The Manufacturers Life Insurance Company Purchases 11,031 Shares of iRhythm Technologies, Inc. (NASDAQ:IRTC)

The Manufacturers Life Insurance Company increased its holdings in shares of iRhythm Technologies, Inc. (NASDAQ:IRTC) by 6.4% during the second quarter, Holdings Channel reports. The fund owned 183,046 shares of the company’s stock after purchasing an additional 11,031 shares during the period. The Manufacturers Life Insurance Company’s holdings in iRhythm Technologies were worth $19,703,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Headlands Technologies LLC raised its stake in shares of iRhythm Technologies by 10,650.0% in the first quarter. Headlands Technologies LLC now owns 430 shares of the company’s stock worth $50,000 after acquiring an additional 426 shares during the last quarter. Nisa Investment Advisors LLC boosted its position in iRhythm Technologies by 79.6% in the 2nd quarter. Nisa Investment Advisors LLC now owns 625 shares of the company’s stock valued at $67,000 after buying an additional 277 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of iRhythm Technologies in the 1st quarter valued at $126,000. Russell Investments Group Ltd. raised its position in shares of iRhythm Technologies by 79,700.0% during the first quarter. Russell Investments Group Ltd. now owns 1,596 shares of the company’s stock worth $185,000 after acquiring an additional 1,594 shares during the last quarter. Finally, SeaCrest Wealth Management LLC lifted its stake in shares of iRhythm Technologies by 7.6% during the second quarter. SeaCrest Wealth Management LLC now owns 2,125 shares of the company’s stock valued at $229,000 after acquiring an additional 150 shares during the period.

iRhythm Technologies Trading Down 3.6 %

IRTC opened at $71.58 on Wednesday. The firm’s fifty day simple moving average is $73.15 and its 200 day simple moving average is $92.00. iRhythm Technologies, Inc. has a 12 month low of $60.88 and a 12 month high of $124.11. The stock has a market capitalization of $2.23 billion, a P/E ratio of -16.92 and a beta of 1.22. The company has a current ratio of 6.92, a quick ratio of 6.76 and a debt-to-equity ratio of 6.50.

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

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on IRTC. Truist Financial reissued a “buy” rating and set a $117.00 price objective (down from $134.00) on shares of iRhythm Technologies in a report on Friday, August 2nd. JPMorgan Chase & Co. cut their price objective on shares of iRhythm Technologies from $133.00 to $100.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Wolfe Research raised shares of iRhythm Technologies from a “peer perform” rating to an “outperform” rating and set a $115.00 target price for the company in a report on Thursday, June 20th. Citigroup cut their price target on iRhythm Technologies from $135.00 to $110.00 and set a “buy” rating on the stock in a research note on Thursday, August 22nd. Finally, Canaccord Genuity Group lifted their price objective on iRhythm Technologies from $122.00 to $137.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. One research analyst has rated the stock with a sell rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $120.33.

Insider Activity

In related news, CFO Brice Bobzien sold 1,372 shares of the stock in a transaction that occurred on 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 of the company’s stock, valued at $1,718,265.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Mervin Smith sold 688 shares of iRhythm Technologies stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $74.66, for a total value of $51,366.08. Following the completion of the transaction, the executive vice president now owns 10,360 shares of the company’s stock, valued at approximately $773,477.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Brice Bobzien sold 1,372 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $70.34, for a total value of $96,506.48. Following the transaction, the chief financial officer now directly owns 24,428 shares in the company, valued at approximately $1,718,265.52. The disclosure for this sale can be found here. Insiders sold 5,072 shares of company stock worth $372,748 in the last quarter. Corporate insiders own 0.68% of the company’s stock.

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.