Deerfield Management Company L.P. Series C Invests $14.07 Million in iRhythm Technologies, Inc. (NASDAQ:IRTC)

Deerfield Management Company L.P. Series C bought a new stake in iRhythm Technologies, Inc. (NASDAQ:IRTC - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 156,012 shares of the company's stock, valued at approximately $14,068,000. Deerfield Management Company L.P. Series C owned approximately 0.50% of iRhythm Technologies as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in iRhythm Technologies by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 3,136,370 shares of the company's stock worth $282,806,000 after acquiring an additional 18,442 shares during the period. Champlain Investment Partners LLC grew its stake in shares of iRhythm Technologies by 8.9% during the 4th quarter. Champlain Investment Partners LLC now owns 726,262 shares of the company's stock valued at $65,487,000 after buying an additional 59,161 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in shares of iRhythm Technologies by 9.6% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 570,048 shares of the company's stock worth $50,991,000 after buying an additional 50,075 shares during the last quarter. Bessemer Group Inc. raised its position in shares of iRhythm Technologies by 111.7% in the 4th quarter. Bessemer Group Inc. now owns 568,007 shares of the company's stock worth $51,217,000 after buying an additional 299,726 shares during the period. Finally, Stephens Investment Management Group LLC lifted its stake in shares of iRhythm Technologies by 25.6% in the 4th quarter. Stephens Investment Management Group LLC now owns 502,925 shares of the company's stock valued at $45,349,000 after purchasing an additional 102,600 shares in the last quarter.

iRhythm Technologies Price Performance

Shares of IRTC traded up $2.30 during midday trading on Tuesday, reaching $140.10. The stock had a trading volume of 201,846 shares, compared to its average volume of 468,617. The firm's 50 day moving average price is $107.51 and its 200-day moving average price is $99.65. The company has a market capitalization of $4.47 billion, a P/E ratio of -38.49 and a beta of 1.34. The company has a debt-to-equity ratio of 9.00, a current ratio of 6.27 and a quick ratio of 6.12. iRhythm Technologies, Inc. has a 52 week low of $55.92 and a 52 week high of $141.39.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The company reported ($0.95) earnings per share for the quarter, missing the consensus estimate of ($0.89) by ($0.06). The business had revenue of $158.68 million for the quarter, compared to analyst estimates of $153.39 million. iRhythm Technologies had a negative net margin of 19.14% and a negative return on equity of 118.83%. The firm's quarterly revenue was up 20.3% on a year-over-year basis. During the same period in the previous year, the firm posted ($1.23) earnings per share. On average, analysts forecast that iRhythm Technologies, Inc. will post -1.98 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on IRTC. Needham & Company LLC raised their target price on iRhythm Technologies from $138.00 to $151.00 and gave the company a "buy" rating in a report on Friday, May 2nd. Truist Financial raised their price target on shares of iRhythm Technologies from $111.00 to $145.00 and gave the company a "buy" rating in a report on Friday, February 21st. The Goldman Sachs Group upped their price objective on shares of iRhythm Technologies from $91.00 to $124.00 and gave the company a "neutral" rating in a research report on Monday, February 24th. Robert W. Baird lifted their target price on iRhythm Technologies from $133.00 to $150.00 and gave the stock an "outperform" rating in a research report on Friday, May 2nd. Finally, Wells Fargo & Company upgraded iRhythm Technologies from an "equal weight" rating to an "overweight" rating and boosted their price target for the stock from $104.00 to $130.00 in a research note on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and ten have assigned a buy rating to the company's stock. According to MarketBeat, iRhythm Technologies currently has an average rating of "Moderate Buy" and a consensus price target of $128.55.

iRhythm Technologies Profile

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.