Teacher Retirement System of Texas Acquires New Holdings in iRhythm Technologies (NASDAQ:IRTC)

Teacher Retirement System of Texas acquired a new stake in shares of iRhythm Technologies (NASDAQ:IRTC - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 4,575 shares of the company's stock, valued at approximately $479,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Raiffeisen Bank International AG purchased a new position in shares of iRhythm Technologies in the fourth quarter worth about $60,000. Avanza Fonder AB purchased a new position in iRhythm Technologies during the first quarter worth about $123,000. Xponance Inc. purchased a new position in iRhythm Technologies during the fourth quarter worth about $203,000. SeaCrest Wealth Management LLC purchased a new position in iRhythm Technologies during the first quarter worth about $212,000. Finally, LPL Financial LLC purchased a new position in iRhythm Technologies during the fourth quarter worth about $243,000.

iRhythm Technologies Stock Performance

iRhythm Technologies stock traded up $0.48 during trading hours on Friday, reaching $136.24. 433,891 shares of the stock were exchanged, compared to its average volume of 492,646. The stock has a market cap of $4.35 billion, a P/E ratio of -43.39 and a beta of 1.41. The company has a debt-to-equity ratio of 7.47, a quick ratio of 5.58 and a current ratio of 5.71. iRhythm Technologies has a 52-week low of $55.92 and a 52-week high of $157.13. The firm's 50 day moving average is $143.06 and its 200 day moving average is $119.47.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The company reported ($0.95) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.89) by ($0.06). The company had revenue of $158.68 million during the quarter, compared to analysts' expectations of $153.39 million. iRhythm Technologies had a negative net margin of 15.90% and a negative return on equity of 101.04%. The business's revenue for the quarter was up 20.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($1.23) EPS. Analysts predict that iRhythm Technologies will post -1.98 EPS for the current fiscal year.

Insiders Place Their Bets

In other iRhythm Technologies news, CFO Daniel G. Wilson sold 3,000 shares of the firm's stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $150.00, for a total transaction of $450,000.00. Following the sale, the chief financial officer directly owned 40,307 shares of the company's stock, valued at $6,046,050. This trade represents a 6.93% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Minang Turakhia sold 1,420 shares of the firm's stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $145.41, for a total transaction of $206,482.20. Following the sale, the executive vice president directly owned 41,393 shares in the company, valued at $6,018,956.13. This represents a 3.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,356 shares of company stock valued at $796,882 in the last ninety days. Insiders own 1.10% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Wells Fargo & Company raised shares of iRhythm Technologies from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $104.00 to $130.00 in a research note on Friday, May 2nd. Robert W. Baird upped their target price on shares of iRhythm Technologies from $133.00 to $150.00 and gave the stock an "outperform" rating in a research note on Friday, May 2nd. Canaccord Genuity Group lowered their price target on shares of iRhythm Technologies from $152.00 to $139.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Wall Street Zen cut shares of iRhythm Technologies from a "hold" rating to a "sell" rating in a report on Monday, May 5th. Finally, Morgan Stanley lowered their target price on shares of iRhythm Technologies from $160.00 to $147.00 and set an "overweight" rating for the company in a report on Tuesday, July 15th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $137.30.

iRhythm Technologies Company Profile

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.