Citizens Financial Group Inc. RI Buys New Shares in iRhythm Technologies $IRTC

Citizens Financial Group Inc. RI acquired a new stake in shares of iRhythm Technologies (NASDAQ:IRTC) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 48,960 shares of the company’s stock, valued at approximately $9,289,000. Citizens Financial Group Inc. RI owned about 0.15% of iRhythm Technologies at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Measured Wealth Private Client Group LLC purchased a new stake in iRhythm Technologies during the 3rd quarter valued at about $30,000. Employees Retirement System of Texas bought a new position in iRhythm Technologies during the 3rd quarter worth approximately $36,000. Torren Management LLC purchased a new position in iRhythm Technologies in the 4th quarter worth approximately $53,000. Smartleaf Asset Management LLC increased its stake in iRhythm Technologies by 63.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 323 shares of the company’s stock worth $58,000 after purchasing an additional 125 shares during the period. Finally, SBI Securities Co. Ltd. lifted its position in iRhythm Technologies by 1,146.9% in the fourth quarter. SBI Securities Co. Ltd. now owns 399 shares of the company’s stock valued at $71,000 after purchasing an additional 367 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on IRTC. Canaccord Genuity Group dropped their price objective on iRhythm Technologies from $180.00 to $152.00 and set a “buy” rating for the company in a research note on Monday, June 1st. JPMorgan Chase & Co. decreased their target price on shares of iRhythm Technologies from $215.00 to $175.00 and set an “overweight” rating on the stock in a research note on Friday, May 1st. Weiss Ratings upgraded shares of iRhythm Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, June 18th. Truist Financial increased their price target on shares of iRhythm Technologies from $160.00 to $168.00 and gave the company a “buy” rating in a research report on Monday, August 10th. Finally, Stephens initiated coverage on shares of iRhythm Technologies in a report on Thursday, July 23rd. They issued an “overweight” rating and a $160.00 price target on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $179.93.

iRhythm Technologies Stock Performance

Shares of IRTC stock opened at $116.92 on Tuesday. The firm has a market capitalization of $3.85 billion, a price-to-earnings ratio of -271.91 and a beta of 1.30. The stock has a fifty day moving average of $116.97 and a 200 day moving average of $122.63. iRhythm Technologies has a 52 week low of $100.85 and a 52 week high of $212.00. The company has a quick ratio of 3.74, a current ratio of 3.86 and a debt-to-equity ratio of 3.50.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.62. iRhythm Technologies had a negative net margin of 1.69% and a positive return on equity of 10.11%. The business had revenue of $224.17 million for the quarter, compared to the consensus estimate of $219.30 million. During the same period in the previous year, the firm earned ($0.32) EPS. The company’s quarterly revenue was up 20.1% compared to the same quarter last year. As a group, research analysts expect that iRhythm Technologies will post 0.43 earnings per share for the current year.

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.