iRhythm Technologies $IRTC Shares Acquired by Rock Springs Capital Management LP

Rock Springs Capital Management LP increased its holdings in shares of iRhythm Technologies (NASDAQ:IRTC) by 11.4% during the first quarter, HoldingsChannel reports. The fund owned 261,750 shares of the company’s stock after buying an additional 26,750 shares during the period. iRhythm Technologies comprises approximately 1.8% of Rock Springs Capital Management LP’s investment portfolio, making the stock its 17th biggest holding. Rock Springs Capital Management LP’s holdings in iRhythm Technologies were worth $30,892,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Royal Bank of Canada lifted its holdings in iRhythm Technologies by 423.0% in the first quarter. Royal Bank of Canada now owns 7,573 shares of the company’s stock valued at $793,000 after acquiring an additional 6,125 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of 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 purchasing an additional 108,941 shares during the period. Strs Ohio purchased a new position in shares of iRhythm Technologies in the 1st quarter valued at about $147,000. Arrowstreet Capital Limited Partnership purchased a new position in shares of iRhythm Technologies in the 2nd quarter valued at about $1,278,000. Finally, First Trust Advisors LP lifted its stake in shares of iRhythm Technologies by 66.0% in the second quarter. First Trust Advisors LP now owns 56,197 shares of the company’s stock valued at $8,652,000 after purchasing an additional 22,337 shares during the period.

Analysts Set New Price Targets

A number of research firms recently commented on IRTC. Canaccord Genuity Group decreased their price objective on shares of iRhythm Technologies from $180.00 to $152.00 and set a “buy” rating on the stock in a report on Monday, June 1st. Citigroup lifted their price target on shares of iRhythm Technologies from $155.00 to $157.00 and gave the company a “buy” rating in a research report on Monday, May 4th. Stephens began coverage on iRhythm Technologies in a research note on Thursday, July 23rd. They set an “overweight” rating and a $160.00 price target on the stock. Bank of America lowered their price target on iRhythm Technologies from $225.00 to $180.00 and set a “buy” rating on the stock in a report on Monday, May 18th. Finally, BTIG Research reaffirmed a “buy” rating and issued a $185.00 price objective on shares of iRhythm Technologies in a research note on Monday, June 22nd. Three analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $184.71.

iRhythm Technologies Trading Up 2.7%

Shares of IRTC opened at $112.15 on Tuesday. 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 50 day simple moving average of $113.61 and a 200-day simple moving average of $127.38. iRhythm Technologies has a 1-year low of $100.85 and a 1-year high of $212.00. The stock has a market cap of $3.69 billion, a price-to-earnings ratio of -130.41 and a beta of 1.27.

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

Insider Activity at iRhythm Technologies

In related news, Director Abhijit Y. Talwalkar acquired 5,312 shares of the company’s 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 transaction, the director owned 25,611 shares in the company, valued at $274,293.81. This trade represents a 26.17% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.98% of the stock is currently owned by insiders.

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.