Peregrine Capital Management LLC Buys 9,007 Shares of iRhythm Technologies $IRTC

Peregrine Capital Management LLC increased its stake in shares of iRhythm Technologies (NASDAQ:IRTC) by 15.8% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 65,875 shares of the company’s stock after purchasing an additional 9,007 shares during the period. Peregrine Capital Management LLC owned approximately 0.20% of iRhythm Technologies worth $7,775,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in IRTC. GAMMA Investing LLC grew its position in iRhythm Technologies by 48.4% in the 4th quarter. GAMMA Investing LLC now owns 184 shares of the company’s stock worth $33,000 after purchasing an additional 60 shares during the period. Ascent Group LLC lifted its holdings in shares of iRhythm Technologies by 0.7% during the 4th quarter. Ascent Group LLC now owns 9,587 shares of the company’s stock valued at $1,701,000 after buying an additional 70 shares during the period. WoodTrust Financial Corp boosted its stake in shares of iRhythm Technologies by 0.7% in the 4th quarter. WoodTrust Financial Corp now owns 10,070 shares of the company’s stock worth $1,787,000 after buying an additional 70 shares during the last quarter. US Bancorp DE boosted its stake in shares of iRhythm Technologies by 7.8% in the 3rd quarter. US Bancorp DE now owns 1,042 shares of the company’s stock worth $179,000 after buying an additional 75 shares during the last quarter. Finally, State of Wyoming grew its holdings in shares of iRhythm Technologies by 16.0% in the fourth quarter. State of Wyoming now owns 616 shares of the company’s stock worth $109,000 after acquiring an additional 85 shares during the period.

Analyst Ratings Changes

IRTC has been the subject of a number of research reports. Wells Fargo & Company reduced their price objective on iRhythm Technologies from $200.00 to $180.00 and set an “overweight” rating for the company in a research report on Friday, May 1st. Citigroup raised their target price on iRhythm Technologies from $155.00 to $157.00 and gave the stock a “buy” rating in a research report on Monday, May 4th. Bank of America reduced their price target on shares of iRhythm Technologies from $225.00 to $180.00 and set a “buy” rating for the company in a research report on Monday, May 18th. Needham & Company LLC increased their price objective on shares of iRhythm Technologies from $254.00 to $255.00 and gave the stock a “buy” rating in a research note on Friday, May 1st. Finally, Weiss Ratings raised shares of iRhythm Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, June 18th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, iRhythm Technologies presently has an average rating of “Moderate Buy” and an average price target of $187.38.

Insiders Place Their Bets

In other iRhythm Technologies news, Director Abhijit Y. Talwalkar purchased 5,312 shares of the business’s stock in a transaction 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 purchase, the director owned 25,611 shares of the company’s stock, valued at approximately $274,293.81. This represents a 26.17% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.98% of the company’s stock.

iRhythm Technologies Price Performance

Shares of NASDAQ:IRTC opened at $118.95 on Wednesday. The company has a debt-to-equity ratio of 4.03, a current ratio of 5.17 and a quick ratio of 4.98. iRhythm Technologies has a 1-year low of $100.85 and a 1-year high of $212.00. The company has a market capitalization of $3.91 billion, a P/E ratio of -138.31 and a beta of 1.27. The firm’s 50 day simple moving average is $114.95 and its two-hundred day simple moving average is $135.23.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings results on Thursday, April 30th. The company reported ($0.35) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.21. The business had revenue of $199.39 million during the quarter, compared to analyst estimates 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 was up 25.6% on a year-over-year basis. During the same period in the prior year, the business posted ($0.97) earnings per share. Research analysts expect that iRhythm Technologies will post 0.13 EPS for the current fiscal 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.