Stock Performance

IRTC stock opened at $112.88 on Friday. The company has a quick ratio of 3.74, a current ratio of 3.86 and a debt-to-equity ratio of 3.50. The business’s fifty day simple moving average is $119.97 and its two-hundred day simple moving average is $118.89. iRhythm Technologies has a twelve month low of $100.85 and a twelve month high of $212.00. The firm has a market cap of $3.72 billion, a price-to-earnings ratio of -262.51 and a beta of 1.31.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings data on Thursday, August 6th. The company reported $0.58 earnings per share (EPS) for the quarter, beating 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 negative net margin of 1.69% and a positive return on equity of 10.11%. The firm’s quarterly revenue was up 20.1% on a year-over-year basis. During the same period in the previous year, the company earned ($0.32) EPS. Analysts predict that iRhythm Technologies will post 0.6 earnings per share for the current year.

Wall Street Analysts Forecast Growth

IRTC has been the subject of a number of recent research reports. Bank of America dropped their target price on iRhythm Technologies from $225.00 to $180.00 and set a “buy” rating for the company in a report on Monday, May 18th. BTIG Research restated a “buy” rating and issued a $185.00 price target on shares of iRhythm Technologies in a research report on Monday, June 22nd. Canaccord Genuity Group dropped their price objective on shares of iRhythm Technologies from $180.00 to $152.00 and set a “buy” rating for the company in a research note on Monday, June 1st. Stephens assumed coverage on shares of iRhythm Technologies in a research report on Thursday, July 23rd. They set an “overweight” rating and a $160.00 price objective on the stock. Finally, HC Wainwright reissued a “buy” rating on shares of iRhythm Technologies in a research note on Monday, June 1st. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $179.93.

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.