KLP Kapitalforvaltning AS Invests $595,000 in iRhythm Technologies, Inc. (NASDAQ:IRTC)

KLP Kapitalforvaltning AS purchased a new stake in iRhythm Technologies, Inc. (NASDAQ:IRTC) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 6,600 shares of the company’s stock, valued at approximately $595,000.

A number of other hedge funds have also bought and sold shares of IRTC. State Street Corp increased its stake in iRhythm Technologies by 1.3% during the 3rd quarter. State Street Corp now owns 908,843 shares of the company’s stock worth $67,473,000 after acquiring an additional 11,992 shares during the period. Geode Capital Management LLC increased its position in shares of iRhythm Technologies by 0.7% in the third quarter. Geode Capital Management LLC now owns 733,308 shares of the company’s stock worth $54,451,000 after purchasing an additional 5,423 shares during the period. Allspring Global Investments Holdings LLC raised its stake in iRhythm Technologies by 9.6% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 570,048 shares of the company’s stock valued at $50,991,000 after purchasing an additional 50,075 shares in the last quarter. Stephens Investment Management Group LLC lifted its holdings in shares of iRhythm Technologies by 25.6% during the 4th quarter. Stephens Investment Management Group LLC now owns 502,925 shares of the company’s stock worth $45,349,000 after acquiring an additional 102,600 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in shares of iRhythm Technologies by 23.2% during the 4th quarter. Bank of New York Mellon Corp now owns 491,485 shares of the company’s stock worth $44,317,000 after acquiring an additional 92,591 shares in the last quarter.

Wall Street Analyst Weigh In

IRTC has been the subject of several recent analyst reports. 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 note on Monday, December 9th. Needham & Company LLC boosted their price target on iRhythm Technologies from $125.00 to $138.00 and gave the stock a “buy” rating in a report on Friday, February 21st. StockNews.com raised iRhythm Technologies from a “sell” rating to a “hold” rating in a research note on Monday, February 24th. Truist Financial boosted their target price on iRhythm Technologies from $111.00 to $145.00 and gave the stock a “buy” rating in a research note on Friday, February 21st. Finally, Wells Fargo & Company raised their price target on shares of iRhythm Technologies from $86.00 to $104.00 and gave the company an “equal weight” rating in a research note on Friday, February 21st. Three research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, iRhythm Technologies presently has an average rating of “Moderate Buy” and a consensus target price of $119.73.

iRhythm Technologies Stock Performance

iRhythm Technologies stock opened at $108.33 on Thursday. The business has a 50 day moving average of $107.93 and a 200-day moving average of $90.71. The company has a market capitalization of $3.40 billion, a P/E ratio of -29.76 and a beta of 1.45. iRhythm Technologies, Inc. has a 1 year low of $55.92 and a 1 year high of $128.52. The company has a debt-to-equity ratio of 9.00, a current ratio of 6.27 and a quick ratio of 6.12.

iRhythm Technologies (NASDAQ:IRTC) last announced 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. The firm had revenue of $164.33 million during the quarter, compared to analysts’ expectations of $158.30 million. iRhythm Technologies had a negative net margin of 19.14% and a negative return on equity of 118.83%. On average, equities research analysts predict that iRhythm Technologies, Inc. will post -1.98 earnings per share for the current year.

About iRhythm Technologies

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.