Fifth Third Bancorp Grows Stock Holdings in iRhythm Technologies $IRTC

Fifth Third Bancorp raised its holdings in shares of iRhythm Technologies (NASDAQ:IRTC) by 17,068.9% in the 1st quarter, Holdings Channel.com reports. The firm owned 15,452 shares of the company’s stock after buying an additional 15,362 shares during the quarter. Fifth Third Bancorp’s holdings in iRhythm Technologies were worth $1,824,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Vanguard Group Inc. increased its holdings in shares of iRhythm Technologies by 2.2% in the 4th quarter. Vanguard Group Inc. now owns 3,310,519 shares of the company’s stock worth $587,418,000 after buying an additional 70,420 shares during the last quarter. RTW Investments LP bought a new position in shares of iRhythm Technologies in the 4th quarter valued at about $209,732,000. Geode Capital Management LLC grew its position in iRhythm Technologies by 8.6% in the fourth quarter. Geode Capital Management LLC now owns 858,405 shares of the company’s stock worth $152,337,000 after acquiring an additional 68,301 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in iRhythm Technologies by 45.6% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 829,862 shares of the company’s stock worth $147,251,000 after acquiring an additional 259,800 shares in the last quarter. Finally, Millennium Management LLC increased its stake in iRhythm Technologies by 197.4% during the fourth quarter. Millennium Management LLC now owns 826,376 shares of the company’s stock worth $146,632,000 after acquiring an additional 548,519 shares during the last quarter.

iRhythm Technologies Trading Down 2.7%

Shares of IRTC opened at $106.07 on Thursday. iRhythm Technologies has a 1-year low of $100.85 and a 1-year high of $212.00. The company has a 50-day moving average of $113.81 and a 200 day moving average of $128.90. The firm has a market capitalization of $3.49 billion, a price-to-earnings ratio of -123.34 and a beta of 1.27. The company has a debt-to-equity ratio of 4.03, a current ratio of 5.17 and a quick ratio of 4.98.

iRhythm Technologies (NASDAQ:IRTC) last issued its earnings results on Thursday, April 30th. The company reported ($0.35) EPS for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.21. The business 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%. The company’s revenue for the quarter was up 25.6% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.97) EPS. On average, research analysts expect that iRhythm Technologies will post 0.13 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Citigroup upped their price objective on iRhythm Technologies from $155.00 to $157.00 and gave the company a “buy” rating in a research report on Monday, May 4th. Canaccord Genuity Group cut their target price on iRhythm Technologies from $180.00 to $152.00 and set a “buy” rating on the stock in a research report on Monday, June 1st. The Goldman Sachs Group decreased their price target on iRhythm Technologies from $184.00 to $147.00 and set a “neutral” rating on the stock in a report on Thursday, April 9th. JPMorgan Chase & Co. lowered their price target on iRhythm Technologies from $215.00 to $175.00 and set an “overweight” rating for the company in a research report on Friday, May 1st. Finally, Weiss Ratings upgraded iRhythm Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, June 18th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $186.62.

Insider Activity

In other news, Director Abhijit Y. Talwalkar purchased 5,312 shares of the stock in a transaction that occurred on Monday, May 11th. The stock was purchased at an average price of $10.71 per share, for a total transaction of $56,891.52. Following the completion of the acquisition, the director owned 25,611 shares of the company’s stock, valued at approximately $274,293.81. This trade represents a 26.17% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.98% of the company’s stock.

About iRhythm Technologies

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.