Federated Hermes Inc. Purchases 21,977 Shares of iRhythm Technologies $IRTC

Federated Hermes Inc. boosted its position in shares of iRhythm Technologies (NASDAQ:IRTC) by 45.4% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 70,401 shares of the company’s stock after buying an additional 21,977 shares during the period. Federated Hermes Inc.’s holdings in iRhythm Technologies were worth $12,108,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Root Financial Partners LLC bought a new stake in shares of iRhythm Technologies during the 3rd quarter worth approximately $30,000. ANTIPODES PARTNERS Ltd acquired a new position in iRhythm Technologies during the second quarter valued at approximately $39,000. Lazard Asset Management LLC acquired a new position in iRhythm Technologies during the second quarter valued at approximately $72,000. Strs Ohio bought a new stake in iRhythm Technologies during the first quarter worth $147,000. Finally, CWM LLC boosted its holdings in shares of iRhythm Technologies by 73.6% in the 3rd quarter. CWM LLC now owns 979 shares of the company’s stock valued at $168,000 after purchasing an additional 415 shares in the last quarter.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. BTIG Research boosted their price target on iRhythm Technologies from $195.00 to $215.00 and gave the stock a “buy” rating in a report on Friday, October 31st. Evercore ISI raised iRhythm Technologies from an “in-line” rating to an “outperform” rating and boosted their target price for the stock from $194.00 to $210.00 in a research note on Monday, January 5th. Freedom Capital upgraded shares of iRhythm Technologies to a “strong-buy” rating in a research note on Thursday, January 15th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of iRhythm Technologies in a report on Thursday, January 22nd. Finally, Citigroup increased their price objective on shares of iRhythm Technologies from $205.00 to $242.00 and gave the company a “buy” rating in a research note on Friday, October 31st. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $219.23.

Insider Buying and Selling

In other news, CEO Quentin S. Blackford sold 14,059 shares of the stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $182.94, for a total value of $2,571,953.46. Following the completion of the sale, the chief executive officer owned 164,979 shares of the company’s stock, valued at approximately $30,181,258.26. This represents a 7.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Patrick Michael Murphy sold 2,478 shares of the firm’s stock in a transaction dated Tuesday, December 2nd. The stock was sold at an average price of $184.83, for a total value of $458,008.74. Following the transaction, the insider owned 53,281 shares of the company’s stock, valued at $9,847,927.23. This trade represents a 4.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 16,817 shares of company stock valued at $3,081,715 in the last three months. Insiders own 1.10% of the company’s stock.

iRhythm Technologies Trading Up 3.7%

Shares of NASDAQ IRTC opened at $154.51 on Friday. The company has a debt-to-equity ratio of 5.32, a quick ratio of 4.50 and a current ratio of 4.63. iRhythm Technologies has a 52-week low of $92.52 and a 52-week high of $212.00. The firm has a 50 day moving average price of $173.31 and a two-hundred day moving average price of $170.38. The stock has a market cap of $4.98 billion, a P/E ratio of -95.97 and a beta of 1.12.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings results on Thursday, October 30th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.30. The company had revenue of $192.88 million for the quarter, compared to analyst estimates of $184.75 million. iRhythm Technologies had a negative net margin of 7.32% and a negative return on equity of 41.86%. iRhythm Technologies’s revenue was up 30.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($1.26) earnings per share. As a group, equities analysts forecast that iRhythm Technologies will post -1.98 EPS for the current year.

About iRhythm Technologies

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.