The Manufacturers Life Insurance Company Has $19.70 Million Position in iRhythm Technologies, Inc. (NASDAQ:IRTC)

The Manufacturers Life Insurance Company raised its stake in iRhythm Technologies, Inc. (NASDAQ:IRTC) by 6.4% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 183,046 shares of the company’s stock after buying an additional 11,031 shares during the quarter. The Manufacturers Life Insurance Company owned 0.59% of iRhythm Technologies worth $19,703,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Sei Investments Co. increased its stake in shares of iRhythm Technologies by 7.0% in the first quarter. Sei Investments Co. now owns 235,361 shares of the company’s stock worth $27,302,000 after acquiring an additional 15,381 shares during the last quarter. Capital Research Global Investors increased its position in iRhythm Technologies by 5.1% in the 4th quarter. Capital Research Global Investors now owns 2,495,626 shares of the company’s stock worth $267,132,000 after purchasing an additional 121,709 shares during the last quarter. Daiwa Securities Group Inc. purchased a new stake in shares of iRhythm Technologies during the 1st quarter worth about $1,925,000. Capstone Investment Advisors LLC acquired a new stake in shares of iRhythm Technologies during the 1st quarter valued at about $1,078,000. Finally, Assenagon Asset Management S.A. grew its stake in shares of iRhythm Technologies by 361.1% in the 2nd quarter. Assenagon Asset Management S.A. now owns 48,962 shares of the company’s stock valued at $5,270,000 after buying an additional 38,344 shares in the last quarter.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on IRTC shares. JPMorgan Chase & Co. cut their price objective on shares of iRhythm Technologies from $133.00 to $100.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Truist Financial reaffirmed a “buy” rating and issued a $117.00 price objective (down previously from $134.00) on shares of iRhythm Technologies in a research note on Friday, August 2nd. Wolfe Research raised shares of iRhythm Technologies from a “peer perform” rating to an “outperform” rating and set a $115.00 target price on the stock in a research report on Thursday, June 20th. Oppenheimer reduced their price target on iRhythm Technologies from $165.00 to $145.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Finally, Needham & Company LLC lowered their price objective on iRhythm Technologies from $138.00 to $119.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. One research analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $120.33.

iRhythm Technologies Stock Performance

NASDAQ IRTC opened at $71.58 on Wednesday. The company’s fifty day moving average is $73.15 and its two-hundred day moving average is $92.00. iRhythm Technologies, Inc. has a 52-week low of $60.88 and a 52-week high of $124.11. The company has a debt-to-equity ratio of 6.50, a current ratio of 6.92 and a quick ratio of 6.76. The firm has a market capitalization of $2.23 billion, a price-to-earnings ratio of -16.92 and a beta of 1.22.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings results on Thursday, August 1st. The company reported ($0.61) EPS for the quarter, beating the consensus estimate of ($0.89) by $0.28. The firm had revenue of $148.05 million during the quarter, compared to analysts’ expectations of $146.15 million. iRhythm Technologies had a negative return on equity of 84.14% and a negative net margin of 24.50%. The company’s revenue for the quarter was up 19.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.61) EPS. Equities research analysts forecast that iRhythm Technologies, Inc. will post -2.66 EPS for the current year.

Insider Transactions at iRhythm Technologies

In related news, insider Chad Patterson sold 3,012 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $74.66, for a total value of $224,875.92. Following the sale, the insider now owns 37,133 shares of the company’s stock, valued at $2,772,349.78. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, insider Chad Patterson sold 3,012 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $74.66, for a total transaction of $224,875.92. Following the completion of the transaction, the insider now owns 37,133 shares in the company, valued at approximately $2,772,349.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Brice Bobzien sold 1,372 shares of the company’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $70.34, for a total value of $96,506.48. Following the completion of the sale, the chief financial officer now owns 24,428 shares in the company, valued at $1,718,265.52. The disclosure for this sale can be found here. In the last three months, insiders sold 5,072 shares of company stock valued at $372,748. Company insiders own 0.68% of the company’s stock.

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.