Engineers Gate Manager LP Decreases Stock Position in iRhythm Technologies $IRTC

Key Points

• Engineers Gate Manager LP cut its iRhythm Technologies stake by 38.3% in the second quarter, selling 18,851 shares and retaining 30,418 shares valued at approximately $3.62 million.
• Other institutional investors increased their positions, while analysts maintained a broadly positive outlook. iRhythm carries a “Moderate Buy” consensus rating and an average price target of $179.93.
• iRhythm reported quarterly revenue of $224.17 million, up 20.1% year over year, and adjusted earnings of $0.58 per share, exceeding estimates. The stock opened at $111.43, near the lower end of its 12-month range.

Engineers Gate Manager LP reduced its position in iRhythm Technologies (NASDAQ:IRTC - Free Report) by 38.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,418 shares of the company's stock after selling 18,851 shares during the period. Engineers Gate Manager LP owned 0.09% of iRhythm Technologies worth $3,618,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in IRTC. Quantinno Capital Management LP boosted its stake in iRhythm Technologies by 1,172.8% during the first quarter. Quantinno Capital Management LP now owns 18,621 shares of the company's stock worth $2,198,000 after buying an additional 17,158 shares during the period. Rock Springs Capital Management LP raised its stake in shares of iRhythm Technologies by 11.4% in the first quarter. Rock Springs Capital Management LP now owns 261,750 shares of the company's stock valued at $30,892,000 after acquiring an additional 26,750 shares during the period. First Light Asset Management LLC lifted its holdings in shares of iRhythm Technologies by 9.3% in the 1st quarter. First Light Asset Management LLC now owns 168,116 shares of the company's stock worth $19,841,000 after acquiring an additional 14,245 shares during the last quarter. Stephens Investment Management Group LLC lifted its holdings in shares of iRhythm Technologies by 8.1% in the 1st quarter. Stephens Investment Management Group LLC now owns 561,530 shares of the company's stock worth $66,272,000 after acquiring an additional 42,205 shares during the last quarter. Finally, Legal & General Group Plc lifted its holdings in shares of iRhythm Technologies by 24.0% in the 4th quarter. Legal & General Group Plc now owns 52,070 shares of the company's stock worth $9,239,000 after acquiring an additional 10,065 shares during the last quarter.

Analyst Ratings Changes

A number of brokerages recently weighed in on IRTC. BTIG Research reiterated a "buy" rating and set a $185.00 price objective on shares of iRhythm Technologies in a report on Monday, June 22nd. HC Wainwright reaffirmed a "buy" rating on shares of iRhythm Technologies in a research report on Monday, June 1st. Truist Financial lifted their price target on shares of iRhythm Technologies from $160.00 to $168.00 and gave the company a "buy" rating in a research note on Monday, August 10th. Stephens began coverage on shares of iRhythm Technologies in a research note on Thursday, July 23rd. They set an "overweight" rating and a $160.00 price target for the company. Finally, Canaccord Genuity Group lowered their price target on iRhythm Technologies from $180.00 to $152.00 and set a "buy" rating for the company in a report on Monday, June 1st. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $179.93.

iRhythm Technologies Stock Down 1.3%

NASDAQ:IRTC opened at $111.43 on Friday. The company has a current ratio of 3.86, a quick ratio of 3.74 and a debt-to-equity ratio of 3.50. iRhythm Technologies has a twelve month low of $100.85 and a twelve month high of $212.00. The company has a market cap of $3.67 billion, a PE ratio of -259.14 and a beta of 1.31. The company's 50 day moving average is $119.67 and its two-hundred day moving average is $118.83.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported $0.58 EPS for the quarter, topping the consensus estimate of ($0.04) by $0.62. iRhythm Technologies had a negative net margin of 1.69% and a positive return on equity of 10.11%. The business had revenue of $224.17 million during the quarter, compared to the consensus estimate of $219.30 million. During the same period in the previous year, the firm posted ($0.32) earnings per share. The business's revenue for the quarter was up 20.1% compared to the same quarter last year. Analysts anticipate that iRhythm Technologies will post 0.6 EPS for the current year.

About iRhythm Technologies

iRhythm Technologies, Inc is a digital health company focused on ambulatory cardiac monitoring and the detection of cardiac arrhythmias. The company combines wearable electrocardiogram (ECG) sensors, cloud-based data analysis and clinical support services to help healthcare professionals identify and manage irregular heart rhythms.

Its product portfolio includes the Zio monitor and related services, including Zio XT and Zio AT. These single-use, wearable devices continuously record cardiac activity over an extended period, after which iRhythm analyzes the data and provides reports to physicians.

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