iRhythm Technologies, Inc. (NASDAQ:IRTC) Stock Position Raised by Eventide Asset Management LLC

Eventide Asset Management LLC lifted its position in iRhythm Technologies, Inc. (NASDAQ:IRTC) by 170.8% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 736,721 shares of the company’s stock after acquiring an additional 464,629 shares during the quarter. Eventide Asset Management LLC owned approximately 2.35% of iRhythm Technologies worth $54,694,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the company. Verition Fund Management LLC purchased a new stake in iRhythm Technologies in the 3rd quarter worth approximately $900,000. Bridgewater Associates LP lifted its position in iRhythm Technologies by 79.6% in the 3rd quarter. Bridgewater Associates LP now owns 9,853 shares of the company’s stock worth $731,000 after buying an additional 4,367 shares in the last quarter. BNP Paribas Financial Markets lifted its position in iRhythm Technologies by 245.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 11,768 shares of the company’s stock worth $874,000 after buying an additional 8,360 shares in the last quarter. FMR LLC lifted its position in iRhythm Technologies by 7.0% in the 3rd quarter. FMR LLC now owns 388,074 shares of the company’s stock worth $28,811,000 after buying an additional 25,385 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its position in iRhythm Technologies by 7.3% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 196,423 shares of the company’s stock worth $14,582,000 after buying an additional 13,377 shares in the last quarter.

iRhythm Technologies Stock Performance

Shares of NASDAQ:IRTC opened at $89.02 on Friday. The company has a 50 day moving average price of $73.83 and a two-hundred day moving average price of $81.79. The company has a quick ratio of 6.12, a current ratio of 6.27 and a debt-to-equity ratio of 9.00. iRhythm Technologies, Inc. has a 52 week low of $55.92 and a 52 week high of $124.11.

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

Wall Street Analyst Weigh In

A number of research firms have issued reports on IRTC. The Goldman Sachs Group assumed coverage on shares of iRhythm Technologies in a research report on Friday, October 4th. They issued a “neutral” rating and a $78.00 target price for the company. Truist Financial raised their price target on shares of iRhythm Technologies from $80.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Oppenheimer cut their price target on shares of iRhythm Technologies from $165.00 to $145.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Canaccord Genuity Group raised their price target on shares of iRhythm Technologies from $122.00 to $137.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. Finally, Robert W. Baird cut their price target on shares of iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating on the stock in a report on Friday, November 1st. One investment analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $108.50.

Insider Activity at iRhythm Technologies

In other iRhythm Technologies news, CEO Quentin S. Blackford sold 16,145 shares of the stock in a transaction on Monday, November 4th. The shares were sold at an average price of $77.41, for a total value of $1,249,784.45. Following the completion of the sale, the chief executive officer now 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 sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Abhijit Y. Talwalkar purchased 6,664 shares of the business’s stock in a transaction on Monday, November 4th. The stock was purchased at an average price of $75.16 per share, with a total value of $500,866.24. Following the purchase, the director now owns 18,941 shares of the company’s stock, valued at approximately $1,423,605.56. The trade was a 54.28 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.68% of the stock is owned by insiders.

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.