121,972 Shares of iRhythm Technologies $IRTC Purchased by M&G PLC

M&G PLC bought a new position in shares of iRhythm Technologies (NASDAQ:IRTC) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 121,972 shares of the company’s stock, valued at approximately $13,905,000. M&G PLC owned approximately 0.37% of iRhythm Technologies as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Braidwell LP lifted its stake in iRhythm Technologies by 7.2% in the 2nd quarter. Braidwell LP now owns 654,262 shares of the company’s stock valued at $77,824,000 after buying an additional 44,070 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in iRhythm Technologies by 14.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 467,113 shares of the company’s stock worth $55,222,000 after buying an additional 59,704 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in iRhythm Technologies by 99.2% in the 1st quarter. The Manufacturers Life Insurance Company now owns 390,577 shares of the company’s stock worth $46,096,000 after buying an additional 194,502 shares during the last quarter. Rock Springs Capital Management LP increased its stake in iRhythm Technologies by 11.4% during the 1st quarter. Rock Springs Capital Management LP now owns 261,750 shares of the company’s stock worth $30,892,000 after buying an additional 26,750 shares in the last quarter. Finally, First Light Asset Management LLC increased its stake in iRhythm Technologies by 9.3% during the 1st quarter. First Light Asset Management LLC now owns 168,116 shares of the company’s stock worth $19,841,000 after buying an additional 14,245 shares in the last quarter.

iRhythm Technologies Trading Down 3.0%

Shares of IRTC opened at $86.06 on Wednesday. The company has a current ratio of 3.57, a quick ratio of 3.45 and a debt-to-equity ratio of 3.68. The firm has a market capitalization of $2.84 billion, a P/E ratio of -73.56 and a beta of 1.39. The firm has a 50-day moving average price of $113.66 and a 200 day moving average price of $120.93. iRhythm Technologies has a 12-month low of $82.85 and a 12-month high of $192.47.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings results on Thursday, November 5th. The company reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.80. The business had revenue of $221.59 million during the quarter, compared to analysts’ expectations of $222.23 million. iRhythm Technologies had a negative net margin of 4.52% and a positive return on equity of 26.88%. The business’s revenue for the quarter was up 14.9% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.06) EPS. Sell-side analysts forecast that iRhythm Technologies will post 1.03 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have commented on IRTC. Wall Street Zen cut iRhythm Technologies from a “buy” rating to a “hold” rating in a report on Saturday, October 10th. Needham & Company LLC lowered their price target on iRhythm Technologies from $194.00 to $165.00 and set a “buy” rating on the stock in a research note on Friday, November 6th. BTIG Research lowered their price target on iRhythm Technologies from $185.00 to $170.00 and set a “buy” rating on the stock in a research note on Friday, November 6th. Wells Fargo & Company dropped their price target on iRhythm Technologies from $150.00 to $135.00 and set an “overweight” rating for the company in a research report on Friday, November 6th. Finally, Weiss Ratings raised iRhythm Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, October 27th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, iRhythm Technologies presently has a consensus rating of “Moderate Buy” and an average target price of $166.93.

iRhythm Technologies Profile

iRhythm Technologies is a medical technology company that develops digital solutions for detecting and monitoring heart rhythm disorders. Its services combine wearable electrocardiogram (ECG) devices with cloud-based data analysis and clinical reporting to help healthcare professionals assess patients for conditions such as cardiac arrhythmias. The company’s Zio product line includes wearable ECG monitors, such as Zio XT, which records a patient’s heart activity during an extended monitoring period. iRhythm also offers Zio AT, a monitoring service designed to provide clinicians with ECG data during the monitoring period.