Cinctive Capital Management LP Takes $4.82 Million Position in iRhythm Technologies $IRTC

Cinctive Capital Management LP acquired a new position in iRhythm Technologies (NASDAQ:IRTC) in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 28,044 shares of the company’s stock, valued at approximately $4,823,000.

Other institutional investors have also recently made changes to their positions in the company. US Bancorp DE raised its stake in iRhythm Technologies by 7.8% during the 3rd quarter. US Bancorp DE now owns 1,042 shares of the company’s stock valued at $179,000 after purchasing an additional 75 shares during the period. Ameritas Investment Partners Inc. boosted its stake in iRhythm Technologies by 2.9% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 3,256 shares of the company’s stock worth $501,000 after purchasing an additional 93 shares during the period. Alliancebernstein L.P. grew its holdings in iRhythm Technologies by 0.3% during the 3rd quarter. Alliancebernstein L.P. now owns 37,489 shares of the company’s stock valued at $6,448,000 after buying an additional 95 shares in the last quarter. Smartleaf Asset Management LLC raised its position in shares of iRhythm Technologies by 100.0% during the third quarter. Smartleaf Asset Management LLC now owns 198 shares of the company’s stock valued at $34,000 after buying an additional 99 shares during the last quarter. Finally, California State Teachers Retirement System raised its position in shares of iRhythm Technologies by 0.3% during the second quarter. California State Teachers Retirement System now owns 28,917 shares of the company’s stock valued at $4,452,000 after buying an additional 99 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on IRTC. Canaccord Genuity Group dropped their target price on shares of iRhythm Technologies from $212.00 to $198.00 and set a “buy” rating for the company in a research report on Friday, February 20th. Wall Street Zen upgraded shares of iRhythm Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, February 21st. Robert W. Baird dropped their price objective on shares of iRhythm Technologies from $220.00 to $200.00 and set an “outperform” rating for the company in a report on Friday, February 20th. Weiss Ratings restated a “sell (d-)” rating on shares of iRhythm Technologies in a research report on Thursday, January 22nd. Finally, Truist Financial reaffirmed a “buy” rating and issued a $200.00 target price (down from $215.00) on shares of iRhythm Technologies in a report on Friday, February 20th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $209.46.

iRhythm Technologies Trading Down 1.5%

IRTC stock opened at $113.00 on Monday. The firm has a fifty day moving average price of $150.49 and a 200 day moving average price of $167.69. iRhythm Technologies has a fifty-two week low of $92.52 and a fifty-two week high of $212.00. The firm has a market cap of $3.65 billion, a PE ratio of -80.71 and a beta of 1.10. The company has a debt-to-equity ratio of 4.25, a quick ratio of 4.48 and a current ratio of 4.63.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings results on Thursday, February 19th. The company reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.27. iRhythm Technologies had a negative net margin of 5.96% and a negative return on equity of 28.15%. The company had revenue of $208.89 million for the quarter, compared to the consensus estimate of $202.61 million. During the same quarter in the prior year, the firm earned ($0.04) earnings per share. iRhythm Technologies’s revenue was up 27.1% on a year-over-year basis. Sell-side analysts anticipate that iRhythm Technologies will post -1.98 earnings per share for the current fiscal year.

Insider Transactions at iRhythm Technologies

In related news, insider Chad Patterson sold 4,444 shares of iRhythm Technologies stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $128.44, for a total value of $570,787.36. Following the completion of the transaction, the insider owned 58,164 shares in the company, valued at approximately $7,470,584.16. This trade represents a 7.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Mervin Smith sold 1,352 shares of the business’s stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $128.44, for a total value of $173,650.88. Following the sale, the executive vice president directly owned 25,612 shares in the company, valued at $3,289,605.28. The trade was a 5.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 94,509 shares of company stock worth $12,734,195. 0.68% of the stock is currently owned by corporate insiders.

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.