M&T Bank Corp Takes $3.93 Million Position in iRhythm Technologies $IRTC

Key Points

• M&T Bank Corp initiated a new stake in iRhythm by purchasing 22,168 shares in Q4, valued at about $3.93 million, equal to roughly 0.07% of the company.
• iRhythm beat Q4 expectations with $0.29 EPS vs. $0.02 expected and revenue of $208.9 million (up 27.1% YoY), but still shows a negative net margin (-5.96%) and negative return on equity (-28.15%) with analysts forecasting -0.16 EPS for the current year.
• Insiders have sold 94,509 shares (~$12.7 million) in the past 90 days (insiders now own 0.68%), while analyst consensus rates iRhythm a "Moderate Buy" with an average price target of $202.92.

M&T Bank Corp purchased a new stake in shares of iRhythm Technologies (NASDAQ:IRTC - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 22,168 shares of the company's stock, valued at approximately $3,933,000. M&T Bank Corp owned approximately 0.07% of iRhythm Technologies as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the company. CWM LLC increased its holdings in iRhythm Technologies by 12.5% in the 4th quarter. CWM LLC now owns 1,101 shares of the company's stock worth $195,000 after buying an additional 122 shares in the last quarter. Assetmark Inc. lifted its stake in iRhythm Technologies by 52.0% during the 4th quarter. Assetmark Inc. now owns 631 shares of the company's stock valued at $112,000 after acquiring an additional 216 shares during the period. Sumitomo Mitsui Trust Group Inc. purchased a new stake in shares of iRhythm Technologies during the 4th quarter valued at about $417,000. Ascent Group LLC boosted its holdings in shares of iRhythm Technologies by 0.7% during the 4th quarter. Ascent Group LLC now owns 9,587 shares of the company's stock valued at $1,701,000 after acquiring an additional 70 shares during the last quarter. Finally, SteelPeak Wealth LLC grew its stake in shares of iRhythm Technologies by 18.4% in the fourth quarter. SteelPeak Wealth LLC now owns 5,224 shares of the company's stock worth $927,000 after acquiring an additional 811 shares during the period.

iRhythm Technologies Stock Performance

IRTC opened at $122.35 on Monday. The company has a current ratio of 4.63, a quick ratio of 4.48 and a debt-to-equity ratio of 4.25. The company has a market cap of $4.02 billion, a price-to-earnings ratio of -87.39 and a beta of 1.18. The company's 50 day moving average is $125.01 and its 200 day moving average is $155.73. iRhythm Technologies has a 12-month low of $103.16 and a 12-month high of $212.00.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last announced its earnings results on Thursday, February 19th. The company reported $0.29 EPS for the quarter, beating analysts' consensus estimates 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 business had revenue of $208.89 million during the quarter, compared to analysts' expectations of $202.61 million. During the same period in the prior year, the company earned ($0.04) earnings per share. The firm's revenue was up 27.1% on a year-over-year basis. On average, equities research analysts predict that iRhythm Technologies will post -0.16 EPS for the current year.

Insider Activity

In other news, EVP Minang Turakhia sold 4,027 shares of the business's stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $128.45, for a total transaction of $517,268.15. Following the completion of the sale, the executive vice president owned 54,906 shares of the company's stock, valued at $7,052,675.70. The trade was a 6.83% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Patrick Michael Murphy sold 4,357 shares of the company's stock in a transaction on 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 owned 63,203 shares of the company's stock, valued at $8,117,793.32. This trade represents a 6.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 94,509 shares of company stock worth $12,734,195. Company insiders own 0.68% of the company's stock.

Analyst Upgrades and Downgrades

IRTC has been the topic of a number of research analyst reports. JPMorgan Chase & Co. lowered their price objective on shares of iRhythm Technologies from $240.00 to $215.00 and set an "overweight" rating on the stock in a research report on Friday, February 20th. Freedom Capital raised shares of iRhythm Technologies to a "strong-buy" rating in a research report on Thursday, January 15th. The Goldman Sachs Group decreased their target price on shares of iRhythm Technologies from $184.00 to $147.00 and set a "neutral" rating for the company in a research note on Thursday, April 9th. Evercore raised iRhythm Technologies from an "in-line" rating to an "outperform" rating and increased their price target for the company from $194.00 to $210.00 in a report on Monday, January 5th. Finally, Robert W. Baird cut their price objective on iRhythm Technologies from $220.00 to $200.00 and set an "outperform" rating for the company in a report on Friday, February 20th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, iRhythm Technologies has an average rating of "Moderate Buy" and a consensus price target of $202.92.

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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