Algert Global LLC Increases Stake in iRhythm Technologies $IRTC

Algert Global LLC raised its holdings in iRhythm Technologies (NASDAQ:IRTC) by 166.1% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 79,730 shares of the company’s stock after buying an additional 49,764 shares during the period. Algert Global LLC owned approximately 0.25% of iRhythm Technologies worth $13,713,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Root Financial Partners LLC acquired a new stake in shares of iRhythm Technologies in the third quarter valued at $30,000. Smartleaf Asset Management LLC grew its stake in iRhythm Technologies by 100.0% during the 3rd quarter. Smartleaf Asset Management LLC now owns 198 shares of the company’s stock worth $34,000 after purchasing an additional 99 shares in the last quarter. Optiver Holding B.V. purchased a new stake in iRhythm Technologies during the 3rd quarter worth about $35,000. Employees Retirement System of Texas purchased a new stake in iRhythm Technologies during the 3rd quarter worth about $36,000. Finally, Harvest Fund Management Co. Ltd acquired a new stake in iRhythm Technologies in the 3rd quarter valued at about $69,000.

iRhythm Technologies Price Performance

IRTC stock opened at $113.00 on Monday. The business has a 50 day moving average price of $150.49 and a 200 day moving average price 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. 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 has a fifty-two week low of $92.52 and a fifty-two week high of $212.00.

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

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Wall Street Zen raised iRhythm Technologies from a “hold” rating to a “buy” rating in a research report on Saturday, February 21st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of iRhythm Technologies in a report on Thursday, January 22nd. Needham & Company LLC reiterated a “buy” rating and issued a $244.00 price target on shares of iRhythm Technologies in a research note on Monday, January 12th. Morgan Stanley reiterated an “overweight” rating on shares of iRhythm Technologies in a report on Monday, January 12th. Finally, Truist Financial reissued a “buy” rating and issued a $200.00 price objective (down from $215.00) on shares of iRhythm Technologies in a research report on Friday, February 20th. Two 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 given a Sell rating to the company’s stock. According to data from MarketBeat, iRhythm Technologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $209.46.

Insider Transactions at iRhythm Technologies

In other iRhythm Technologies news, EVP Minang Turakhia sold 4,027 shares of the company’s stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $128.45, for a total value of $517,268.15. Following the completion of the transaction, the executive vice president owned 54,906 shares in the company, valued at $7,052,675.70. This 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 at this hyperlink. Also, insider Patrick Michael Murphy sold 4,357 shares of iRhythm Technologies stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $128.44, for a total value of $559,613.08. Following the sale, the insider owned 63,203 shares in the company, valued at $8,117,793.32. This trade represents a 6.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 94,509 shares of company stock valued at $12,734,195 over the last quarter. 0.68% of the stock is owned by corporate insiders.

About iRhythm Technologies

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.