Caas Capital Management LP Makes New Investment in iRhythm Technologies (NASDAQ:IRTC)

Caas Capital Management LP bought a new stake in iRhythm Technologies (NASDAQ:IRTC - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 2,502 shares of the company's stock, valued at approximately $262,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Raiffeisen Bank International AG acquired a new position in shares of iRhythm Technologies in the 4th quarter valued at approximately $60,000. Avanza Fonder AB acquired a new position in shares of iRhythm Technologies in the 1st quarter valued at approximately $123,000. Xponance Inc. acquired a new position in shares of iRhythm Technologies in the 4th quarter valued at approximately $203,000. SeaCrest Wealth Management LLC acquired a new position in shares of iRhythm Technologies in the 1st quarter valued at approximately $212,000. Finally, LPL Financial LLC acquired a new position in shares of iRhythm Technologies in the 4th quarter valued at approximately $243,000.

Wall Street Analyst Weigh In

IRTC has been the subject of several analyst reports. Needham & Company LLC boosted their target price on shares of iRhythm Technologies from $138.00 to $151.00 and gave the company a "buy" rating in a research report on Friday, May 2nd. Citigroup upped their price objective on shares of iRhythm Technologies from $130.00 to $167.00 and gave the stock a "buy" rating in a research report on Thursday, May 22nd. Wells Fargo & Company upgraded shares of iRhythm Technologies from an "equal weight" rating to an "overweight" rating and upped their price objective for the stock from $104.00 to $130.00 in a research report on Friday, May 2nd. Canaccord Genuity Group lowered their price objective on shares of iRhythm Technologies from $152.00 to $139.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Finally, Morgan Stanley upped their price objective on shares of iRhythm Technologies from $130.00 to $160.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 11th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $138.60.

Insiders Place Their Bets

In related news, CFO Daniel G. Wilson sold 3,000 shares of the firm's stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $150.00, for a total value of $450,000.00. Following the sale, the chief financial officer directly owned 40,307 shares of the company's stock, valued at $6,046,050. This trade represents a 6.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Minang Turakhia sold 1,420 shares of the firm's stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $145.41, for a total transaction of $206,482.20. Following the completion of the sale, the executive vice president directly owned 41,393 shares in the company, valued at $6,018,956.13. This represents a 3.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,356 shares of company stock worth $796,882 over the last quarter. 0.68% of the stock is currently owned by company insiders.

iRhythm Technologies Stock Performance

IRTC traded up $2.97 during trading on Monday, hitting $138.91. 339,357 shares of the company traded hands, compared to its average volume of 489,951. The firm has a market cap of $4.43 billion, a P/E ratio of -44.24 and a beta of 1.41. The stock's fifty day moving average is $143.06 and its 200 day moving average is $118.02. The company has a quick ratio of 5.58, a current ratio of 5.71 and a debt-to-equity ratio of 7.47. iRhythm Technologies has a one year low of $55.92 and a one year high of $157.13.

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 company had revenue of $158.68 million for the quarter, compared to the consensus estimate of $153.39 million. iRhythm Technologies had a negative net margin of 15.90% and a negative return on equity of 101.04%. iRhythm Technologies's quarterly revenue was up 20.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($1.23) EPS. As a group, equities analysts predict that iRhythm Technologies will post -1.98 EPS for the current fiscal year.

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.