Arrowstreet Capital Limited Partnership Has $107.70 Million Stock Position in iRhythm Technologies $IRTC

Key Points

• Arrowstreet Capital increased its iRhythm Technologies stake by 12.2% in the fourth quarter, ending with 606,969 shares valued at about $107.7 million, or roughly 1.88% of the company.
• iRhythm reported stronger-than-expected quarterly results, posting EPS of -$0.35 versus estimates of -$0.56 and revenue of $199.4 million, which topped forecasts and rose 25.6% year over year.
• Analyst sentiment remains mostly positive despite recent target cuts, with a Moderate Buy consensus and an average price target of $187.38; a director also recently bought additional shares under a 10b5-1 plan.

Arrowstreet Capital Limited Partnership boosted its stake in shares of iRhythm Technologies (NASDAQ:IRTC - Free Report) by 12.2% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 606,969 shares of the company's stock after acquiring an additional 65,930 shares during the quarter. Arrowstreet Capital Limited Partnership owned approximately 1.88% of iRhythm Technologies worth $107,701,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Measured Wealth Private Client Group LLC bought a new stake in shares of iRhythm Technologies during the third quarter valued at approximately $30,000. GAMMA Investing LLC lifted its stake in shares of iRhythm Technologies by 48.4% during the fourth quarter. GAMMA Investing LLC now owns 184 shares of the company's stock valued at $33,000 after acquiring an additional 60 shares during the period. Smartleaf Asset Management LLC lifted its stake in shares of iRhythm Technologies by 100.0% during the third quarter. Smartleaf Asset Management LLC now owns 198 shares of the company's stock valued at $34,000 after acquiring an additional 99 shares during the period. FNY Investment Advisers LLC bought a new position in iRhythm Technologies in the third quarter valued at about $34,000. Finally, Optiver Holding B.V. bought a new position in iRhythm Technologies in the third quarter valued at about $35,000.

Insiders Place Their Bets

In other news, Director Abhijit Y. Talwalkar purchased 5,312 shares of iRhythm Technologies stock in a transaction dated Monday, May 11th. The shares were bought at an average cost of $10.71 per share, with a total value of $56,891.52. Following the completion of the transaction, the director directly owned 25,611 shares in the company, valued at $274,293.81. This trade represents a 26.17% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.98% of the company's stock.

iRhythm Technologies Price Performance

Shares of IRTC opened at $113.76 on Tuesday. The stock has a market cap of $3.74 billion, a P/E ratio of -132.28 and a beta of 1.27. iRhythm Technologies has a 1 year low of $101.75 and a 1 year high of $212.00. The stock's 50-day moving average price is $117.01 and its two-hundred day moving average price is $140.64. The company has a current ratio of 5.17, a quick ratio of 4.98 and a debt-to-equity ratio of 4.03.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The company reported ($0.35) EPS for the quarter, beating analysts' consensus estimates of ($0.56) by $0.21. iRhythm Technologies had a negative return on equity of 10.26% and a negative net margin of 3.53%.The company had revenue of $199.39 million during the quarter, compared to analysts' expectations of $194.11 million. During the same period in the prior year, the business posted ($0.97) EPS. iRhythm Technologies's revenue was up 25.6% on a year-over-year basis. On average, equities analysts predict that iRhythm Technologies will post 0.13 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have weighed in on the company. HC Wainwright reissued a "buy" rating on shares of iRhythm Technologies in a report on Monday, June 1st. Weiss Ratings lowered shares of iRhythm Technologies from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Tuesday, June 2nd. Bank of America lowered their price target on shares of iRhythm Technologies from $225.00 to $180.00 and set a "buy" rating for the company in a research report on Monday, May 18th. Wells Fargo & Company dropped their price target on shares of iRhythm Technologies from $200.00 to $180.00 and set an "overweight" rating for the company in a research note on Friday, May 1st. Finally, The Goldman Sachs Group cut their price objective on shares of iRhythm Technologies from $184.00 to $147.00 and set a "neutral" rating on the stock in a report on Thursday, April 9th. Two 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 issued a Sell rating to the company's stock. According to MarketBeat.com, iRhythm Technologies has an average rating of "Moderate Buy" and a consensus target price of $187.38.

iRhythm Technologies Profile

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.

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