Braidwell LP Has $77.82 Million Stock Position in iRhythm Technologies $IRTC

Braidwell LP boosted its position in shares of iRhythm Technologies (NASDAQ:IRTC) by 7.2% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 654,262 shares of the company’s stock after purchasing an additional 44,070 shares during the quarter. iRhythm Technologies makes up approximately 2.9% of Braidwell LP’s investment portfolio, making the stock its 8th biggest position. Braidwell LP’s holdings in iRhythm Technologies were worth $77,824,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the company. Royal Bank of Canada increased its stake in shares of iRhythm Technologies by 423.0% in the 1st quarter. Royal Bank of Canada now owns 7,573 shares of the company’s stock valued at $793,000 after buying an additional 6,125 shares during the period. Goldman Sachs Group Inc. boosted its holdings in iRhythm Technologies by 33.5% in the first quarter. Goldman Sachs Group Inc. now owns 433,780 shares of the company’s stock valued at $45,408,000 after acquiring an additional 108,941 shares during the last quarter. Strs Ohio bought a new position in iRhythm Technologies in the first quarter valued at about $147,000. Arrowstreet Capital Limited Partnership acquired a new stake in iRhythm Technologies in the second quarter worth about $1,278,000. Finally, First Trust Advisors LP increased its position in iRhythm Technologies by 66.0% in the second quarter. First Trust Advisors LP now owns 56,197 shares of the company’s stock worth $8,652,000 after purchasing an additional 22,337 shares during the period.

iRhythm Technologies Trading Up 0.1%

NASDAQ IRTC opened at $122.49 on Thursday. iRhythm Technologies has a one year low of $100.85 and a one year high of $212.00. The company has a debt-to-equity ratio of 3.50, a current ratio of 3.86 and a quick ratio of 3.74. The firm has a market cap of $4.04 billion, a P/E ratio of -284.86 and a beta of 1.31. The stock’s 50-day moving average is $119.95 and its 200-day moving average is $120.13.

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 the consensus estimate 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 business had revenue of $224.17 million during the quarter, compared to analyst estimates of $219.30 million. During the same period in the previous year, the firm earned ($0.32) EPS. iRhythm Technologies’s quarterly revenue was up 20.1% compared to the same quarter last year. Sell-side analysts anticipate that iRhythm Technologies will post 0.6 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Wall Street Zen downgraded shares of iRhythm Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Truist Financial lifted their price target on shares of iRhythm Technologies from $160.00 to $168.00 and gave the stock a “buy” rating in a research report on Monday, August 10th. Wells Fargo & Company dropped their price target on shares of iRhythm Technologies from $180.00 to $168.00 and set an “overweight” rating for the company in a research note on Tuesday, August 18th. BTIG Research restated a “buy” rating and issued a $185.00 price objective on shares of iRhythm Technologies in a report on Monday, June 22nd. Finally, Bank of America reduced their price objective on shares of iRhythm Technologies from $225.00 to $180.00 and set a “buy” rating on the stock in a research note on Monday, May 18th. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price 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.