Arrowstreet Capital Limited Partnership Decreases Stock Holdings in iRhythm Technologies $IRTC

Arrowstreet Capital Limited Partnership reduced its position in shares of iRhythm Technologies (NASDAQ:IRTC) by 4.0% in the first quarter, HoldingsChannel reports. The institutional investor owned 582,879 shares of the company’s stock after selling 24,090 shares during the quarter. Arrowstreet Capital Limited Partnership’s holdings in iRhythm Technologies were worth $68,791,000 at the end of the most recent quarter.

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

iRhythm Technologies Price Performance

IRTC stock opened at $109.20 on Monday. iRhythm Technologies has a fifty-two week low of $100.85 and a fifty-two week high of $212.00. The company has a market capitalization of $3.59 billion, a price-to-earnings ratio of -126.98 and a beta of 1.27. The business’s 50 day moving average price is $113.59 and its two-hundred day moving average price is $127.90. The company has a debt-to-equity ratio of 4.03, a quick ratio of 4.98 and a current ratio of 5.17.

iRhythm Technologies (NASDAQ:IRTC) last released its earnings results on Thursday, April 30th. The company reported ($0.35) EPS for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.21. iRhythm Technologies had a negative return on equity of 10.26% and a negative net margin of 3.53%.The company had revenue of $199.39 million during the quarter, compared to analysts’ expectations of $194.11 million. During the same quarter last year, the business posted ($0.97) EPS. The firm’s revenue for the quarter was up 25.6% compared to the same quarter last year. As a group, analysts forecast that iRhythm Technologies will post 0.13 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on IRTC. Stephens began coverage on iRhythm Technologies in a research report on Thursday. They issued an “overweight” rating and a $160.00 price objective on the stock. Weiss Ratings upgraded iRhythm Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, June 18th. Citigroup raised their price target on iRhythm Technologies from $155.00 to $157.00 and gave the stock a “buy” rating in a research note on Monday, May 4th. HC Wainwright reiterated a “buy” rating on shares of iRhythm Technologies in a report on Monday, June 1st. Finally, Bank of America reduced their price objective on shares of iRhythm Technologies from $225.00 to $180.00 and set a “buy” rating on the stock in a research report on Monday, May 18th. Three analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $184.71.

Insider Buying and Selling

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

iRhythm Technologies 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.