Polar Capital Holdings Plc Has $54.67 Million Stock Position in iRhythm Technologies $IRTC

Polar Capital Holdings Plc cut its holdings in shares of iRhythm Technologies (NASDAQ:IRTC) by 8.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 308,100 shares of the company’s stock after selling 27,808 shares during the quarter. Polar Capital Holdings Plc’s holdings in iRhythm Technologies were worth $54,669,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Victory Capital Management Inc. raised its stake in iRhythm Technologies by 30.1% during the 3rd quarter. Victory Capital Management Inc. now owns 77,952 shares of the company’s stock valued at $13,407,000 after purchasing an additional 18,053 shares during the last quarter. Jain Global LLC acquired a new stake in iRhythm Technologies in the 3rd quarter worth $22,547,000. Holocene Advisors LP grew its position in iRhythm Technologies by 51.2% in the 3rd quarter. Holocene Advisors LP now owns 473,280 shares of the company’s stock worth $81,399,000 after purchasing an additional 160,186 shares during the last quarter. Tudor Investment Corp ET AL bought a new position in shares of iRhythm Technologies during the 3rd quarter worth about $3,439,800,000. Finally, Westfield Capital Management Co. LP increased its holdings in shares of iRhythm Technologies by 11.5% during the 3rd quarter. Westfield Capital Management Co. LP now owns 323,980 shares of the company’s stock worth $55,721,000 after purchasing an additional 33,410 shares during the period.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Truist Financial reduced their target price on shares of iRhythm Technologies from $200.00 to $170.00 and set a “buy” rating for the company in a research note on Wednesday, April 15th. Needham & Company LLC upped their price target on iRhythm Technologies from $254.00 to $255.00 and gave the company a “buy” rating in a report on Friday, May 1st. JPMorgan Chase & Co. reduced their price objective on iRhythm Technologies from $215.00 to $175.00 and set an “overweight” rating for the company in a research report on Friday, May 1st. BTIG Research reissued a “buy” rating and set a $185.00 price objective on shares of iRhythm Technologies in a report on Wednesday, June 10th. Finally, Citigroup upped their target price on iRhythm Technologies from $155.00 to $157.00 and gave the company a “buy” rating in a research note on Monday, May 4th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, iRhythm Technologies currently has a consensus rating of “Moderate Buy” and an average target price of $187.38.

Insider Activity

In related news, Director Abhijit Y. Talwalkar bought 5,312 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The stock was acquired at an average price of $10.71 per share, for a total transaction of $56,891.52. Following the transaction, the director directly owned 25,611 shares of the company’s stock, valued at $274,293.81. This represents a 26.17% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.98% of the company’s stock.

iRhythm Technologies Stock Performance

NASDAQ IRTC opened at $108.84 on Wednesday. The stock has a market cap of $3.58 billion, a P/E ratio of -126.56 and a beta of 1.27. The company’s 50-day simple moving average is $116.85 and its 200 day simple moving average is $140.09. iRhythm Technologies has a twelve month low of $101.75 and a twelve month high of $212.00. The company has a quick ratio of 4.98, a current ratio of 5.17 and a debt-to-equity ratio of 4.03.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings results on Thursday, April 30th. The company reported ($0.35) EPS for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.21. The firm had revenue of $199.39 million during the quarter, compared to analysts’ expectations of $194.11 million. iRhythm Technologies had a negative net margin of 3.53% and a negative return on equity of 10.26%. The company’s revenue for the quarter was up 25.6% compared to the same quarter last year. During the same quarter last year, the company earned ($0.97) earnings per share. As a group, research analysts forecast that iRhythm Technologies will post 0.13 earnings per share for the current fiscal 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.