iRhythm Technologies, Inc. (NASDAQ:IRTC) Shares Acquired by Wellington Management Group LLP

Wellington Management Group LLP increased its holdings in shares of iRhythm Technologies, Inc. (NASDAQ:IRTC) by 6.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 213,949 shares of the company’s stock after purchasing an additional 12,478 shares during the quarter. Wellington Management Group LLP’s holdings in iRhythm Technologies were worth $15,884,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Harbor Capital Advisors Inc. lifted its position in shares of iRhythm Technologies by 272.0% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 79,938 shares of the company’s stock worth $5,935,000 after buying an additional 58,448 shares during the last quarter. Assenagon Asset Management S.A. lifted its position in iRhythm Technologies by 361.1% in the second quarter. Assenagon Asset Management S.A. now owns 48,962 shares of the company’s stock valued at $5,270,000 after acquiring an additional 38,344 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in iRhythm Technologies by 14.6% in the second quarter. Allspring Global Investments Holdings LLC now owns 475,586 shares of the company’s stock valued at $51,192,000 after acquiring an additional 60,560 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in iRhythm Technologies in the third quarter valued at $1,497,000. Finally, Eagle Asset Management Inc. increased its position in shares of iRhythm Technologies by 44.9% during the third quarter. Eagle Asset Management Inc. now owns 100,655 shares of the company’s stock worth $7,473,000 after purchasing an additional 31,193 shares in the last quarter.

iRhythm Technologies Price Performance

Shares of IRTC opened at $86.43 on Friday. The company has a current ratio of 6.27, a quick ratio of 6.12 and a debt-to-equity ratio of 9.00. The stock’s 50 day moving average is $77.33 and its two-hundred day moving average is $81.16. iRhythm Technologies, Inc. has a twelve month low of $55.92 and a twelve month high of $124.11. The firm has a market capitalization of $2.71 billion, a PE ratio of -17.78 and a beta of 1.26.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings results on Wednesday, October 30th. The company reported ($1.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.71). iRhythm Technologies had a negative net margin of 26.90% and a negative return on equity of 120.86%. The business had revenue of $147.54 million during the quarter, compared to analysts’ expectations of $146.69 million. During the same quarter last year, the firm earned ($0.89) earnings per share. The firm’s quarterly revenue was up 18.4% compared to the same quarter last year. Research analysts anticipate that iRhythm Technologies, Inc. will post -3.44 earnings per share for the current year.

Insiders Place Their Bets

In other iRhythm Technologies news, CEO Quentin S. Blackford sold 16,145 shares of the business’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $77.41, for a total transaction of $1,249,784.45. Following the sale, the chief executive officer now directly owns 159,929 shares in the company, valued at approximately $12,380,103.89. The trade was a 9.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Abhijit Y. Talwalkar purchased 6,664 shares of the company’s stock in a transaction dated Monday, November 4th. The stock was purchased at an average price of $75.16 per share, with a total value of $500,866.24. Following the transaction, the director now owns 18,941 shares of the company’s stock, valued at approximately $1,423,605.56. This represents a 54.28 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.68% of the company’s stock.

Wall Street Analysts Forecast Growth

IRTC has been the subject of a number of research analyst reports. Canaccord Genuity Group upped their target price on iRhythm Technologies from $125.00 to $152.00 and gave the company a “buy” rating in a research report on Monday, December 9th. StockNews.com downgraded iRhythm Technologies from a “hold” rating to a “sell” rating in a report on Friday, September 27th. Citigroup cut their target price on shares of iRhythm Technologies from $135.00 to $110.00 and set a “buy” rating on the stock in a report on Thursday, August 22nd. Needham & Company LLC decreased their price target on shares of iRhythm Technologies from $119.00 to $96.00 and set a “buy” rating for the company in a research note on Thursday, October 31st. Finally, The Goldman Sachs Group assumed coverage on shares of iRhythm Technologies in a research note on Friday, October 4th. They issued a “neutral” rating and a $78.00 price objective on the stock. One analyst has rated the stock with a sell rating, two have given a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $107.82.

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.