Dearborn Partners LLC Purchases New Stake in iRhythm Technologies $IRTC

Dearborn Partners LLC purchased a new stake in shares of iRhythm Technologies (NASDAQ:IRTC) in the second quarter, Holdings Channel reports. The firm purchased 29,502 shares of the company’s stock, valued at approximately $5,691,000.

Other institutional investors have also recently bought and sold shares of the company. Hussman Strategic Advisors Inc. acquired a new position in iRhythm Technologies during the 4th quarter valued at about $2,608,000. UBS Group AG raised its stake in shares of iRhythm Technologies by 190.3% in the fourth quarter. UBS Group AG now owns 153,218 shares of the company’s stock worth $27,187,000 after purchasing an additional 100,435 shares during the last quarter. Rock Springs Capital Management LP lifted its holdings in shares of iRhythm Technologies by 11.4% in the first quarter. Rock Springs Capital Management LP now owns 261,750 shares of the company’s stock valued at $30,892,000 after purchasing an additional 26,750 shares in the last quarter. Quantinno Capital Management LP boosted its position in shares of iRhythm Technologies by 1,172.8% during the first quarter. Quantinno Capital Management LP now owns 18,621 shares of the company’s stock valued at $2,198,000 after buying an additional 17,158 shares during the last quarter. Finally, Citizens Financial Group Inc. RI bought a new stake in iRhythm Technologies during the second quarter worth $9,289,000.

iRhythm Technologies Stock Performance

Shares of iRhythm Technologies stock opened at $125.25 on Tuesday. The business’s fifty day simple moving average is $118.04 and its 200 day simple moving average is $121.56. The firm has a market capitalization of $4.13 billion, a P/E ratio of -291.28 and a beta of 1.30. iRhythm Technologies has a 12 month low of $100.85 and a 12 month high of $212.00. The company has a current ratio of 3.86, a quick ratio of 3.74 and a debt-to-equity ratio of 3.50.

iRhythm Technologies (NASDAQ:IRTC) last announced 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 positive return on equity of 10.11% and a negative net margin of 1.69%.The firm had revenue of $224.17 million during the quarter, compared to the consensus estimate of $219.30 million. During the same quarter in the prior year, the company earned ($0.32) EPS. The business’s revenue for the quarter was up 20.1% on a year-over-year basis. As a group, analysts anticipate that iRhythm Technologies will post 0.6 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on IRTC shares. Canaccord Genuity Group dropped their price objective on iRhythm Technologies from $180.00 to $152.00 and set a “buy” rating on the stock in a research note on Monday, June 1st. JPMorgan Chase & Co. reduced their target price on shares of iRhythm Technologies from $215.00 to $175.00 and set an “overweight” rating for the company in a research note on Friday, May 1st. Stephens began 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. Truist Financial raised 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, HC Wainwright restated a “buy” rating on shares of iRhythm Technologies in a report on Monday, June 1st. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $179.93.

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.