XTX Topco Ltd Makes New Investment in iRhythm Technologies (NASDAQ:IRTC)

Key Points

• XTX Topco Ltd has invested approximately $258,000 in iRhythm Technologies by acquiring 2,462 shares, as detailed in its recent SEC filing.
• iRhythm Technologies reported a better-than-expected quarterly earnings result, posting an EPS of ($0.32) which outperformed analysts' estimates of ($0.53).
• Several hedge funds have recently increased or established their positions in iRhythm Technologies, indicating growing institutional confidence in the company.

XTX Topco Ltd 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 2,462 shares of the company's stock, valued at approximately $258,000.

Several other institutional investors also recently modified their holdings of IRTC. Principal Financial Group Inc. boosted its position in iRhythm Technologies by 1,793.7% in the first quarter. Principal Financial Group Inc. now owns 50,449 shares of the company's stock worth $5,281,000 after purchasing an additional 47,785 shares during the last quarter. GAMMA Investing LLC boosted its position in iRhythm Technologies by 30,928.6% in the first quarter. GAMMA Investing LLC now owns 8,688 shares of the company's stock worth $909,000 after purchasing an additional 8,660 shares during the last quarter. SG Americas Securities LLC boosted its position in iRhythm Technologies by 95.6% in the first quarter. SG Americas Securities LLC now owns 8,427 shares of the company's stock worth $882,000 after purchasing an additional 4,119 shares during the last quarter. Invesco Ltd. boosted its position in iRhythm Technologies by 1.1% in the fourth quarter. Invesco Ltd. now owns 19,200 shares of the company's stock worth $1,731,000 after purchasing an additional 207 shares during the last quarter. Finally, Stephens Inc. AR purchased a new position in iRhythm Technologies in the first quarter worth about $222,000.

iRhythm Technologies Stock Performance

Shares of NASDAQ IRTC traded down $1.52 during trading on Friday, hitting $160.58. The company had a trading volume of 407,289 shares, compared to its average volume of 530,214. The stock has a 50 day simple moving average of $146.24 and a 200 day simple moving average of $126.14. The company has a debt-to-equity ratio of 6.25, a quick ratio of 4.88 and a current ratio of 5.02. iRhythm Technologies has a 12 month low of $55.92 and a 12 month high of $168.32. The firm has a market capitalization of $5.16 billion, a P/E ratio of -54.81 and a beta of 1.41.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The company reported ($0.32) EPS for the quarter, topping the consensus estimate of ($0.53) by $0.21. The firm had revenue of $186.69 million for the quarter, compared to the consensus estimate of $173.94 million. iRhythm Technologies had a negative return on equity of 90.03% and a negative net margin of 14.06%. The business's revenue for the quarter was up 26.1% compared to the same quarter last year. During the same quarter last year, the company earned ($0.61) earnings per share. As a group, analysts anticipate 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 1,420 shares of the stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $145.41, for a total transaction of $206,482.20. Following the completion of the sale, the executive vice president directly owned 41,393 shares of the company's stock, valued at $6,018,956.13. This trade represents a 3.32% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Quentin S. Blackford sold 30,000 shares of the stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $160.54, for a total transaction of $4,816,200.00. Following the sale, the chief executive officer directly owned 179,038 shares of the company's stock, valued at approximately $28,742,760.52. This trade represents a 14.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 46,772 shares of company stock worth $7,440,739 over the last ninety days. 1.10% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on IRTC. Robert W. Baird raised their target price on iRhythm Technologies from $133.00 to $150.00 and gave the stock an "outperform" rating in a research report on Friday, May 2nd. Wells Fargo & Company raised their target price on iRhythm Technologies from $130.00 to $180.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Canaccord Genuity Group raised their target price on iRhythm Technologies from $139.00 to $170.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Morgan Stanley dropped their target price on iRhythm Technologies from $160.00 to $147.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 15th. Finally, Wall Street Zen downgraded iRhythm Technologies from a "hold" rating to a "sell" rating in a research note on Monday, May 5th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $157.30.

iRhythm Technologies 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.