First Light Asset Management LLC Makes New Investment in iRhythm Technologies, Inc. (NASDAQ:IRTC)

First Light Asset Management LLC acquired a new position in shares of iRhythm Technologies, Inc. (NASDAQ:IRTC) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 430,500 shares of the company’s stock, valued at approximately $38,818,000. iRhythm Technologies accounts for about 3.7% of First Light Asset Management LLC’s investment portfolio, making the stock its 11th biggest holding.

A number of other large investors have also made changes to their positions in IRTC. Barclays PLC lifted its position in shares of iRhythm Technologies by 34.3% in the 3rd quarter. Barclays PLC now owns 209,247 shares of the company’s stock worth $15,534,000 after acquiring an additional 53,498 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in shares of iRhythm Technologies in the third quarter valued at $119,000. Synovus Financial Corp lifted its position in iRhythm Technologies by 28.8% in the third quarter. Synovus Financial Corp now owns 8,718 shares of the company’s stock worth $647,000 after purchasing an additional 1,948 shares during the period. Diversified Trust Co boosted its stake in iRhythm Technologies by 25.4% during the fourth quarter. Diversified Trust Co now owns 8,276 shares of the company’s stock worth $746,000 after buying an additional 1,677 shares in the last quarter. Finally, Harbor Capital Advisors Inc. boosted its stake in iRhythm Technologies by 6.3% during the fourth quarter. Harbor Capital Advisors Inc. now owns 84,947 shares of the company’s stock worth $7,660,000 after buying an additional 5,009 shares in the last quarter.

iRhythm Technologies Stock Up 1.2 %

Shares of NASDAQ IRTC opened at $105.99 on Monday. The company has a quick ratio of 6.12, a current ratio of 6.27 and a debt-to-equity ratio of 9.00. The company has a market cap of $3.38 billion, a price-to-earnings ratio of -29.12 and a beta of 1.45. iRhythm Technologies, Inc. has a 12-month low of $55.92 and a 12-month high of $128.52. The firm’s 50-day simple moving average is $104.48 and its 200 day simple moving average is $95.09.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings results on Thursday, February 20th. The company reported $0.01 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.30. iRhythm Technologies had a negative net margin of 19.14% and a negative return on equity of 118.83%. The business had revenue of $164.33 million during the quarter, compared to analyst estimates of $158.30 million. On average, research analysts expect that iRhythm Technologies, Inc. will post -1.98 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. StockNews.com raised shares of iRhythm Technologies from a “sell” rating to a “hold” rating in a report on Monday, February 24th. Truist Financial increased their target price on iRhythm Technologies from $111.00 to $145.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Needham & Company LLC boosted their price target on iRhythm Technologies from $125.00 to $138.00 and gave the company a “buy” rating in a research note on Friday, February 21st. Oppenheimer increased their price objective on iRhythm Technologies from $105.00 to $120.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 8th. Finally, The Goldman Sachs Group boosted their target price on shares of iRhythm Technologies from $91.00 to $124.00 and gave the company a “neutral” rating in a research note on Monday, February 24th. Three analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $119.73.

About iRhythm Technologies

iRhythm Technologies, Inc, a digital healthcare company, engages in the design, development, and commercialization of device-based technology to provide ambulatory cardiac monitoring services to diagnose arrhythmias in the United States. It offers Zio services, an ambulatory monitoring solution, including long-term and short-term continuous monitoring and mobile cardiac telemetry monitoring services.