Xponance Inc. Makes New Investment in iRhythm Technologies, Inc. (NASDAQ:IRTC)

Xponance Inc. bought a new stake in shares of iRhythm Technologies, Inc. (NASDAQ:IRTC) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund bought 2,253 shares of the company’s stock, valued at approximately $203,000.

A number of other hedge funds also recently modified their holdings of the business. Stephens Investment Management Group LLC raised its position in iRhythm Technologies by 25.6% during the fourth quarter. Stephens Investment Management Group LLC now owns 502,925 shares of the company’s stock valued at $45,349,000 after buying an additional 102,600 shares during the period. Raymond James Financial Inc. acquired a new position in shares of iRhythm Technologies in the 4th quarter valued at about $9,151,000. Bank of New York Mellon Corp lifted its position in shares of iRhythm Technologies by 23.2% in the fourth quarter. Bank of New York Mellon Corp now owns 491,485 shares of the company’s stock worth $44,317,000 after purchasing an additional 92,591 shares in the last quarter. Fred Alger Management LLC boosted its holdings in shares of iRhythm Technologies by 24.4% during the third quarter. Fred Alger Management LLC now owns 314,117 shares of the company’s stock worth $23,320,000 after purchasing an additional 61,696 shares during the period. Finally, Western Standard LLC purchased a new position in iRhythm Technologies during the third quarter valued at approximately $4,535,000.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on IRTC shares. Truist Financial lifted their target price on shares of iRhythm Technologies from $111.00 to $145.00 and gave the company a “buy” rating in a research note on Friday, February 21st. Wells Fargo & Company lifted their price objective on iRhythm Technologies from $86.00 to $104.00 and gave the company an “equal weight” rating in a research report on Friday, February 21st. Canaccord Genuity Group upped their target price on iRhythm Technologies from $125.00 to $152.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Oppenheimer lifted their price target on iRhythm Technologies from $105.00 to $120.00 and gave the company an “outperform” rating in a report on Wednesday, January 8th. Finally, StockNews.com raised shares of iRhythm Technologies from a “sell” rating to a “hold” rating in a research report on Monday, February 24th. Three analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $119.73.

iRhythm Technologies Price Performance

NASDAQ IRTC opened at $105.00 on Friday. The company has a market cap of $3.30 billion, a P/E ratio of -28.85 and a beta of 1.36. iRhythm Technologies, Inc. has a 1 year low of $55.92 and a 1 year high of $128.52. The company has a current ratio of 6.27, a quick ratio of 6.12 and a debt-to-equity ratio of 9.00. The company has a fifty day simple moving average of $108.09 and a 200 day simple moving average of $90.06.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings results on Thursday, February 20th. The company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.29) by $0.30. iRhythm Technologies had a negative return on equity of 118.83% and a negative net margin of 19.14%. The company had revenue of $164.33 million for the quarter, compared to the consensus estimate of $158.30 million. On average, sell-side analysts predict that iRhythm Technologies, Inc. will post -1.98 EPS for the current year.

iRhythm Technologies Company 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.