iRhythm Technologies $IRTC Shares Sold by Massachusetts Financial Services Co. MA

Key Points

• Institutional activity: Massachusetts Financial Services trimmed its position by 6.4% to 150,284 shares (about $26.67M), while other large funds — notably Arrowstreet (up 6,415% to 541,039 shares) and Tudor (reported a new multi‑billion dollar stake) — materially increased or initiated positions.
• Insider sales: CEO Quentin S. Blackford sold 25,540 shares and Patrick Murphy sold 7,805 shares on Feb. 25; insiders have sold 94,509 shares (~$12.73M) in the last three months, leaving insiders with 1.10% ownership.
• Earnings and outlook: iRhythm beat estimates with Q EPS of $0.29 vs $0.02 and revenue of $208.9M (up 27.1% YoY), but remains unprofitable (negative net margin/ROE); consensus rating is a Moderate Buy with an average price target of $202.92.

Massachusetts Financial Services Co. MA reduced its position in shares of iRhythm Technologies (NASDAQ:IRTC - Free Report) by 6.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 150,284 shares of the company's stock after selling 10,266 shares during the period. Massachusetts Financial Services Co. MA owned 0.47% of iRhythm Technologies worth $26,666,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. Tudor Investment Corp ET AL acquired a new stake in shares of iRhythm Technologies during the 3rd quarter worth about $3,439,800,000. Arrowstreet Capital Limited Partnership boosted its stake in shares of iRhythm Technologies by 6,415.4% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 541,039 shares of the company's stock worth $93,053,000 after purchasing an additional 532,735 shares during the last quarter. Holocene Advisors LP boosted its stake in shares of iRhythm Technologies by 51.2% during the 3rd quarter. Holocene Advisors LP now owns 473,280 shares of the company's stock worth $81,399,000 after purchasing an additional 160,186 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of iRhythm Technologies by 33.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 433,780 shares of the company's stock worth $45,408,000 after purchasing an additional 108,941 shares during the last quarter. Finally, Wellington Management Group LLP boosted its stake in shares of iRhythm Technologies by 6.9% during the 3rd quarter. Wellington Management Group LLP now owns 422,662 shares of the company's stock worth $72,694,000 after purchasing an additional 27,346 shares during the last quarter.

Analyst Ratings Changes

IRTC has been the topic of several recent analyst reports. Truist Financial cut their price objective on shares of iRhythm Technologies from $200.00 to $170.00 and set a "buy" rating on the stock in a report on Wednesday. Needham & Company LLC reiterated a "buy" rating and set a $244.00 price objective on shares of iRhythm Technologies in a report on Monday, January 12th. Evercore upgraded shares of iRhythm Technologies from an "in-line" rating to an "outperform" rating and increased their price objective for the stock from $194.00 to $210.00 in a report on Monday, January 5th. Morgan Stanley reiterated an "overweight" rating on shares of iRhythm Technologies in a report on Monday, January 12th. Finally, Canaccord Genuity Group cut their price objective on shares of iRhythm Technologies from $212.00 to $198.00 and set a "buy" rating on the stock in a report on Friday, February 20th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, iRhythm Technologies currently has a consensus rating of "Moderate Buy" and an average price target of $202.92.

Insider Transactions at iRhythm Technologies

In other news, insider Patrick Michael Murphy sold 7,805 shares of iRhythm Technologies stock in a transaction that occurred on Wednesday, February 25th. The shares were sold at an average price of $135.42, for a total transaction of $1,056,953.10. Following the sale, the insider owned 60,536 shares in the company, valued at $8,197,785.12. This trade represents a 11.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Quentin S. Blackford sold 25,540 shares of iRhythm Technologies stock in a transaction that occurred on Wednesday, February 25th. The shares were sold at an average price of $135.42, for a total transaction of $3,458,626.80. Following the sale, the chief executive officer owned 186,126 shares in the company, valued at $25,205,182.92. This represents a 12.07% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 94,509 shares of company stock valued at $12,734,195 in the last three months. 1.10% of the stock is owned by company insiders.

iRhythm Technologies Trading Up 1.0%

NASDAQ IRTC opened at $124.41 on Thursday. iRhythm Technologies has a one year low of $97.16 and a one year high of $212.00. The company's 50 day moving average price is $128.63 and its 200 day moving average price is $158.37. The company has a debt-to-equity ratio of 4.25, a quick ratio of 4.48 and a current ratio of 4.63. The firm has a market capitalization of $4.02 billion, a price-to-earnings ratio of -88.86 and a beta of 1.18.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last posted its quarterly earnings results on Thursday, February 19th. The company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.02 by $0.27. iRhythm Technologies had a negative net margin of 5.96% and a negative return on equity of 28.15%. The firm had revenue of $208.89 million for the quarter, compared to analyst estimates of $202.61 million. During the same quarter last year, the firm posted ($0.04) earnings per share. iRhythm Technologies's revenue for the quarter was up 27.1% compared to the same quarter last year. On average, sell-side analysts predict that iRhythm Technologies will post -1.98 EPS for the current year.

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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