iRhythm Technologies $IRTC Stake Increased by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company increased its holdings in iRhythm Technologies (NASDAQ:IRTC) by 99.2% in the 1st quarter, Holdings Channel reports. The fund owned 390,577 shares of the company’s stock after purchasing an additional 194,502 shares during the period. The Manufacturers Life Insurance Company’s holdings in iRhythm Technologies were worth $46,096,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. GAMMA Investing LLC boosted its holdings in shares of iRhythm Technologies by 48.4% during the fourth quarter. GAMMA Investing LLC now owns 184 shares of the company’s stock worth $33,000 after purchasing an additional 60 shares during the period. Ascent Group LLC increased its stake in iRhythm Technologies by 0.7% in the 4th quarter. Ascent Group LLC now owns 9,587 shares of the company’s stock valued at $1,701,000 after buying an additional 70 shares during the period. WoodTrust Financial Corp increased its stake in iRhythm Technologies by 0.7% in the 4th quarter. WoodTrust Financial Corp now owns 10,070 shares of the company’s stock valued at $1,787,000 after buying an additional 70 shares during the period. US Bancorp DE lifted its position in iRhythm Technologies by 7.8% in the 3rd quarter. US Bancorp DE now owns 1,042 shares of the company’s stock worth $179,000 after buying an additional 75 shares in the last quarter. Finally, State of Wyoming lifted its position in iRhythm Technologies by 16.0% in the 4th quarter. State of Wyoming now owns 616 shares of the company’s stock worth $109,000 after buying an additional 85 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. HC Wainwright restated a “buy” rating on shares of iRhythm Technologies in a report on Monday, June 1st. The Goldman Sachs Group cut their price objective on iRhythm Technologies from $184.00 to $147.00 and set a “neutral” rating for the company in a report on Thursday, April 9th. Wells Fargo & Company reduced their price objective on iRhythm Technologies from $200.00 to $180.00 and set an “overweight” rating for the company in a research report on Friday, May 1st. Bank of America lowered their target price on iRhythm Technologies from $225.00 to $180.00 and set a “buy” rating on the stock in a research note on Monday, May 18th. Finally, Truist Financial dropped their target price on iRhythm Technologies from $174.00 to $160.00 and set a “buy” rating on the stock in a research report on Thursday, July 16th. Three equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $184.71.

iRhythm Technologies Trading Down 2.7%

Shares of NASDAQ:IRTC opened at $119.08 on Friday. The company has a current ratio of 5.17, a quick ratio of 4.98 and a debt-to-equity ratio of 4.03. The stock has a market capitalization of $3.91 billion, a PE ratio of -138.46 and a beta of 1.27. iRhythm Technologies has a 1 year low of $100.85 and a 1 year high of $212.00. The firm has a fifty day moving average price of $113.82 and a 200 day moving average price of $126.00.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings results on Thursday, April 30th. The company reported ($0.35) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.21. The company had revenue of $199.39 million during the quarter, compared to analysts’ expectations of $194.11 million. iRhythm Technologies had a negative return on equity of 10.26% and a negative net margin of 3.53%.The business’s quarterly revenue was up 25.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.97) earnings per share. Analysts expect 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 stock in a transaction dated Monday, May 11th. The shares were acquired at an average price of $10.71 per share, with a total value of $56,891.52. Following the acquisition, the director owned 25,611 shares in the company, valued at approximately $274,293.81. The trade was a 26.17% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. 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.