Handelsbanken Fonder AB Boosts Stock Position in iRhythm Technologies (NASDAQ:IRTC)

Handelsbanken Fonder AB grew its stake in iRhythm Technologies (NASDAQ:IRTC - Free Report) by 16.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,639 shares of the company's stock after buying an additional 1,800 shares during the period. Handelsbanken Fonder AB's holdings in iRhythm Technologies were worth $1,323,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Van ECK Associates Corp grew its holdings in shares of iRhythm Technologies by 41.3% during the fourth quarter. Van ECK Associates Corp now owns 554 shares of the company's stock worth $50,000 after purchasing an additional 162 shares during the last quarter. Banque Pictet & Cie SA boosted its position in shares of iRhythm Technologies by 12.7% in the 4th quarter. Banque Pictet & Cie SA now owns 59,264 shares of the company's stock valued at $5,344,000 after purchasing an additional 6,696 shares during the period. Bank Pictet & Cie Europe AG grew its stake in iRhythm Technologies by 5.9% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 3,289 shares of the company's stock worth $297,000 after buying an additional 184 shares during the last quarter. Peregrine Capital Management LLC increased its position in iRhythm Technologies by 1.1% during the fourth quarter. Peregrine Capital Management LLC now owns 99,153 shares of the company's stock worth $8,941,000 after buying an additional 1,110 shares during the period. Finally, Alberta Investment Management Corp lifted its stake in iRhythm Technologies by 53.3% in the fourth quarter. Alberta Investment Management Corp now owns 145,166 shares of the company's stock valued at $13,090,000 after buying an additional 50,452 shares during the last quarter.

iRhythm Technologies Price Performance

Shares of iRhythm Technologies stock traded up $0.16 on Wednesday, hitting $145.11. The company's stock had a trading volume of 141,198 shares, compared to its average volume of 482,616. The company has a market capitalization of $4.63 billion, a P/E ratio of -46.20 and a beta of 1.40. iRhythm Technologies has a 52-week low of $55.92 and a 52-week high of $150.00. The firm has a fifty day moving average price of $128.59 and a 200-day moving average price of $110.67. 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 (NASDAQ:IRTC - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The company reported ($0.95) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.89) by ($0.06). The business had revenue of $158.68 million during the quarter, compared to analysts' expectations of $153.39 million. iRhythm Technologies had a negative net margin of 15.90% and a negative return on equity of 101.04%. The firm's revenue for the quarter was up 20.3% on a year-over-year basis. During the same period last year, the company earned ($1.23) EPS. On average, equities research analysts expect that iRhythm Technologies will post -1.98 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have weighed in on IRTC. Wells Fargo & Company raised iRhythm Technologies from an "equal weight" rating to an "overweight" rating and increased their price objective for the stock from $104.00 to $130.00 in a research report on Friday, May 2nd. Needham & Company LLC boosted their price objective on shares of iRhythm Technologies from $138.00 to $151.00 and gave the company a "buy" rating in a research note 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. The Goldman Sachs Group lifted their target price on shares of iRhythm Technologies from $91.00 to $124.00 and gave the company a "neutral" rating in a report on Monday, February 24th. Finally, Wall Street Zen cut shares of iRhythm Technologies from a "hold" rating to a "sell" rating in a report on Monday, May 5th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and ten have given a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $136.45.

iRhythm Technologies Company 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.