Handelsbanken Fonder AB Buys 1,800 Shares of iRhythm Technologies, Inc. (NASDAQ:IRTC)

Handelsbanken Fonder AB increased its position in iRhythm Technologies, Inc. (NASDAQ:IRTC - Free Report) by 16.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund 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 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of IRTC. Vanguard Group Inc. boosted its stake in shares of iRhythm Technologies by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 3,136,370 shares of the company's stock valued at $282,806,000 after purchasing an additional 18,442 shares during the period. Champlain Investment Partners LLC raised its holdings in shares of iRhythm Technologies by 8.9% during the fourth quarter. Champlain Investment Partners LLC now owns 726,262 shares of the company's stock worth $65,487,000 after purchasing an additional 59,161 shares during the period. Bessemer Group Inc. raised its holdings in shares of iRhythm Technologies by 111.7% during the fourth quarter. Bessemer Group Inc. now owns 568,007 shares of the company's stock worth $51,217,000 after purchasing an additional 299,726 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of iRhythm Technologies by 23.2% during the fourth quarter. Bank of New York Mellon Corp now owns 491,485 shares of the company's stock worth $44,317,000 after purchasing an additional 92,591 shares during the period. Finally, First Light Asset Management LLC acquired a new stake in shares of iRhythm Technologies during the fourth quarter worth $38,818,000.

Analysts Set New Price Targets

A number of brokerages have weighed in on IRTC. Canaccord Genuity Group dropped their target price on shares of iRhythm Technologies from $152.00 to $139.00 and set a "buy" rating on the stock in a report on Friday, May 2nd. Needham & Company LLC increased their price objective on shares of iRhythm Technologies from $138.00 to $151.00 and gave the stock a "buy" rating in a report on Friday, May 2nd. Truist Financial increased their price objective on shares of iRhythm Technologies from $111.00 to $145.00 and gave the stock a "buy" rating in a report on Friday, February 21st. Wall Street Zen cut shares of iRhythm Technologies from a "hold" rating to a "sell" rating in a report on Monday, May 5th. Finally, Morgan Stanley boosted their price target on shares of iRhythm Technologies from $130.00 to $160.00 and gave the stock an "overweight" rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, one has given a hold rating and ten have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $136.45.

iRhythm Technologies Stock Down 1.1%

IRTC traded down $1.63 on Friday, reaching $143.85. 315,736 shares of the company traded hands, compared to its average volume of 483,528. The stock's 50 day moving average price is $126.80 and its 200-day moving average price is $109.88. iRhythm Technologies, Inc. has a 52-week low of $55.92 and a 52-week high of $150.00. The company has a market cap of $4.59 billion, a price-to-earnings ratio of -39.52 and a beta of 1.40. The company has a debt-to-equity ratio of 9.00, a current ratio of 6.27 and a quick ratio of 6.12.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last posted its earnings results on Thursday, May 1st. The company reported ($0.95) 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 the consensus estimate of $153.39 million. iRhythm Technologies had a negative return on equity of 118.83% and a negative net margin of 19.14%. The business's revenue was up 20.3% on a year-over-year basis. During the same period in the prior year, the firm earned ($1.23) earnings per share. On average, sell-side analysts expect that iRhythm Technologies, Inc. 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.