iRhythm Technologies $IRTC Shares Sold by RWC Asset Management LLP

Key Points

• RWC Asset Management LLP nearly exited its iRhythm Technologies position in the fourth quarter, cutting its stake by 99.9% and selling about 1.69 million shares. It ended the period with just 1,454 shares valued at roughly $258,000.
• iRhythm reported better-than-expected quarterly results, posting a smaller-than-expected loss of $0.35 per share and revenue of $199.39 million, up 25.6% year over year. Despite the improvement, the company still has negative margins and a negative return on equity.
• Wall Street remains generally positive on the stock, with a consensus rating of “Moderate Buy” and an average target price of $189.69. Several analysts trimmed targets, but Needham reiterated a Buy rating and raised its target to $255.

RWC Asset Management LLP lowered its stake in iRhythm Technologies (NASDAQ:IRTC - Free Report) by 99.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,454 shares of the company's stock after selling 1,694,141 shares during the period. RWC Asset Management LLP's holdings in iRhythm Technologies were worth $258,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Measured Wealth Private Client Group LLC purchased a new position in shares of iRhythm Technologies during the 3rd quarter worth approximately $30,000. GAMMA Investing LLC raised its stake in shares of iRhythm Technologies by 48.4% during the 4th quarter. GAMMA Investing LLC now owns 184 shares of the company's stock worth $33,000 after buying an additional 60 shares in the last quarter. Smartleaf Asset Management LLC raised its stake in shares of iRhythm Technologies by 100.0% during the 3rd quarter. Smartleaf Asset Management LLC now owns 198 shares of the company's stock worth $34,000 after buying an additional 99 shares in the last quarter. FNY Investment Advisers LLC purchased a new position in shares of iRhythm Technologies during the 3rd quarter worth approximately $34,000. Finally, Optiver Holding B.V. purchased a new position in shares of iRhythm Technologies during the 3rd quarter worth approximately $35,000.

iRhythm Technologies Stock Performance

iRhythm Technologies stock opened at $108.11 on Monday. The company has a debt-to-equity ratio of 4.03, a quick ratio of 4.98 and a current ratio of 5.17. The stock has a fifty day moving average of $117.67 and a two-hundred day moving average of $143.32. The company has a market capitalization of $3.55 billion, a price-to-earnings ratio of -125.71 and a beta of 1.27. iRhythm Technologies has a fifty-two week low of $101.75 and a fifty-two week high of $212.00.

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

Wall Street Analysts Forecast Growth

IRTC has been the subject of a number of analyst reports. Robert W. Baird cut their target price on iRhythm Technologies from $220.00 to $200.00 and set an "outperform" rating for the company in a research note on Friday, February 20th. The Goldman Sachs Group cut their target price on iRhythm Technologies from $184.00 to $147.00 and set a "neutral" rating for the company in a research note on Thursday, April 9th. Canaccord Genuity Group cut their target price on iRhythm Technologies from $180.00 to $152.00 and set a "buy" rating for the company in a research note on Monday, June 1st. Needham & Company LLC increased their target price on iRhythm Technologies from $254.00 to $255.00 and gave the stock a "buy" rating in a research note on Friday, May 1st. Finally, Weiss Ratings downgraded iRhythm Technologies from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Tuesday, June 2nd. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $189.69.

Insiders Place Their Bets

In related news, Director Abhijit Y. Talwalkar purchased 5,312 shares of the company's stock in a transaction on Monday, May 11th. The stock was bought at an average price of $10.71 per share, with a total value of $56,891.52. Following the completion of the transaction, the director owned 25,611 shares of the company's stock, valued at approximately $274,293.81. This represents a 26.17% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.98% of the company's stock.

iRhythm Technologies Company 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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