Mackenzie Financial Corp Sells 274,552 Shares of iRhythm Technologies $IRTC

Key Points

• Mackenzie Financial cut its stake in iRhythm by 37.6%, selling 274,552 shares and leaving it with 455,261 shares (about 1.41% ownership) worth roughly $78.3 million at quarter-end.
• iRhythm beat quarterly estimates with $0.29 EPS (vs. $0.02) and revenue of $208.9M (+27.1% YoY), but remains unprofitable with negative net margin and ROE, and analysts forecast about -1.98 EPS for the current year.
• The stock carries a consensus "Moderate Buy" from analysts with an average target of $209.46; market cap is ~$3.87 billion and the 52-week range is $92.52–$212.00.

Mackenzie Financial Corp decreased its holdings in iRhythm Technologies (NASDAQ:IRTC - Free Report) by 37.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 455,261 shares of the company's stock after selling 274,552 shares during the period. Mackenzie Financial Corp owned 1.41% of iRhythm Technologies worth $78,300,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Holocene Advisors LP raised its position in iRhythm Technologies by 2,023.1% during the second quarter. Holocene Advisors LP now owns 313,094 shares of the company's stock valued at $48,204,000 after purchasing an additional 298,347 shares during the period. Loomis Sayles & Co. L P purchased a new position in shares of iRhythm Technologies in the 2nd quarter worth approximately $39,339,000. Goldman Sachs Group Inc. boosted its holdings in shares of iRhythm Technologies by 33.5% in 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 period. Assenagon Asset Management S.A. bought a new position in shares of iRhythm Technologies during the 3rd quarter valued at approximately $13,394,000. Finally, M&G PLC bought a new position in shares of iRhythm Technologies during the 2nd quarter valued at approximately $11,457,000.

iRhythm Technologies Stock Performance

Shares of NASDAQ:IRTC opened at $119.64 on Thursday. The firm has a market cap of $3.87 billion, a PE ratio of -85.46 and a beta of 1.09. The firm's 50 day simple moving average is $152.99 and its 200-day simple moving average is $168.44. iRhythm Technologies has a one year low of $92.52 and a one year high of $212.00. The company has a debt-to-equity ratio of 4.25, a quick ratio of 4.48 and a current ratio of 4.63.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last posted its quarterly earnings results on Thursday, February 19th. The company reported $0.29 earnings per share 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 during the quarter, compared to the consensus estimate of $202.61 million. During the same quarter in the previous year, the firm posted ($0.04) earnings per share. The company's revenue was up 27.1% on a year-over-year basis. As a group, equities analysts predict that iRhythm Technologies will post -1.98 EPS for the current year.

Insider Buying and Selling at iRhythm Technologies

In other iRhythm Technologies news, insider Patrick Michael Murphy sold 4,357 shares of the stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $128.44, for a total value of $559,613.08. Following the completion of the sale, the insider directly owned 63,203 shares in the company, valued at approximately $8,117,793.32. This trade represents a 6.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Mervin Smith sold 1,352 shares of the stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $128.44, for a total transaction of $173,650.88. Following the completion of the transaction, the executive vice president directly owned 25,612 shares of the company's stock, valued at $3,289,605.28. The trade was a 5.01% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 94,509 shares of company stock valued at $12,734,195. 1.10% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

IRTC has been the subject of a number of analyst reports. Evercore upgraded iRhythm Technologies from an "in-line" rating to an "outperform" rating and raised their price target for the stock from $194.00 to $210.00 in a research report on Monday, January 5th. Morgan Stanley reiterated an "overweight" rating on shares of iRhythm Technologies in a research report on Monday, January 12th. JPMorgan Chase & Co. lowered their target price on shares of iRhythm Technologies from $240.00 to $215.00 and set an "overweight" rating for the company in a report on Friday, February 20th. Truist Financial reaffirmed a "buy" rating and set a $200.00 price target (down from $215.00) on shares of iRhythm Technologies in a research note on Friday, February 20th. Finally, Wells Fargo & Company cut their price target on shares of iRhythm Technologies from $225.00 to $200.00 and set an "overweight" rating on the stock in a report on Friday, February 20th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $209.46.

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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