Atle Fund Management AB Increases Stake in iRhythm Technologies $IRTC

Atle Fund Management AB boosted its holdings in shares of iRhythm Technologies (NASDAQ:IRTC) by 18.5% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 29,991 shares of the company’s stock after buying an additional 4,689 shares during the quarter. iRhythm Technologies accounts for 2.0% of Atle Fund Management AB’s investment portfolio, making the stock its 18th largest position. Atle Fund Management AB owned approximately 0.09% of iRhythm Technologies worth $5,158,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of IRTC. Lisanti Capital Growth LLC acquired a new stake in shares of iRhythm Technologies in the third quarter valued at $2,895,000. Arizona State Retirement System grew its stake in iRhythm Technologies by 2.8% during the 3rd quarter. Arizona State Retirement System now owns 9,413 shares of the company’s stock worth $1,619,000 after purchasing an additional 255 shares in the last quarter. Federated Hermes Inc. increased its holdings in iRhythm Technologies by 45.4% during the 3rd quarter. Federated Hermes Inc. now owns 70,401 shares of the company’s stock worth $12,108,000 after purchasing an additional 21,977 shares during the period. EFG Asset Management North America Corp. raised its position in iRhythm Technologies by 1.2% in the 3rd quarter. EFG Asset Management North America Corp. now owns 30,967 shares of the company’s stock valued at $5,323,000 after purchasing an additional 355 shares in the last quarter. Finally, Virtue Capital Management LLC boosted its stake in shares of iRhythm Technologies by 4.4% in the 3rd quarter. Virtue Capital Management LLC now owns 5,933 shares of the company’s stock valued at $1,020,000 after buying an additional 248 shares during the period.

Insider Activity at iRhythm Technologies

In other news, insider Patrick Michael Murphy sold 2,478 shares of the stock in a transaction that occurred on Tuesday, December 2nd. The stock was sold at an average price of $184.83, for a total value of $458,008.74. Following the completion of the sale, the insider directly owned 53,281 shares of the company’s stock, valued at approximately $9,847,927.23. This represents a 4.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Chad Patterson sold 280 shares of the firm’s stock in a transaction that occurred on Tuesday, December 2nd. The stock was sold at an average price of $184.83, for a total transaction of $51,752.40. Following the transaction, the insider owned 43,387 shares in the company, valued at approximately $8,019,219.21. This trade represents a 0.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 16,817 shares of company stock valued at $3,081,715 in the last three months. 1.10% of the stock is currently owned by company insiders.

iRhythm Technologies Trading Up 3.7%

Shares of iRhythm Technologies stock opened at $154.51 on Friday. The company has a current ratio of 4.63, a quick ratio of 4.50 and a debt-to-equity ratio of 5.32. The company has a fifty day simple moving average of $173.31 and a 200-day simple moving average of $170.38. The stock has a market cap of $4.98 billion, a price-to-earnings ratio of -95.97 and a beta of 1.12. iRhythm Technologies has a 12-month low of $92.52 and a 12-month high of $212.00.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings results on Thursday, October 30th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.36) by $0.30. iRhythm Technologies had a negative net margin of 7.32% and a negative return on equity of 41.86%. The firm had revenue of $192.88 million for the quarter, compared to analyst estimates of $184.75 million. During the same period last year, the business earned ($1.26) EPS. iRhythm Technologies’s revenue for the quarter was up 30.8% compared to the same quarter last year. On average, equities analysts forecast that iRhythm Technologies will post -1.98 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on IRTC. Freedom Capital raised iRhythm Technologies to a “strong-buy” rating in a research report on Thursday, January 15th. Truist Financial lowered their price target on shares of iRhythm Technologies from $230.00 to $215.00 and set a “buy” rating for the company in a report on Thursday, December 18th. JPMorgan Chase & Co. raised their price objective on shares of iRhythm Technologies from $190.00 to $240.00 and gave the company an “overweight” rating in a report on Friday, October 31st. Robert W. Baird lifted their price objective on shares of iRhythm Technologies from $180.00 to $220.00 and gave the stock an “outperform” rating in a research report on Friday, October 10th. Finally, Canaccord Genuity Group increased their target price on iRhythm Technologies from $193.00 to $212.00 and gave the company a “buy” rating in a report on Friday, October 31st. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $219.23.

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.