Renaissance Technologies LLC Reduces Stake in iRhythm Technologies $IRTC

Key Points

• Renaissance Technologies cut its iRhythm Technologies stake by 48.2% in the first quarter, selling 50,100 shares and retaining 53,800 shares worth approximately $6.35 million.
• Other institutional investors increased their positions substantially, including Millennium Management, Arrowstreet Capital, Polar Capital and Holocene Advisors; RTW Investments also initiated a position valued at about $209.7 million.
• Analysts remain broadly bullish, with a consensus “Moderate Buy” rating and an average price target of $184.71, despite several firms lowering their targets. IRTC shares opened at $127.13, near the midpoint of their 12-month range.

Renaissance Technologies LLC lowered its position in iRhythm Technologies (NASDAQ:IRTC - Free Report) by 48.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 53,800 shares of the company's stock after selling 50,100 shares during the period. Renaissance Technologies LLC owned about 0.16% of iRhythm Technologies worth $6,349,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. RTW Investments LP purchased a new position in iRhythm Technologies in the fourth quarter worth about $209,732,000. Millennium Management LLC increased its position in shares of iRhythm Technologies by 197.4% during the 4th quarter. Millennium Management LLC now owns 826,376 shares of the company's stock valued at $146,632,000 after purchasing an additional 548,519 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in shares of iRhythm Technologies by 6,415.4% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 541,039 shares of the company's stock worth $93,053,000 after purchasing an additional 532,735 shares during the period. Polar Capital Holdings Plc lifted its stake in shares of iRhythm Technologies by 24,782.1% in the 3rd quarter. Polar Capital Holdings Plc now owns 335,908 shares of the company's stock worth $57,773,000 after purchasing an additional 334,558 shares during the period. Finally, Holocene Advisors LP boosted its holdings in shares of iRhythm Technologies by 2,023.1% in the second quarter. Holocene Advisors LP now owns 313,094 shares of the company's stock worth $48,204,000 after buying an additional 298,347 shares during the last quarter.

Analyst Ratings Changes

Several analysts recently issued reports on IRTC shares. Truist Financial cut their target price on shares of iRhythm Technologies from $174.00 to $160.00 and set a "buy" rating for the company in a research report on Thursday, July 16th. Wells Fargo & Company dropped their price target on shares of iRhythm Technologies from $200.00 to $180.00 and set an "overweight" rating on the stock in a research note on Friday, May 1st. BTIG Research reissued a "buy" rating and set a $185.00 price objective on shares of iRhythm Technologies in a research report on Monday, June 22nd. Bank of America reduced their price objective 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. Finally, HC Wainwright reaffirmed a "buy" rating on shares of iRhythm Technologies in a report on Monday, June 1st. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $184.71.

iRhythm Technologies Trading Up 2.0%

Shares of NASDAQ:IRTC opened at $127.13 on Wednesday. The stock has a 50 day moving average of $114.24 and a 200 day moving average of $125.16. The company has a market cap of $4.18 billion, a PE ratio of -147.82 and a beta of 1.30. iRhythm Technologies has a 12-month low of $100.85 and a 12-month high of $212.00. The company has a current ratio of 5.17, a quick ratio of 4.98 and a debt-to-equity ratio of 4.03.

Insider Buying and Selling at iRhythm Technologies

In other news, Director Abhijit Y. Talwalkar purchased 5,312 shares of the company's stock in a transaction on Monday, May 11th. The stock was acquired at an average cost of $10.71 per share, for a total transaction of $56,891.52. Following the completion of the transaction, the director directly owned 25,611 shares in the company, 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 through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.98% of the stock is currently owned by insiders.

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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