iRhythm Technologies $IRTC Shares Acquired by Quantinno Capital Management LP

Key Points

• Quantinno Capital Management increased its iRhythm Technologies stake by 1,172.8% in the first quarter, owning 18,621 shares valued at approximately $2.2 million.
• Analysts maintain a generally positive outlook, with the stock receiving a “Moderate Buy” consensus rating and an average price target of $179.93, despite several firms lowering their targets.
• iRhythm reported quarterly revenue of $224.17 million, up 20.1% year over year, and EPS of $0.58, significantly exceeding the consensus estimate of a $0.04 loss.

Quantinno Capital Management LP boosted its holdings in iRhythm Technologies (NASDAQ:IRTC - Free Report) by 1,172.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,621 shares of the company's stock after purchasing an additional 17,158 shares during the quarter. Quantinno Capital Management LP owned about 0.06% of iRhythm Technologies worth $2,198,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Measured Wealth Private Client Group LLC purchased a new stake in shares of iRhythm Technologies in the third quarter valued at about $30,000. Employees Retirement System of Texas purchased a new position in shares of iRhythm Technologies during the third quarter worth about $36,000. Torren Management LLC acquired a new position in iRhythm Technologies in the 4th quarter valued at about $53,000. Smartleaf Asset Management LLC increased its position in iRhythm Technologies by 63.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 323 shares of the company's stock valued at $58,000 after acquiring an additional 125 shares during the period. Finally, Harvest Fund Management Co. Ltd purchased a new stake in iRhythm Technologies during the 3rd quarter valued at approximately $69,000.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on IRTC. BTIG Research restated a "buy" rating and set a $185.00 price objective on shares of iRhythm Technologies in a research report on Monday, June 22nd. Bank of America dropped their price target on shares of iRhythm Technologies from $225.00 to $180.00 and set a "buy" rating on the stock in a research note on Monday, May 18th. Weiss Ratings raised shares of iRhythm Technologies from a "sell (e+)" rating to a "sell (d-)" rating in a report on Thursday, June 18th. Citigroup raised their price objective on shares of iRhythm Technologies from $155.00 to $157.00 and gave the company a "buy" rating in a research report on Monday, May 4th. Finally, Canaccord Genuity Group lowered their price objective on iRhythm Technologies from $180.00 to $152.00 and set a "buy" rating on the stock in a report on Monday, June 1st. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $179.93.

iRhythm Technologies Trading Down 2.4%

Shares of iRhythm Technologies stock opened at $124.78 on Tuesday. The company has a 50-day moving average of $115.35 and a two-hundred day moving average of $123.99. iRhythm Technologies has a 12-month low of $100.85 and a 12-month high of $212.00. The company has a current ratio of 3.86, a quick ratio of 3.74 and a debt-to-equity ratio of 3.50. The stock has a market cap of $4.11 billion, a PE ratio of -290.19 and a beta of 1.30.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.58 EPS for the quarter, topping the consensus estimate of ($0.04) by $0.62. The business had revenue of $224.17 million for the quarter, compared to analyst estimates of $219.30 million. iRhythm Technologies had a positive return on equity of 10.11% and a negative net margin of 1.69%.The company's quarterly revenue was up 20.1% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.32) EPS. On average, research analysts anticipate that iRhythm Technologies will post 0.13 EPS for the current fiscal year.

About iRhythm Technologies

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.

Want to see what other hedge funds are holding IRTC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for iRhythm Technologies (NASDAQ:IRTC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source