Federated Hermes Inc. Has $12.11 Million Stock Position in iRhythm Technologies $IRTC

Federated Hermes Inc. increased its holdings in shares of iRhythm Technologies (NASDAQ:IRTC) by 45.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 70,401 shares of the company’s stock after buying an additional 21,977 shares during the quarter. Federated Hermes Inc. owned 0.22% of iRhythm Technologies worth $12,108,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its position in shares of iRhythm Technologies by 2.3% during the second quarter. Geode Capital Management LLC now owns 767,336 shares of the company’s stock worth $118,154,000 after purchasing an additional 16,967 shares during the period. Stephens Investment Management Group LLC increased its stake in iRhythm Technologies by 6.2% during the 2nd quarter. Stephens Investment Management Group LLC now owns 552,916 shares of the company’s stock worth $85,127,000 after purchasing an additional 32,334 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in iRhythm Technologies by 33.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 433,780 shares of the company’s stock worth $45,408,000 after buying an additional 108,941 shares during the period. Holocene Advisors LP lifted its stake in iRhythm Technologies by 2,023.1% in the second quarter. Holocene Advisors LP now owns 313,094 shares of the company’s stock valued at $48,204,000 after buying an additional 298,347 shares in the last quarter. Finally, Jennison Associates LLC boosted its holdings in shares of iRhythm Technologies by 6.2% in the second quarter. Jennison Associates LLC now owns 297,492 shares of the company’s stock valued at $45,802,000 after buying an additional 17,305 shares during the period.

iRhythm Technologies Price Performance

iRhythm Technologies stock opened at $154.51 on Friday. The company has a current ratio of 4.63, a quick ratio of 4.50 and a debt-to-equity ratio of 5.32. The stock’s 50 day moving average is $173.31 and its 200-day moving average is $170.38. iRhythm Technologies has a 12 month low of $92.52 and a 12 month high of $212.00. The company has a market capitalization of $4.98 billion, a price-to-earnings ratio of -95.97 and a beta of 1.12.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings data on Thursday, October 30th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.36) by $0.30. iRhythm Technologies had a negative return on equity of 41.86% and a negative net margin of 7.32%.The firm had revenue of $192.88 million for the quarter, compared to analysts’ expectations of $184.75 million. During the same quarter last year, the business earned ($1.26) EPS. The company’s quarterly revenue was up 30.8% compared to the same quarter last year. Equities research analysts expect that iRhythm Technologies will post -1.98 EPS for the current year.

Insiders Place Their Bets

In related news, insider Chad Patterson sold 280 shares of the stock in a transaction that occurred on Tuesday, December 2nd. The stock was sold at an average price of $184.83, for a total transaction of $51,752.40. Following the sale, the insider owned 43,387 shares of the company’s stock, valued at $8,019,219.21. This represents a 0.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Patrick Michael Murphy sold 2,478 shares of the firm’s stock in a transaction on Tuesday, December 2nd. The stock was sold at an average price of $184.83, for a total value of $458,008.74. Following the transaction, the insider owned 53,281 shares in the company, valued at approximately $9,847,927.23. This trade represents a 4.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 16,817 shares of company stock worth $3,081,715 in the last quarter. 1.10% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on IRTC shares. Robert W. Baird raised their price objective on shares of iRhythm Technologies from $180.00 to $220.00 and gave the stock an “outperform” rating in a report on Friday, October 10th. JPMorgan Chase & Co. increased their target price on iRhythm Technologies from $190.00 to $240.00 and gave the stock an “overweight” rating in a report on Friday, October 31st. Needham & Company LLC restated a “buy” rating and issued a $244.00 price target on shares of iRhythm Technologies in a report on Monday, January 12th. Truist Financial reduced their price objective on iRhythm Technologies from $230.00 to $215.00 and set a “buy” rating for the company in a research report on Thursday, December 18th. Finally, Morgan Stanley reaffirmed an “overweight” rating on shares of iRhythm Technologies in a research report on Monday, January 12th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, iRhythm Technologies has a consensus rating of “Moderate Buy” and an average target price of $219.23.

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.