Adage Capital Partners GP L.L.C. Invests $9.02 Million in iRhythm Technologies, Inc. (NASDAQ:IRTC)

Adage Capital Partners GP L.L.C. bought a new position in iRhythm Technologies, Inc. (NASDAQ:IRTC - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 100,000 shares of the company's stock, valued at approximately $9,017,000. Adage Capital Partners GP L.L.C. owned about 0.32% of iRhythm Technologies as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Bessemer Group Inc. lifted its holdings in iRhythm Technologies by 111.7% in the fourth quarter. Bessemer Group Inc. now owns 568,007 shares of the company's stock valued at $51,217,000 after acquiring an additional 299,726 shares during the period. Stephens Investment Management Group LLC increased its holdings in iRhythm Technologies by 25.6% in the 4th quarter. Stephens Investment Management Group LLC now owns 502,925 shares of the company's stock worth $45,349,000 after acquiring an additional 102,600 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of iRhythm Technologies in the fourth quarter worth $9,151,000. Bank of New York Mellon Corp boosted its holdings in iRhythm Technologies by 23.2% in the 4th quarter. Bank of New York Mellon Corp now owns 491,485 shares of the company's stock worth $44,317,000 after buying an additional 92,591 shares during the period. Finally, Champlain Investment Partners LLC increased its stake in iRhythm Technologies by 8.9% in the 4th quarter. Champlain Investment Partners LLC now owns 726,262 shares of the company's stock worth $65,487,000 after buying an additional 59,161 shares in the last quarter.

iRhythm Technologies Stock Performance

IRTC stock traded up $22.53 during trading on Friday, reaching $131.12. The company had a trading volume of 2,131,857 shares, compared to its average volume of 465,963. The firm has a 50-day simple moving average of $103.78 and a 200-day simple moving average of $95.94. iRhythm Technologies, Inc. has a twelve month low of $55.92 and a twelve month high of $139.00. The company has a debt-to-equity ratio of 9.00, a quick ratio of 6.12 and a current ratio of 6.27. The company has a market cap of $4.19 billion, a price-to-earnings ratio of -36.02 and a beta of 1.45.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last issued its earnings results on Thursday, May 1st. The company reported ($0.95) EPS for the quarter, missing analysts' consensus estimates of ($0.89) by ($0.06). The firm had revenue of $158.68 million during the quarter, compared to analysts' expectations of $153.39 million. iRhythm Technologies had a negative net margin of 19.14% and a negative return on equity of 118.83%. iRhythm Technologies's quarterly revenue was up 20.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($1.23) EPS. As a group, sell-side analysts expect that iRhythm Technologies, Inc. will post -1.98 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on IRTC shares. Robert W. Baird increased their price objective on shares of iRhythm Technologies from $133.00 to $150.00 and gave the company an "outperform" rating in a report on Friday. Wells Fargo & Company raised shares of iRhythm Technologies from an "equal weight" rating to an "overweight" rating and lifted their price objective for the stock from $104.00 to $130.00 in a research note on Friday. Needham & Company LLC boosted their price objective on shares of iRhythm Technologies from $138.00 to $151.00 and gave the company a "buy" rating in a research report on Friday. The Goldman Sachs Group boosted their price target on iRhythm Technologies from $91.00 to $124.00 and gave the company a "neutral" rating in a report on Monday, February 24th. Finally, Truist Financial upped their target price on iRhythm Technologies from $111.00 to $145.00 and gave the stock a "buy" rating in a report on Friday, February 21st. Two equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $128.55.

About iRhythm Technologies

iRhythm Technologies, Inc, a digital healthcare company, engages in the design, development, and commercialization of device-based technology to provide ambulatory cardiac monitoring services to diagnose arrhythmias in the United States. It offers Zio services, an ambulatory monitoring solution, including long-term and short-term continuous monitoring and mobile cardiac telemetry monitoring services.