Ascent Group LLC Grows Position in iRhythm Technologies, Inc. (NASDAQ:IRTC)

Ascent Group LLC grew its stake in shares of iRhythm Technologies, Inc. (NASDAQ:IRTC) by 35.1% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 7,175 shares of the company’s stock after purchasing an additional 1,865 shares during the quarter. Ascent Group LLC’s holdings in iRhythm Technologies were worth $533,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Mackenzie Financial Corp lifted its stake in iRhythm Technologies by 5.9% in the second quarter. Mackenzie Financial Corp now owns 1,428,324 shares of the company’s stock worth $153,745,000 after acquiring an additional 80,091 shares during the period. Braidwell LP lifted its stake in iRhythm Technologies by 48.7% in the third quarter. Braidwell LP now owns 782,557 shares of the company’s stock worth $58,097,000 after acquiring an additional 256,200 shares during the period. Eventide Asset Management LLC lifted its stake in iRhythm Technologies by 170.8% in the third quarter. Eventide Asset Management LLC now owns 736,721 shares of the company’s stock worth $54,694,000 after acquiring an additional 464,629 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its stake in iRhythm Technologies by 38.1% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 707,175 shares of the company’s stock worth $52,501,000 after acquiring an additional 195,246 shares during the period. Finally, Point72 Asset Management L.P. lifted its stake in iRhythm Technologies by 12.3% in the second quarter. Point72 Asset Management L.P. now owns 536,202 shares of the company’s stock worth $57,717,000 after acquiring an additional 58,668 shares during the period.

Insiders Place Their Bets

In other iRhythm Technologies news, Director Abhijit Y. Talwalkar purchased 6,664 shares of the stock in a transaction that occurred on Monday, November 4th. The shares were bought at an average cost of $75.16 per share, with a total value of $500,866.24. Following the acquisition, the director now owns 18,941 shares in the company, valued at approximately $1,423,605.56. This trade represents a 54.28 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Quentin S. Blackford sold 16,145 shares of the company’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $77.41, for a total value of $1,249,784.45. Following the sale, the chief executive officer now directly owns 159,929 shares in the company, valued at $12,380,103.89. This trade represents a 9.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.68% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently commented on IRTC. Citigroup dropped their price target on iRhythm Technologies from $135.00 to $110.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. Canaccord Genuity Group raised their price target on iRhythm Technologies from $122.00 to $137.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. Wells Fargo & Company reiterated an “equal weight” rating and issued a $86.00 price objective on shares of iRhythm Technologies in a report on Tuesday. The Goldman Sachs Group started coverage on iRhythm Technologies in a report on Friday, October 4th. They issued a “neutral” rating and a $78.00 price objective for the company. Finally, StockNews.com downgraded iRhythm Technologies from a “hold” rating to a “sell” rating in a report on Friday, September 27th. One analyst has rated the stock with a sell rating, two have issued a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $106.45.

iRhythm Technologies Price Performance

Shares of NASDAQ:IRTC opened at $86.80 on Thursday. iRhythm Technologies, Inc. has a 1-year low of $55.92 and a 1-year high of $124.11. The company has a debt-to-equity ratio of 9.00, a current ratio of 6.27 and a quick ratio of 6.12. The business has a fifty day moving average price of $75.12 and a 200-day moving average price of $81.35. The company has a market capitalization of $2.72 billion, a PE ratio of -17.86 and a beta of 1.26.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings data on Wednesday, October 30th. The company reported ($1.26) EPS for the quarter, missing the consensus estimate of ($0.55) by ($0.71). The business had revenue of $147.54 million for the quarter, compared to analysts’ expectations of $146.69 million. iRhythm Technologies had a negative net margin of 26.90% and a negative return on equity of 120.86%. The company’s quarterly revenue was up 18.4% on a year-over-year basis. During the same period last year, the business earned ($0.89) earnings per share. As a group, equities analysts expect that iRhythm Technologies, Inc. will post -3.44 EPS for the current fiscal year.

iRhythm Technologies Profile

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.