Fifth Third Bancorp Grows Stake in iRhythm Technologies $IRTC

Fifth Third Bancorp boosted its position in shares of iRhythm Technologies (NASDAQ:IRTC) by 17,068.9% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 15,452 shares of the company’s stock after acquiring an additional 15,362 shares during the quarter. Fifth Third Bancorp’s holdings in iRhythm Technologies were worth $1,824,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the company. RTW Investments LP bought a new stake in shares of iRhythm Technologies during the 4th quarter valued at about $209,732,000. Millennium Management LLC lifted its stake in shares of iRhythm Technologies by 197.4% in the 4th quarter. Millennium Management LLC now owns 826,376 shares of the company’s stock worth $146,632,000 after purchasing an additional 548,519 shares during the period. Arrowstreet Capital Limited Partnership boosted its holdings in shares of iRhythm Technologies by 6,415.4% in the third 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. Polar Capital Holdings Plc boosted its holdings in shares of iRhythm Technologies by 24,782.1% in the third quarter. Polar Capital Holdings Plc now owns 335,908 shares of the company’s stock worth $57,773,000 after buying an additional 334,558 shares during the last quarter. Finally, Holocene Advisors LP grew its position in iRhythm Technologies by 2,023.1% during the second quarter. Holocene Advisors LP now owns 313,094 shares of the company’s stock valued at $48,204,000 after buying an additional 298,347 shares during the period.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on IRTC shares. BTIG Research reiterated a “buy” rating and issued a $185.00 price target on shares of iRhythm Technologies in a research report on Monday, June 22nd. The Goldman Sachs Group reduced their price objective on iRhythm Technologies from $184.00 to $147.00 and set a “neutral” rating for the company in a research note on Thursday, April 9th. JPMorgan Chase & Co. decreased their target price on iRhythm Technologies from $215.00 to $175.00 and set an “overweight” rating on the stock in a report on Friday, May 1st. Wall Street Zen upgraded iRhythm Technologies from a “hold” rating to a “buy” rating in a research report on Saturday, July 18th. Finally, Canaccord Genuity Group cut their price target on iRhythm Technologies from $180.00 to $152.00 and set a “buy” rating for the company in a report on Monday, June 1st. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $186.62.

Insider Activity

In other news, Director Abhijit Y. Talwalkar bought 5,312 shares of iRhythm Technologies stock in a transaction dated Monday, May 11th. The shares were purchased at an average cost of $10.71 per share, with a total value of $56,891.52. Following the completion of the acquisition, the director owned 25,611 shares of the company’s stock, valued at $274,293.81. This trade represents a 26.17% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.98% of the company’s stock.

iRhythm Technologies Stock Down 2.7%

NASDAQ IRTC opened at $106.07 on Thursday. The stock’s 50 day moving average is $113.81 and its 200 day moving average is $128.90. The company has a current ratio of 5.17, a quick ratio of 4.98 and a debt-to-equity ratio of 4.03. iRhythm Technologies has a 12 month low of $100.85 and a 12 month high of $212.00. The stock has a market cap of $3.49 billion, a PE ratio of -123.34 and a beta of 1.27.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings data on Thursday, April 30th. The company reported ($0.35) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.21. The business had revenue of $199.39 million during the quarter, compared to analyst estimates of $194.11 million. iRhythm Technologies had a negative net margin of 3.53% and a negative return on equity of 10.26%. The company’s revenue was up 25.6% on a year-over-year basis. During the same period last year, the firm posted ($0.97) EPS. Research analysts predict that iRhythm Technologies will post 0.13 EPS for the current fiscal year.

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.