Braidwell LP Buys 44,070 Shares of iRhythm Technologies $IRTC

Key Points

• Braidwell LP increased its iRhythm Technologies stake by 7.2% in the second quarter, purchasing 44,070 shares to own 654,262 shares, worth approximately $77.8 million.
• iRhythm reported quarterly revenue of $224.17 million, up 20.1% year over year, and adjusted earnings of $0.58 per share, beating analysts’ expectations.
• Shares opened at $122.49, while analysts maintained a generally bullish view: the stock has a “Moderate Buy” consensus rating and an average price target of $179.93.

Braidwell LP raised its stake in shares of iRhythm Technologies (NASDAQ:IRTC - Free Report) by 7.2% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 654,262 shares of the company's stock after purchasing an additional 44,070 shares during the quarter. iRhythm Technologies accounts for about 2.9% of Braidwell LP's investment portfolio, making the stock its 8th biggest position. Braidwell LP owned about 1.98% of iRhythm Technologies worth $77,824,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Nykredit A S acquired a new position in iRhythm Technologies in the 2nd quarter valued at approximately $236,000. Headlands Technologies LLC grew its holdings in shares of iRhythm Technologies by 6.7% during the 2nd quarter. Headlands Technologies LLC now owns 4,886 shares of the company's stock worth $581,000 after purchasing an additional 305 shares in the last quarter. Two Sigma Securities LLC raised its stake in shares of iRhythm Technologies by 20.9% in the second quarter. Two Sigma Securities LLC now owns 3,265 shares of the company's stock valued at $388,000 after purchasing an additional 564 shares in the last quarter. Hsbc Holdings PLC bought a new position in iRhythm Technologies in the second quarter worth $528,000. Finally, Ancora Advisors LLC acquired a new stake in iRhythm Technologies during the second quarter worth $384,000.

iRhythm Technologies Stock Up 0.1%

Shares of IRTC opened at $122.49 on Thursday. The company has a market capitalization of $4.04 billion, a P/E ratio of -284.86 and a beta of 1.31. iRhythm Technologies has a one year low of $100.85 and a one year high of $212.00. The business's 50 day simple moving average is $119.95 and its 200-day simple moving average is $120.13. The company has a debt-to-equity ratio of 3.50, a current ratio of 3.86 and a quick ratio of 3.74.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.58 earnings per share for the quarter, beating analysts' consensus estimates of ($0.04) by $0.62. iRhythm Technologies had a positive return on equity of 10.11% and a negative net margin of 1.69%.The firm had revenue of $224.17 million during the quarter, compared to analysts' expectations of $219.30 million. During the same period last year, the firm posted ($0.32) EPS. The business's revenue was up 20.1% on a year-over-year basis. As a group, sell-side analysts predict that iRhythm Technologies will post 0.6 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on IRTC shares. Truist Financial boosted their price target on shares of iRhythm Technologies from $160.00 to $168.00 and gave the company a "buy" rating in a report on Monday, August 10th. HC Wainwright reiterated a "buy" rating on shares of iRhythm Technologies in a research report on Monday, June 1st. Canaccord Genuity Group lowered their target price on shares of iRhythm Technologies from $180.00 to $152.00 and set a "buy" rating on the stock in a research note on Monday, June 1st. Weiss Ratings raised shares of iRhythm Technologies from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Thursday, June 18th. Finally, BTIG Research restated a "buy" rating and set a $185.00 price target on shares of iRhythm Technologies in a research note on Monday, June 22nd. 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 given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $179.93.

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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