Squarepoint Ops LLC Raises Stake in iRhythm Technologies $IRTC

Key Points

• Squarepoint Ops LLC increased its iRhythm Technologies stake by 1,065.8% in the second quarter, owning 71,862 shares valued at approximately $8.55 million. Other institutions, including California State Teachers Retirement System and Millennium Management, also expanded their positions.
• iRhythm shares opened at $112.88, down 5.6%, well below their 52-week high of $212.00. Despite the decline, the company reported quarterly EPS of $0.58 versus a $0.04 loss expected, while revenue rose 20.1% year over year to $224.17 million.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $179.93, although several firms recently lowered their targets.

Squarepoint Ops LLC grew its position in iRhythm Technologies (NASDAQ:IRTC - Free Report) by 1,065.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 71,862 shares of the company's stock after purchasing an additional 65,698 shares during the quarter. Squarepoint Ops LLC owned approximately 0.22% of iRhythm Technologies worth $8,548,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of IRTC. California State Teachers Retirement System lifted its stake in shares of iRhythm Technologies by 13,944.0% during the 2nd quarter. California State Teachers Retirement System now owns 5,241,770 shares of the company's stock valued at $623,509,000 after buying an additional 5,204,446 shares in the last quarter. RTW Investments LP bought a new position in iRhythm Technologies in the 4th quarter worth $209,732,000. Millennium Management LLC increased its stake in iRhythm Technologies by 197.4% in the 4th quarter. Millennium Management LLC now owns 826,376 shares of the company's stock worth $146,632,000 after buying an additional 548,519 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in 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 buying an additional 532,735 shares in the last quarter. Finally, Polar Capital Holdings Plc raised its holdings in iRhythm Technologies by 24,782.1% during the third quarter. Polar Capital Holdings Plc now owns 335,908 shares of the company's stock valued at $57,773,000 after acquiring an additional 334,558 shares during the period.

iRhythm Technologies Stock Down 5.6%

IRTC opened at $112.88 on Friday. The company has a market capitalization of $3.72 billion, a PE ratio of -262.51 and a beta of 1.31. The firm has a 50-day simple moving average of $119.97 and a two-hundred day simple moving average of $118.89. The company has a quick ratio of 3.74, a current ratio of 3.86 and a debt-to-equity ratio of 3.50. iRhythm Technologies has a 52 week low of $100.85 and a 52 week high of $212.00.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.62. The firm had revenue of $224.17 million for the quarter, compared to analysts' expectations of $219.30 million. iRhythm Technologies had a positive return on equity of 10.11% and a negative net margin of 1.69%.The business's revenue was up 20.1% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.32) earnings per share. Analysts forecast that iRhythm Technologies will post 0.6 earnings per share for the current fiscal year.

Analysts Set New Price Targets

IRTC has been the topic of several research analyst reports. Wells Fargo & Company lowered their price objective on iRhythm Technologies from $180.00 to $168.00 and set an "overweight" rating on the stock in a research report on Tuesday, August 18th. Canaccord Genuity Group cut their target price on iRhythm Technologies from $180.00 to $152.00 and set a "buy" rating for the company in a research report on Monday, June 1st. Wall Street Zen downgraded iRhythm Technologies from a "buy" rating to a "hold" rating in a research note on Saturday, August 8th. HC Wainwright reissued a "buy" rating on shares of iRhythm Technologies in a report on Monday, June 1st. Finally, Bank of America dropped their price target 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. Two 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 given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $179.93.

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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