iRhythm Technologies $IRTC Stake Lifted by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company nearly doubled its iRhythm Technologies stake during the first quarter, adding 194,502 shares to own 390,577 shares worth approximately $46.1 million, or 1.19% of the company.
• iRhythm reported better-than-expected quarterly results, with an adjusted loss of $0.35 per share versus the $0.56 consensus estimate and revenue of $199.4 million, up 25.6% year over year.
• Wall Street remains broadly positive: analysts maintain a consensus “Buy” rating with an average price target of $184.71, compared with the stock’s reported price of $119.08.

The Manufacturers Life Insurance Company lifted its stake in shares of iRhythm Technologies (NASDAQ:IRTC - Free Report) by 99.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 390,577 shares of the company's stock after acquiring an additional 194,502 shares during the quarter. The Manufacturers Life Insurance Company owned about 1.19% of iRhythm Technologies worth $46,096,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in IRTC. Measured Wealth Private Client Group LLC bought a new position in iRhythm Technologies during the 3rd quarter valued at $30,000. GAMMA Investing LLC increased its position in shares of iRhythm Technologies by 48.4% during the 4th quarter. GAMMA Investing LLC now owns 184 shares of the company's stock valued at $33,000 after purchasing an additional 60 shares during the period. Employees Retirement System of Texas bought a new stake in shares of iRhythm Technologies in the 3rd quarter worth $36,000. Torren Management LLC bought a new stake in shares of iRhythm Technologies in the 4th quarter worth $53,000. Finally, Smartleaf Asset Management LLC lifted its holdings in shares of iRhythm Technologies by 63.1% in the fourth quarter. Smartleaf Asset Management LLC now owns 323 shares of the company's stock valued at $58,000 after buying an additional 125 shares during the period.

iRhythm Technologies Stock Performance

IRTC opened at $119.08 on Friday. The firm has a market cap of $3.91 billion, a PE ratio of -138.46 and a beta of 1.27. The company has a quick ratio of 4.98, a current ratio of 5.17 and a debt-to-equity ratio of 4.03. The business has a fifty day simple moving average of $113.82 and a 200-day simple moving average of $126.00. iRhythm Technologies has a fifty-two week low of $100.85 and a fifty-two week high of $212.00.

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

Insider Buying and Selling at iRhythm Technologies

In related news, Director Abhijit Y. Talwalkar purchased 5,312 shares of the firm's stock in a transaction that occurred on Monday, May 11th. The stock was acquired at an average price of $10.71 per share, for a total transaction of $56,891.52. Following the transaction, the director directly owned 25,611 shares of the company's stock, valued at $274,293.81. This trade represents a 26.17% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.98% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

IRTC has been the subject of several research reports. Bank of America decreased their target price 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. Stephens assumed coverage on shares of iRhythm Technologies in a research report on Thursday, July 23rd. They issued an "overweight" rating and a $160.00 price target on the stock. BTIG Research reissued a "buy" rating and issued a $185.00 price target on shares of iRhythm Technologies in a report on Monday, June 22nd. HC Wainwright restated a "buy" rating on shares of iRhythm Technologies in a research report on Monday, June 1st. Finally, Weiss Ratings raised shares of iRhythm Technologies from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Thursday, June 18th. Three 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 assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $184.71.

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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