Arrowstreet Capital Limited Partnership Sells 24,090 Shares of iRhythm Technologies $IRTC

Key Points

• Arrowstreet Capital reduced its iRhythm Technologies stake by 4%, selling 24,090 shares in the first quarter. It still held 582,879 shares, worth approximately $68.8 million, or 1.77% of the company.
• iRhythm reported stronger-than-expected quarterly results, with revenue rising 25.6% year over year to $199.4 million and an adjusted loss of $0.35 per share versus analysts’ expected loss of $0.56.
• Despite the stock trading near $109.20—well below its 52-week high of $212—analysts maintained a consensus “Buy” rating, with an average price target of $184.71. Director Abhijit Y. Talwalkar also purchased 5,312 shares under a Rule 10b5-1 plan.

Arrowstreet Capital Limited Partnership trimmed its holdings in shares of iRhythm Technologies (NASDAQ:IRTC - Free Report) by 4.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 582,879 shares of the company's stock after selling 24,090 shares during the period. Arrowstreet Capital Limited Partnership owned about 1.77% of iRhythm Technologies worth $68,791,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Measured Wealth Private Client Group LLC purchased a new stake in iRhythm Technologies during the 3rd quarter worth about $30,000. GAMMA Investing LLC boosted its stake in iRhythm Technologies by 48.4% in the 4th quarter. GAMMA Investing LLC now owns 184 shares of the company's stock worth $33,000 after purchasing an additional 60 shares during the period. Employees Retirement System of Texas purchased a new position in iRhythm Technologies during the 3rd quarter valued at about $36,000. Torren Management LLC purchased a new position in iRhythm Technologies during the 4th quarter valued at about $53,000. Finally, Smartleaf Asset Management LLC increased its position in shares of iRhythm Technologies by 63.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 323 shares of the company's stock valued at $58,000 after buying an additional 125 shares during the period.

Insider Activity at iRhythm Technologies

In other news, Director Abhijit Y. Talwalkar acquired 5,312 shares of iRhythm Technologies stock in a transaction dated Monday, May 11th. The shares were purchased at an average cost of $10.71 per share, for a total transaction of $56,891.52. Following the transaction, the director owned 25,611 shares of the company's stock, valued at $274,293.81. This trade represents a 26.17% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 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 NASDAQ:IRTC opened at $109.20 on Monday. iRhythm Technologies has a 52-week low of $100.85 and a 52-week high of $212.00. The firm has a fifty day moving average of $113.59 and a 200 day moving average of $127.90. The firm has a market capitalization of $3.59 billion, a PE ratio of -126.98 and a beta of 1.27. The company has a debt-to-equity ratio of 4.03, a quick ratio of 4.98 and a current ratio of 5.17.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last released its 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 business had revenue of $199.39 million for the quarter, compared to analysts' expectations of $194.11 million. During the same quarter in the prior year, the firm earned ($0.97) earnings per share. The firm's revenue was up 25.6% on a year-over-year basis. As a group, research analysts anticipate that iRhythm Technologies will post 0.13 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on IRTC. JPMorgan Chase & Co. lowered their price target on shares of iRhythm Technologies from $215.00 to $175.00 and set an "overweight" rating on the stock in a report on Friday, May 1st. Needham & Company LLC upped their target price on shares of iRhythm Technologies from $254.00 to $255.00 and gave the stock a "buy" rating in a report on Friday, May 1st. Bank of America lowered their target price on shares of iRhythm Technologies from $225.00 to $180.00 and set a "buy" rating on the stock in a research note on Monday, May 18th. Citigroup raised their price target on shares of iRhythm Technologies from $155.00 to $157.00 and gave the company a "buy" rating in a report on Monday, May 4th. Finally, Canaccord Genuity Group reduced their price target on shares of iRhythm Technologies from $180.00 to $152.00 and set a "buy" rating for the company in a research report on Monday, June 1st. Three analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, iRhythm Technologies has a consensus rating of "Buy" and an average price target of $184.71.

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.

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