Assenagon Asset Management S.A. Grows Stock Position in iRhythm Technologies $IRTC

Assenagon Asset Management S.A. grew its stake in iRhythm Technologies (NASDAQ:IRTC) by 189.2% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 225,205 shares of the company’s stock after buying an additional 147,329 shares during the quarter. Assenagon Asset Management S.A. owned 0.70% of iRhythm Technologies worth $39,960,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of IRTC. Root Financial Partners LLC purchased a new position in iRhythm Technologies during the third quarter valued at approximately $30,000. Measured Wealth Private Client Group LLC acquired a new stake in shares of iRhythm Technologies during the 3rd quarter worth approximately $30,000. GAMMA Investing LLC increased its holdings in shares of iRhythm Technologies by 48.4% during the 4th quarter. GAMMA Investing LLC now owns 184 shares of the company’s stock valued at $33,000 after purchasing an additional 60 shares in the last quarter. Smartleaf Asset Management LLC lifted its stake in shares of iRhythm Technologies by 100.0% in the 3rd quarter. Smartleaf Asset Management LLC now owns 198 shares of the company’s stock valued at $34,000 after purchasing an additional 99 shares during the period. Finally, FNY Investment Advisers LLC acquired a new position in shares of iRhythm Technologies in the 3rd quarter valued at $34,000.

iRhythm Technologies Price Performance

Shares of NASDAQ IRTC opened at $121.79 on Thursday. The company has a debt-to-equity ratio of 4.25, a quick ratio of 4.48 and a current ratio of 4.63. The firm has a fifty day moving average of $141.05 and a 200 day moving average of $164.55. The firm has a market cap of $3.94 billion, a PE ratio of -86.99 and a beta of 1.09. iRhythm Technologies has a one year low of $92.52 and a one year high of $212.00.

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

Analysts Set New Price Targets

Several analysts recently commented on the stock. Citigroup dropped their price target on shares of iRhythm Technologies from $242.00 to $214.00 and set a “buy” rating on the stock in a research report on Wednesday, March 11th. Wells Fargo & Company decreased their price objective on shares of iRhythm Technologies from $225.00 to $200.00 and set an “overweight” rating for the company in a research report on Friday, February 20th. Wall Street Zen raised shares of iRhythm Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, February 21st. Truist Financial restated a “buy” rating and set a $200.00 target price (down from $215.00) on shares of iRhythm Technologies in a research report on Friday, February 20th. Finally, Needham & Company LLC restated a “buy” rating and issued a $244.00 price target on shares of iRhythm Technologies in a research note on Monday, January 12th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $209.46.

Insider Buying and Selling

In other news, EVP Minang Turakhia sold 4,027 shares of the firm’s stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $128.45, for a total value of $517,268.15. Following the transaction, the executive vice president owned 54,906 shares in the company, valued at $7,052,675.70. This trade represents a 6.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Sumi Shrishrimal sold 2,830 shares of iRhythm Technologies stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $128.44, for a total value of $363,485.20. Following the completion of the sale, the executive vice president directly owned 41,870 shares in the company, valued at $5,377,782.80. This represents a 6.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 94,509 shares of company stock worth $12,734,195 in the last quarter. 1.10% of the stock is owned by insiders.

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.