Atle Fund Management AB Increases Holdings in iRhythm Technologies $IRTC

Atle Fund Management AB lifted its position in shares of iRhythm Technologies (NASDAQ:IRTC) by 25.3% during the 4th quarter, Holdings Channel.com reports. The fund owned 37,579 shares of the company’s stock after buying an additional 7,588 shares during the period. iRhythm Technologies makes up 2.1% of Atle Fund Management AB’s holdings, making the stock its 22nd largest holding. Atle Fund Management AB’s holdings in iRhythm Technologies were worth $6,668,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. Federated Hermes Inc. lifted its stake in iRhythm Technologies by 45.4% in the 3rd quarter. Federated Hermes Inc. now owns 70,401 shares of the company’s stock valued at $12,108,000 after buying an additional 21,977 shares in the last quarter. Victory Capital Management Inc. lifted its stake in iRhythm Technologies by 30.1% in the 3rd quarter. Victory Capital Management Inc. now owns 77,952 shares of the company’s stock valued at $13,407,000 after buying an additional 18,053 shares in the last quarter. Cookson Peirce & Co. Inc. lifted its stake in iRhythm Technologies by 105.4% in the 3rd quarter. Cookson Peirce & Co. Inc. now owns 14,524 shares of the company’s stock valued at $2,498,000 after buying an additional 7,452 shares in the last quarter. Jain Global LLC purchased a new stake in iRhythm Technologies in the 3rd quarter valued at approximately $22,547,000. Finally, Holocene Advisors LP lifted its stake in iRhythm Technologies by 51.2% in the 3rd quarter. Holocene Advisors LP now owns 473,280 shares of the company’s stock valued at $81,399,000 after buying an additional 160,186 shares in the last quarter.

iRhythm Technologies Stock Performance

NASDAQ:IRTC opened at $113.84 on Wednesday. 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 moving average of $119.17 and a two-hundred day moving average of $149.31. The stock has a market cap of $3.74 billion, a P/E ratio of -132.37 and a beta of 1.33. iRhythm Technologies has a 1-year low of $108.81 and a 1-year high of $212.00.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings data on Thursday, April 30th. The company reported ($0.35) earnings per share for the quarter, beating 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 net margin of 3.53% and a negative return on equity of 10.26%. The firm’s revenue for the quarter was up 25.6% on a year-over-year basis. During the same period in the prior year, the company posted ($0.97) EPS. On average, research analysts expect that iRhythm Technologies will post 0.13 earnings per share for the current fiscal year.

Insider Buying and Selling at iRhythm Technologies

In other news, EVP Sumi Shrishrimal sold 6,217 shares of the stock in a transaction dated Wednesday, February 25th. The shares were sold at an average price of $135.42, for a total transaction of $841,906.14. Following the transaction, the executive vice president owned 39,182 shares of the company’s stock, valued at approximately $5,306,026.44. This trade represents a 13.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Chad Patterson sold 8,967 shares of the stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $135.42, for a total transaction of $1,214,311.14. Following the transaction, the insider directly owned 51,738 shares in the company, valued at $7,006,359.96. The trade was a 14.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 94,509 shares of company stock valued at $12,734,195. Corporate insiders own 0.98% of the company’s stock.

Analyst Upgrades and Downgrades

IRTC has been the topic of a number of recent research reports. Wall Street Zen raised iRhythm Technologies from a “hold” rating to a “buy” rating in a research note on Sunday, May 3rd. Citigroup increased 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. The Goldman Sachs Group reduced their price target on iRhythm Technologies from $184.00 to $147.00 and set a “neutral” rating on the stock in a research note on Thursday, April 9th. Wells Fargo & Company reduced their price target on iRhythm Technologies from $200.00 to $180.00 and set an “overweight” rating on the stock in a research note on Friday, May 1st. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of iRhythm Technologies in a report on Tuesday, April 21st. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $191.85.

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.