iRhythm Technologies $IRTC Shares Acquired by Rock Springs Capital Management LP

Key Points

• Rock Springs Capital Management increased its iRhythm Technologies stake by 11.4% in the first quarter, acquiring 26,750 additional shares for a total holding of 261,750 shares valued at approximately $30.9 million.
• Several other institutional investors also boosted their positions, including Manufacturers Life Insurance, Quantinno Capital Management, First Light Asset Management, Granahan Investment Management, and Entropy Technologies.
• iRhythm reported quarterly revenue of $199.4 million, up 25.6% year over year, and a loss of $0.35 per share that beat analyst expectations. Analysts maintain an average “Buy” rating with a consensus price target of $184.71, well above the reported trading price of $112.15.

Rock Springs Capital Management LP lifted its stake in iRhythm Technologies (NASDAQ:IRTC - Free Report) by 11.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 261,750 shares of the company's stock after buying an additional 26,750 shares during the period. iRhythm Technologies makes up 1.8% of Rock Springs Capital Management LP's investment portfolio, making the stock its 17th largest holding. Rock Springs Capital Management LP owned about 0.80% of iRhythm Technologies worth $30,892,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. The Manufacturers Life Insurance Company boosted its stake in iRhythm Technologies by 99.2% in the first quarter. The Manufacturers Life Insurance Company now owns 390,577 shares of the company's stock valued at $46,096,000 after acquiring an additional 194,502 shares in the last quarter. Quantinno Capital Management LP grew its holdings in shares of 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 purchasing an additional 17,158 shares during the last quarter. First Light Asset Management LLC increased its position in shares of iRhythm Technologies by 9.3% during the first quarter. First Light Asset Management LLC now owns 168,116 shares of the company's stock worth $19,841,000 after purchasing an additional 14,245 shares in the last quarter. Granahan Investment Management LLC lifted its holdings in shares of iRhythm Technologies by 567.9% in the 1st quarter. Granahan Investment Management LLC now owns 96,022 shares of the company's stock valued at $11,333,000 after purchasing an additional 81,645 shares during the last quarter. Finally, Entropy Technologies LP lifted its holdings in shares of iRhythm Technologies by 59.2% in the 1st quarter. Entropy Technologies LP now owns 10,652 shares of the company's stock valued at $1,257,000 after purchasing an additional 3,963 shares during the last quarter.

iRhythm Technologies Trading Up 2.7%

NASDAQ:IRTC opened at $112.15 on Tuesday. 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 5.17, a quick ratio of 4.98 and a debt-to-equity ratio of 4.03. The stock's 50 day simple moving average is $113.61 and its 200-day simple moving average is $127.38. The firm has a market cap of $3.69 billion, a P/E ratio of -130.41 and a beta of 1.27.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The company reported ($0.35) earnings per share for the quarter, beating analysts' consensus estimates of ($0.56) by $0.21. The firm had revenue of $199.39 million for the quarter, compared to analyst estimates of $194.11 million. iRhythm Technologies had a negative net margin of 3.53% and a negative return on equity of 10.26%. iRhythm Technologies's quarterly revenue was up 25.6% on a year-over-year basis. During the same period last year, the firm posted ($0.97) EPS. Equities analysts anticipate that iRhythm Technologies will post 0.13 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Weiss Ratings raised iRhythm Technologies from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Thursday, June 18th. Wall Street Zen raised iRhythm Technologies from a "hold" rating to a "buy" rating in a research report on Saturday, July 18th. Bank of America reduced their price objective on iRhythm Technologies from $225.00 to $180.00 and set a "buy" rating for the company in a research note on Monday, May 18th. JPMorgan Chase & Co. reduced their price target on shares of iRhythm Technologies from $215.00 to $175.00 and set an "overweight" rating for the company in a research report on Friday, May 1st. Finally, Wells Fargo & Company lowered their price objective on shares of iRhythm Technologies from $200.00 to $180.00 and set an "overweight" rating on the stock in a research report on Friday, May 1st. Three investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $184.71.

Insider Buying and Selling at iRhythm Technologies

In other news, Director Abhijit Y. Talwalkar bought 5,312 shares of the stock in a transaction dated Monday, May 11th. The shares were acquired at an average price of $10.71 per share, with a total value of $56,891.52. Following the completion of the acquisition, the director directly owned 25,611 shares in the company, valued at approximately $274,293.81. The trade was a 26.17% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.98% of the stock is currently owned by insiders.

iRhythm Technologies Profile

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.

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