Jefferies Financial Group Inc. Invests $2.29 Million in iRhythm Technologies (NASDAQ:IRTC)

Key Points

• Jefferies Financial Group Inc. has invested approximately $2.29 million in iRhythm Technologies, acquiring 21,844 shares during the first quarter, representing a 0.07% ownership stake in the company.
• Several institutional investors, including Xponance Inc. and CWM LLC, have also increased their stakes in iRhythm Technologies significantly during the same period, reflecting growing institutional interest.
• Analysts are optimistic about iRhythm Technologies, with multiple brokerage firms boosting their target prices and issuing "buy" ratings, contributing to an average rating of "Moderate Buy" and a target price of $157.30.

Jefferies Financial Group Inc. bought a new stake in iRhythm Technologies (NASDAQ:IRTC - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 21,844 shares of the company's stock, valued at approximately $2,287,000. Jefferies Financial Group Inc. owned approximately 0.07% of iRhythm Technologies as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Champlain Investment Partners LLC increased its position in iRhythm Technologies by 8.9% during the fourth quarter. Champlain Investment Partners LLC now owns 726,262 shares of the company's stock worth $65,487,000 after buying an additional 59,161 shares during the period. Bessemer Group Inc. boosted its stake in shares of iRhythm Technologies by 1.1% in the first quarter. Bessemer Group Inc. now owns 574,053 shares of the company's stock valued at $60,092,000 after buying an additional 6,046 shares in the last quarter. Stephens Investment Management Group LLC boosted its stake in shares of iRhythm Technologies by 3.5% in the first quarter. Stephens Investment Management Group LLC now owns 520,582 shares of the company's stock valued at $54,495,000 after buying an additional 17,657 shares in the last quarter. First Light Asset Management LLC purchased a new stake in shares of iRhythm Technologies in the fourth quarter valued at approximately $38,818,000. Finally, Frontier Capital Management Co. LLC boosted its stake in shares of iRhythm Technologies by 364.8% in the fourth quarter. Frontier Capital Management Co. LLC now owns 355,147 shares of the company's stock valued at $32,024,000 after buying an additional 278,743 shares in the last quarter.

Insider Buying and Selling

In related news, insider Chad Patterson sold 2,707 shares of the stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $164.36, for a total value of $444,922.52. Following the completion of the transaction, the insider owned 46,222 shares of the company's stock, valued at approximately $7,597,047.92. This represents a 5.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Mervin Smith sold 616 shares of the stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $164.36, for a total value of $101,245.76. Following the transaction, the executive vice president directly owned 15,838 shares in the company, valued at approximately $2,603,133.68. This represents a 3.74% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 8,679 shares of company stock worth $1,343,050 in the last ninety days. 0.68% of the stock is owned by corporate insiders.

iRhythm Technologies Trading Down 2.8%

NASDAQ:IRTC traded down $4.64 on Tuesday, hitting $160.34. 638,347 shares of the stock were exchanged, compared to its average volume of 530,698. The stock has a market cap of $5.15 billion, a PE ratio of -54.72 and a beta of 1.41. The company has a current ratio of 5.02, a quick ratio of 4.88 and a debt-to-equity ratio of 6.25. The stock has a fifty day moving average of $143.12 and a 200-day moving average of $123.07. iRhythm Technologies has a fifty-two week low of $55.92 and a fifty-two week high of $168.32.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The company reported ($0.32) EPS for the quarter, topping the consensus estimate of ($0.53) by $0.21. iRhythm Technologies had a negative return on equity of 90.03% and a negative net margin of 14.06%. The company had revenue of $186.69 million during the quarter, compared to analyst estimates of $173.94 million. During the same period in the prior year, the firm posted ($0.61) earnings per share. The firm's revenue was up 26.1% on a year-over-year basis. As a group, equities analysts expect that iRhythm Technologies will post -1.98 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently weighed in on IRTC shares. Wells Fargo & Company lifted their price target on iRhythm Technologies from $130.00 to $180.00 and gave the company an "overweight" rating in a research note on Friday. Wall Street Zen downgraded iRhythm Technologies from a "hold" rating to a "sell" rating in a research report on Monday, May 5th. JPMorgan Chase & Co. boosted their target price on iRhythm Technologies from $145.00 to $190.00 and gave the stock an "overweight" rating in a research report on Friday. Citigroup boosted their target price on iRhythm Technologies from $130.00 to $167.00 and gave the stock a "buy" rating in a research report on Thursday, May 22nd. Finally, William Blair raised iRhythm Technologies to a "strong-buy" rating in a report on Friday. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $157.30.

About iRhythm Technologies

iRhythm Technologies, Inc, a digital healthcare company, engages in the design, development, and commercialization of device-based technology to provide ambulatory cardiac monitoring services to diagnose arrhythmias in the United States. It offers Zio services, an ambulatory monitoring solution, including long-term and short-term continuous monitoring and mobile cardiac telemetry monitoring services.