iRhythm Technologies, Inc. (NASDAQ:IRTC) Stake Raised by Bank of New York Mellon Corp

Bank of New York Mellon Corp increased its holdings in iRhythm Technologies, Inc. (NASDAQ:IRTC) by 23.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 491,485 shares of the company’s stock after acquiring an additional 92,591 shares during the period. Bank of New York Mellon Corp owned about 1.57% of iRhythm Technologies worth $44,317,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. Handelsbanken Fonder AB lifted its stake in iRhythm Technologies by 5.9% in the 4th quarter. Handelsbanken Fonder AB now owns 10,839 shares of the company’s stock worth $977,000 after acquiring an additional 600 shares in the last quarter. Alberta Investment Management Corp raised its stake in shares of iRhythm Technologies by 53.3% during the 4th quarter. Alberta Investment Management Corp now owns 145,166 shares of the company’s stock worth $13,090,000 after purchasing an additional 50,452 shares in the last quarter. Peregrine Capital Management LLC raised its stake in shares of iRhythm Technologies by 1.1% during the 4th quarter. Peregrine Capital Management LLC now owns 99,153 shares of the company’s stock worth $8,941,000 after purchasing an additional 1,110 shares in the last quarter. Bank Pictet & Cie Europe AG raised its stake in shares of iRhythm Technologies by 5.9% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 3,289 shares of the company’s stock worth $297,000 after purchasing an additional 184 shares in the last quarter. Finally, Banque Pictet & Cie SA raised its stake in shares of iRhythm Technologies by 12.7% during the 4th quarter. Banque Pictet & Cie SA now owns 59,264 shares of the company’s stock worth $5,344,000 after purchasing an additional 6,696 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on IRTC. StockNews.com raised iRhythm Technologies from a “sell” rating to a “hold” rating in a research note on Monday, February 24th. Needham & Company LLC raised their price target on iRhythm Technologies from $125.00 to $138.00 and gave the stock a “buy” rating in a research note on Friday, February 21st. Wells Fargo & Company raised their price target on iRhythm Technologies from $86.00 to $104.00 and gave the stock an “equal weight” rating in a research note on Friday, February 21st. Canaccord Genuity Group raised their price target on iRhythm Technologies from $125.00 to $152.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Finally, The Goldman Sachs Group raised their price target on iRhythm Technologies from $91.00 to $124.00 and gave the stock a “neutral” rating in a research note on Monday, February 24th. Three investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $119.73.

iRhythm Technologies Stock Performance

IRTC opened at $101.39 on Friday. The firm has a market capitalization of $3.18 billion, a P/E ratio of -27.85 and a beta of 1.36. The stock’s 50 day moving average price is $105.40 and its two-hundred day moving average price is $86.19. The company has a quick ratio of 6.12, a current ratio of 6.27 and a debt-to-equity ratio of 9.00. iRhythm Technologies, Inc. has a 12-month low of $55.92 and a 12-month high of $128.52.

iRhythm Technologies (NASDAQ:IRTC) last released its earnings results on Thursday, February 20th. The company reported $0.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.30. The firm had revenue of $164.33 million for the quarter, compared to analyst estimates of $158.30 million. iRhythm Technologies had a negative return on equity of 118.83% and a negative net margin of 19.14%. On average, equities analysts forecast that iRhythm Technologies, Inc. will post -1.98 earnings per share for the current year.

iRhythm Technologies Company Profile

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.