Point72 Asset Management L.P. Acquires 58,668 Shares of iRhythm Technologies, Inc. (NASDAQ:IRTC)

Point72 Asset Management L.P. increased its holdings in shares of iRhythm Technologies, Inc. (NASDAQ:IRTC) by 12.3% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 536,202 shares of the company’s stock after acquiring an additional 58,668 shares during the period. Point72 Asset Management L.P. owned about 1.72% of iRhythm Technologies worth $57,717,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Sei Investments Co. boosted its stake in iRhythm Technologies by 7.0% in the 1st quarter. Sei Investments Co. now owns 235,361 shares of the company’s stock valued at $27,302,000 after buying an additional 15,381 shares in the last quarter. Capital Research Global Investors raised its holdings in shares of iRhythm Technologies by 5.1% in the fourth quarter. Capital Research Global Investors now owns 2,495,626 shares of the company’s stock valued at $267,132,000 after buying an additional 121,709 shares during the last quarter. Daiwa Securities Group Inc. acquired a new position in iRhythm Technologies during the 1st quarter worth about $1,925,000. Capstone Investment Advisors LLC bought a new stake in iRhythm Technologies during the 1st quarter worth about $1,078,000. Finally, Assenagon Asset Management S.A. increased its position in iRhythm Technologies by 361.1% in the 2nd 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 in the last quarter.

Analyst Ratings Changes

IRTC has been the topic of several research analyst reports. Morgan Stanley decreased their price target on shares of iRhythm Technologies from $135.00 to $130.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. Canaccord Genuity Group upped their price target on iRhythm Technologies from $122.00 to $137.00 and gave the company a “buy” rating in a research note on Wednesday. Oppenheimer lowered their price objective on iRhythm Technologies from $165.00 to $145.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. 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 research report on Thursday, August 22nd. Finally, StockNews.com raised shares of iRhythm Technologies from a “sell” rating to a “hold” rating in a research note on Thursday, September 19th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $120.33.

Insider Activity at iRhythm Technologies

In other iRhythm Technologies news, insider Chad Patterson sold 3,012 shares of iRhythm Technologies stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $74.66, for a total transaction of $224,875.92. Following the transaction, the insider now directly owns 37,133 shares in the company, valued at $2,772,349.78. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CFO Brice Bobzien sold 1,372 shares of the stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $70.34, for a total transaction of $96,506.48. Following the completion of the transaction, the chief financial officer now directly owns 24,428 shares in the company, valued at $1,718,265.52. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Chad Patterson sold 3,012 shares of iRhythm Technologies stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $74.66, for a total value of $224,875.92. Following the completion of the sale, the insider now directly owns 37,133 shares in the company, valued at approximately $2,772,349.78. The disclosure for this sale can be found here. Insiders sold a total of 6,476 shares of company stock worth $521,081 in the last quarter. Corporate insiders own 0.68% of the company’s stock.

iRhythm Technologies Price Performance

iRhythm Technologies stock opened at $72.69 on Thursday. The company has a current ratio of 6.92, a quick ratio of 6.76 and a debt-to-equity ratio of 6.50. The firm has a market capitalization of $2.27 billion, a P/E ratio of -17.21 and a beta of 1.22. The business has a 50-day moving average of $75.85 and a 200-day moving average of $93.14. iRhythm Technologies, Inc. has a 1 year low of $60.88 and a 1 year high of $124.11.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings data on Thursday, August 1st. The company reported ($0.61) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.89) by $0.28. The firm had revenue of $148.05 million during the quarter, compared to analysts’ expectations of $146.15 million. iRhythm Technologies had a negative net margin of 24.50% and a negative return on equity of 84.14%. The business’s revenue for the quarter was up 19.3% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.61) earnings per share. On average, equities analysts anticipate that iRhythm Technologies, Inc. will post -2.66 EPS for the current year.

About iRhythm Technologies

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.