Cinctive Capital Management LP Takes $4.82 Million Position in iRhythm Technologies $IRTC

Cinctive Capital Management LP acquired a new stake in shares of iRhythm Technologies (NASDAQ:IRTC) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 28,044 shares of the company’s stock, valued at approximately $4,823,000. Cinctive Capital Management LP owned about 0.09% of iRhythm Technologies as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Geode Capital Management LLC raised its stake in iRhythm Technologies by 2.3% during the 2nd quarter. Geode Capital Management LLC now owns 767,336 shares of the company’s stock valued at $118,154,000 after buying an additional 16,967 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in shares of iRhythm Technologies by 6,415.4% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 541,039 shares of the company’s stock worth $93,053,000 after buying an additional 532,735 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of iRhythm Technologies by 33.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 433,780 shares of the company’s stock worth $45,408,000 after buying an additional 108,941 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of iRhythm Technologies by 6.9% in the third quarter. Wellington Management Group LLP now owns 422,662 shares of the company’s stock worth $72,694,000 after acquiring an additional 27,346 shares during the period. Finally, Bank of America Corp DE grew its holdings in shares of iRhythm Technologies by 8.1% in the third quarter. Bank of America Corp DE now owns 375,788 shares of the company’s stock worth $64,632,000 after acquiring an additional 28,156 shares during the period.

iRhythm Technologies Stock Performance

Shares of IRTC opened at $113.00 on Monday. The business has a 50-day simple moving average of $150.49 and a two-hundred day simple moving average of $167.69. The company has a quick ratio of 4.48, a current ratio of 4.63 and a debt-to-equity ratio of 4.25. iRhythm Technologies has a 52 week low of $92.52 and a 52 week high of $212.00. The stock has a market cap of $3.65 billion, a price-to-earnings ratio of -80.71 and a beta of 1.10.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings data on Thursday, February 19th. The company reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.27. The firm had revenue of $208.89 million for the quarter, compared to analysts’ expectations of $202.61 million. iRhythm Technologies had a negative return on equity of 28.15% and a negative net margin of 5.96%.The business’s quarterly revenue was up 27.1% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.04) EPS. On average, analysts expect that iRhythm Technologies will post -1.98 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on IRTC shares. JPMorgan Chase & Co. lowered their target price on iRhythm Technologies from $240.00 to $215.00 and set an “overweight” rating on the stock in a report on Friday, February 20th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of iRhythm Technologies in a research report on Thursday, January 22nd. Freedom Capital upgraded shares of iRhythm Technologies to a “strong-buy” rating in a research note on Thursday, January 15th. Robert W. Baird dropped their price objective on shares of iRhythm Technologies from $220.00 to $200.00 and set an “outperform” rating on the stock in a report on Friday, February 20th. Finally, Morgan Stanley reissued an “overweight” rating on shares of iRhythm Technologies in a report on Monday, January 12th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $209.46.

Insider Buying and Selling at iRhythm Technologies

In other news, CEO Quentin S. Blackford sold 25,540 shares of the firm’s stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $135.42, for a total transaction of $3,458,626.80. Following the sale, the chief executive officer directly owned 186,126 shares in the company, valued at $25,205,182.92. This trade represents a 12.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Chad Patterson sold 8,967 shares of iRhythm Technologies stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $135.42, for a total transaction of $1,214,311.14. Following the transaction, the insider owned 51,738 shares in the company, valued at approximately $7,006,359.96. This trade represents a 14.77% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 94,509 shares of company stock valued at $12,734,195. 0.68% of the stock is currently owned by company insiders.

iRhythm Technologies Company 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.