iRhythm Technologies, Inc. (NASDAQ:IRTC) Shares Purchased by Wellington Management Group LLP

Wellington Management Group LLP grew its stake in shares of iRhythm Technologies, Inc. (NASDAQ:IRTC) by 9.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 233,840 shares of the company’s stock after purchasing an additional 19,891 shares during the quarter. Wellington Management Group LLP owned 0.75% of iRhythm Technologies worth $21,085,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. R Squared Ltd acquired a new position in iRhythm Technologies during the 4th quarter worth approximately $45,000. Van ECK Associates Corp raised its stake in shares of iRhythm Technologies by 41.3% during the fourth quarter. Van ECK Associates Corp now owns 554 shares of the company’s stock valued at $50,000 after purchasing an additional 162 shares during the period. Quarry LP acquired a new position in shares of iRhythm Technologies during the third quarter worth $59,000. Nisa Investment Advisors LLC boosted its stake in shares of iRhythm Technologies by 166.6% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,037 shares of the company’s stock valued at $94,000 after purchasing an additional 648 shares during the period. Finally, KBC Group NV grew its holdings in iRhythm Technologies by 45.1% during the 4th quarter. KBC Group NV now owns 1,319 shares of the company’s stock valued at $119,000 after purchasing an additional 410 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Truist Financial upped their price objective on shares of iRhythm Technologies from $111.00 to $145.00 and gave the company a “buy” rating in a research report on Friday, February 21st. Canaccord Genuity Group increased their price target on iRhythm Technologies from $125.00 to $152.00 and gave the company a “buy” rating in a report on Monday, December 9th. Wells Fargo & Company raised their price objective on iRhythm Technologies from $86.00 to $104.00 and gave the company an “equal weight” rating in a research note on Friday, February 21st. The Goldman Sachs Group upped their target price on iRhythm Technologies from $91.00 to $124.00 and gave the company a “neutral” rating in a research report on Monday, February 24th. Finally, Needham & Company LLC raised their price target on shares of iRhythm Technologies from $125.00 to $138.00 and gave the stock a “buy” rating in a research report on Friday, February 21st. Three equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $119.73.

iRhythm Technologies Stock Performance

IRTC stock opened at $100.17 on Tuesday. The stock’s 50 day simple moving average is $107.40 and its 200 day simple moving average is $91.47. iRhythm Technologies, Inc. has a 12-month low of $55.92 and a 12-month high of $128.52. The firm has a market cap of $3.15 billion, a P/E ratio of -27.52 and a beta of 1.45. The company has a current ratio of 6.27, a quick ratio of 6.12 and a debt-to-equity ratio of 9.00.

iRhythm Technologies (NASDAQ:IRTC) last released its earnings results on Thursday, February 20th. The company reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.29) by $0.30. iRhythm Technologies had a negative net margin of 19.14% and a negative return on equity of 118.83%. The firm had revenue of $164.33 million during the quarter, compared to analyst estimates of $158.30 million. As a group, equities research analysts predict that iRhythm Technologies, Inc. will post -1.98 EPS for the current year.

iRhythm Technologies Profile

iRhythm Technologies, Inc, a digital healthcare company, engages in the design, development, and commercialization of device-based technology to provide ambulatory cardiac monitoring services to diagnose arrhythmias in the United States. It offers Zio services, an ambulatory monitoring solution, including long-term and short-term continuous monitoring and mobile cardiac telemetry monitoring services.