Westport Asset Management Inc. Buys Shares of 4,127 iRhythm Technologies $IRTC

Westport Asset Management Inc. bought a new position in shares of iRhythm Technologies (NASDAQ:IRTC) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 4,127 shares of the company’s stock, valued at approximately $783,000.

Several other institutional investors also recently modified their holdings of the stock. Royal Bank of Canada grew its holdings in iRhythm Technologies by 423.0% during the first quarter. Royal Bank of Canada now owns 7,573 shares of the company’s stock valued at $793,000 after purchasing an additional 6,125 shares during the period. Goldman Sachs Group Inc. increased its stake 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 purchasing an additional 108,941 shares in the last quarter. Strs Ohio acquired a new stake in iRhythm Technologies in the first quarter worth $147,000. Arrowstreet Capital Limited Partnership bought a new position in shares of iRhythm Technologies during the second quarter worth $1,278,000. Finally, First Trust Advisors LP grew its holdings in shares of iRhythm Technologies by 66.0% in the 2nd quarter. First Trust Advisors LP now owns 56,197 shares of the company’s stock valued at $8,652,000 after buying an additional 22,337 shares during the period.

Analyst Upgrades and Downgrades

IRTC has been the topic of several research analyst reports. Needham & Company LLC dropped their price objective on iRhythm Technologies from $255.00 to $192.00 and set a “buy” rating on the stock in a research note on Friday, August 7th. Weiss Ratings raised iRhythm Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, June 18th. Wells Fargo & Company decreased their target price on iRhythm Technologies from $180.00 to $168.00 and set an “overweight” rating for the company in a research note on Tuesday. HC Wainwright restated a “buy” rating on shares of iRhythm Technologies in a report on Monday, June 1st. Finally, Citigroup raised their price target on iRhythm Technologies from $155.00 to $157.00 and gave the stock a “buy” rating in a research report on Monday, May 4th. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, iRhythm Technologies has a consensus rating of “Moderate Buy” and an average price target of $179.93.

iRhythm Technologies Stock Up 8.3%

Shares of IRTC stock opened at $124.75 on Thursday. The firm has a fifty day moving average of $117.21 and a 200-day moving average of $122.20. The company has a quick ratio of 3.74, a current ratio of 3.86 and a debt-to-equity ratio of 3.50. iRhythm Technologies has a 12-month low of $100.85 and a 12-month high of $212.00. The company has a market capitalization of $4.11 billion, a price-to-earnings ratio of -290.12 and a beta of 1.30.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.62. The business had revenue of $224.17 million for the quarter, compared to analyst estimates of $219.30 million. iRhythm Technologies had a negative net margin of 1.69% and a positive return on equity of 10.11%. The firm’s quarterly revenue was up 20.1% on a year-over-year basis. During the same period last year, the business posted ($0.32) earnings per share. As a group, equities research analysts predict that iRhythm Technologies will post 0.43 earnings per share for the current fiscal year.

About iRhythm Technologies

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.