Assenagon Asset Management S.A. Boosts Holdings in iRhythm Technologies $IRTC

Assenagon Asset Management S.A. raised its position in shares of iRhythm Technologies (NASDAQ:IRTC) by 20.0% during the 1st quarter, HoldingsChannel.com reports. The fund owned 270,221 shares of the company’s stock after acquiring an additional 45,016 shares during the period. Assenagon Asset Management S.A.’s holdings in iRhythm Technologies were worth $31,891,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in IRTC. Victory Capital Management Inc. boosted its stake in iRhythm Technologies by 30.1% during the 3rd quarter. Victory Capital Management Inc. now owns 77,952 shares of the company’s stock valued at $13,407,000 after purchasing an additional 18,053 shares during the last quarter. Jain Global LLC purchased a new position in shares of iRhythm Technologies during the 3rd quarter worth $22,547,000. Holocene Advisors LP raised its stake in shares of iRhythm Technologies by 51.2% in the third quarter. Holocene Advisors LP now owns 473,280 shares of the company’s stock worth $81,399,000 after buying an additional 160,186 shares during the period. Tudor Investment Corp ET AL bought a new stake in shares of iRhythm Technologies during the 3rd quarter valued at $3,439,800,000. Finally, Westfield Capital Management Co. LP raised its holdings in iRhythm Technologies by 11.5% during the third quarter. Westfield Capital Management Co. LP now owns 323,980 shares of the company’s stock valued at $55,721,000 after acquiring an additional 33,410 shares during the period.

iRhythm Technologies Stock Performance

Shares of IRTC stock opened at $118.89 on Friday. The business has a fifty day moving average of $115.16 and a 200 day moving average of $136.26. iRhythm Technologies has a 1 year low of $100.85 and a 1 year high of $212.00. The company has a debt-to-equity ratio of 4.03, a current ratio of 5.17 and a quick ratio of 4.98. The firm has a market capitalization of $3.91 billion, a price-to-earnings ratio of -138.24 and a beta of 1.27.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings results on Thursday, April 30th. The company reported ($0.35) earnings per share for the quarter, topping the consensus estimate of ($0.56) by $0.21. The company had revenue of $199.39 million for the quarter, compared to the consensus estimate of $194.11 million. iRhythm Technologies had a negative net margin of 3.53% and a negative return on equity of 10.26%. iRhythm Technologies’s quarterly revenue was up 25.6% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.97) EPS. As a group, research analysts expect that iRhythm Technologies will post 0.13 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on IRTC. Needham & Company LLC upped their price objective on iRhythm Technologies from $254.00 to $255.00 and gave the stock a “buy” rating in a research note on Friday, May 1st. Truist Financial reduced their target price on shares of iRhythm Technologies from $200.00 to $170.00 and set a “buy” rating on the stock in a report on Wednesday, April 15th. Bank of America reduced their target price on shares of iRhythm Technologies from $225.00 to $180.00 and set a “buy” rating on the stock in a research note on Monday, May 18th. Wells Fargo & Company reduced their target price on shares of iRhythm Technologies from $200.00 to $180.00 and set an “overweight” rating on the stock in a research report on Friday, May 1st. Finally, HC Wainwright restated a “buy” rating on shares of iRhythm Technologies in a report on Monday, June 1st. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $187.38.

Insider Transactions at iRhythm Technologies

In related news, Director Abhijit Y. Talwalkar acquired 5,312 shares of iRhythm Technologies stock in a transaction on Monday, May 11th. The stock was acquired at an average price of $10.71 per share, for a total transaction of $56,891.52. Following the purchase, the director owned 25,611 shares of the company’s stock, valued at approximately $274,293.81. This represents a 26.17% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.98% of the stock is owned by corporate insiders.

iRhythm Technologies Company 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.