Victory Capital Management Inc. Acquires 18,053 Shares of iRhythm Technologies $IRTC

Key Points

• Victory Capital increased its stake in iRhythm by 30.1% in Q3, buying 18,053 shares to hold 77,952 shares (about 0.24% ownership) valued at $13.41 million.
• iRhythm beat quarterly estimates with $0.29 EPS (vs. $0.02 expected) and $208.9M revenue (up 27.1% YoY), but the company remains unprofitable with a -5.96% net margin and negative return on equity.
• Insiders have sold ~94,509 shares (~$12.7M) in the last three months, while analysts show a "Moderate Buy" consensus and an average price target of $209.46.

Victory Capital Management Inc. grew its stake in shares of iRhythm Technologies (NASDAQ:IRTC - Free Report) by 30.1% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 77,952 shares of the company's stock after acquiring an additional 18,053 shares during the quarter. Victory Capital Management Inc. owned about 0.24% of iRhythm Technologies worth $13,407,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. 111 Capital bought a new position in iRhythm Technologies during the third quarter valued at approximately $219,000. Westfield Capital Management Co. LP lifted its holdings in shares of iRhythm Technologies by 11.5% during the 3rd quarter. Westfield Capital Management Co. LP now owns 323,980 shares of the company's stock valued at $55,721,000 after buying an additional 33,410 shares during the period. US Bancorp DE boosted its stake in shares of iRhythm Technologies by 7.8% in the 3rd quarter. US Bancorp DE now owns 1,042 shares of the company's stock worth $179,000 after buying an additional 75 shares during the last quarter. Optiver Holding B.V. bought a new stake in shares of iRhythm Technologies in the third quarter worth $35,000. Finally, Counterpoint Mutual Funds LLC purchased a new stake in iRhythm Technologies during the third quarter valued at $499,000.

iRhythm Technologies Trading Down 0.7%

iRhythm Technologies stock opened at $119.64 on Thursday. iRhythm Technologies has a 12-month low of $92.52 and a 12-month high of $212.00. The firm has a market capitalization of $3.87 billion, a price-to-earnings ratio of -85.46 and a beta of 1.09. The firm has a 50 day moving average of $152.99 and a 200 day moving average of $168.44. The company has a current ratio of 4.63, a quick ratio of 4.48 and a debt-to-equity ratio of 4.25.

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, topping analysts' consensus estimates of $0.02 by $0.27. The business had revenue of $208.89 million during the quarter, compared to analyst estimates of $202.61 million. iRhythm Technologies had a negative net margin of 5.96% and a negative return on equity of 28.15%. The company's revenue was up 27.1% on a year-over-year basis. During the same period in the prior year, the business posted ($0.04) earnings per share. As a group, research analysts predict that iRhythm Technologies will post -1.98 earnings per share for the current year.

Insiders Place Their Bets

In other iRhythm Technologies news, EVP Minang Turakhia sold 4,027 shares of the firm's stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $128.45, for a total transaction of $517,268.15. Following the sale, the executive vice president directly owned 54,906 shares of the company's stock, valued at $7,052,675.70. This trade represents a 6.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Chad Patterson sold 4,444 shares of the business's stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $128.44, for a total value of $570,787.36. Following the completion of the transaction, the insider owned 58,164 shares in the company, valued at $7,470,584.16. The trade was a 7.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 94,509 shares of company stock worth $12,734,195 in the last three months. 1.10% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on IRTC. Evercore raised iRhythm Technologies from an "in-line" rating to an "outperform" rating and raised their target price for the stock from $194.00 to $210.00 in a research report on Monday, January 5th. Citigroup dropped their price objective on shares of iRhythm Technologies from $242.00 to $214.00 and set a "buy" rating on the stock in a report on Wednesday. Freedom Capital upgraded shares of iRhythm Technologies to a "strong-buy" rating in a research report on Thursday, January 15th. Canaccord Genuity Group decreased their price target on shares of iRhythm Technologies from $212.00 to $198.00 and set a "buy" rating on the stock in a research report on Friday, February 20th. Finally, Wall Street Zen upgraded shares of iRhythm Technologies from a "hold" rating to a "buy" rating in a research note on Saturday, February 21st. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $209.46.

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.

Want to see what other hedge funds are holding IRTC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for iRhythm Technologies (NASDAQ:IRTC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.