iRhythm Technologies $IRTC Shares Newly Purchased by M&G PLC

M&G PLC acquired a new stake in iRhythm Technologies (NASDAQ:IRTC) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 121,972 shares of the company’s stock, valued at approximately $13,905,000.

A number of other large investors also recently bought and sold shares of the stock. Versant Capital Management Inc lifted its position in iRhythm Technologies by 123.2% in the third quarter. Versant Capital Management Inc now owns 221 shares of the company’s stock valued at $25,000 after buying an additional 122 shares during the last quarter. Covestor Ltd increased its position in shares of iRhythm Technologies by 44.8% during the third quarter. Covestor Ltd now owns 417 shares of the company’s stock valued at $47,000 after acquiring an additional 129 shares during the last quarter. Harbor Investment Advisory LLC acquired a new stake in shares of iRhythm Technologies during the second quarter valued at about $50,000. Assetmark Inc. increased its position in shares of iRhythm Technologies by 30.1% during the first quarter. Assetmark Inc. now owns 821 shares of the company’s stock valued at $97,000 after acquiring an additional 190 shares during the last quarter. Finally, Sterling Capital Management LLC raised its stake in shares of iRhythm Technologies by 842.2% in the 3rd quarter. Sterling Capital Management LLC now owns 1,093 shares of the company’s stock valued at $124,000 after acquiring an additional 977 shares during the period.

iRhythm Technologies Price Performance

IRTC opened at $86.06 on Wednesday. The stock’s 50-day moving average price is $113.66 and its 200 day moving average price is $120.93. iRhythm Technologies has a 12-month low of $82.85 and a 12-month high of $192.47. 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 cap of $2.84 billion, a price-to-earnings ratio of -73.56 and a beta of 1.39.

iRhythm Technologies (NASDAQ:IRTC) last released its 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 company had revenue of $221.59 million during the quarter, compared to the consensus estimate of $222.23 million. iRhythm Technologies had a positive return on equity of 26.88% and a negative net margin of 4.52%. iRhythm Technologies’s revenue was up 14.9% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.06) EPS. As a group, sell-side analysts expect that iRhythm Technologies will post 1.03 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts have recently commented on IRTC shares. Truist Financial decreased their price objective on shares of iRhythm Technologies from $168.00 to $140.00 and set a “buy” rating on the stock in a report on Monday. Needham & Company LLC lowered their price objective on shares of iRhythm Technologies from $194.00 to $165.00 and set a “buy” rating for the company in a research report on Friday, November 6th. Stephens started coverage on shares of iRhythm Technologies in a report on Thursday, July 23rd. They issued an “overweight” rating and a $160.00 target price for the company. Wall Street Zen downgraded shares of iRhythm Technologies from a “buy” rating to a “hold” rating in a report on Saturday, October 10th. Finally, Piper Sandler cut their target price on iRhythm Technologies from $160.00 to $150.00 and set an “overweight” rating on the stock in a research report on Friday, November 6th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target 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.