Citizens Financial Group Inc. RI Invests $9.29 Million in iRhythm Technologies $IRTC

Citizens Financial Group Inc. RI bought a new stake in iRhythm Technologies (NASDAQ:IRTC) in the second quarter, HoldingsChannel reports. The firm bought 48,960 shares of the company’s stock, valued at approximately $9,289,000.

Several other hedge funds also recently made changes to their positions in the company. Royal Bank of Canada grew its stake in iRhythm Technologies by 423.0% in the first quarter. Royal Bank of Canada now owns 7,573 shares of the company’s stock worth $793,000 after purchasing an additional 6,125 shares during the period. Goldman Sachs Group Inc. raised its holdings in iRhythm Technologies by 33.5% in the first quarter. Goldman Sachs Group Inc. now owns 433,780 shares of the company’s stock worth $45,408,000 after purchasing an additional 108,941 shares in the last quarter. Strs Ohio bought a new position in iRhythm Technologies in the first quarter worth $147,000. Arrowstreet Capital Limited Partnership purchased a new position in iRhythm Technologies during the second quarter valued at $1,278,000. Finally, First Trust Advisors LP lifted its position in iRhythm Technologies by 66.0% during the second quarter. First Trust Advisors LP now owns 56,197 shares of the company’s stock valued at $8,652,000 after buying an additional 22,337 shares during the period.

Wall Street Analysts Forecast Growth

IRTC has been the topic of a number of recent research reports. Wall Street Zen downgraded shares of iRhythm Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Stephens started coverage on shares of iRhythm Technologies in a research report on Thursday, July 23rd. They set an “overweight” rating and a $160.00 price target for the company. Wells Fargo & Company cut their price objective on shares of iRhythm Technologies from $180.00 to $168.00 and set an “overweight” rating on the stock in a report on Friday, August 7th. JPMorgan Chase & Co. lowered their target price on shares of iRhythm Technologies from $215.00 to $175.00 and set an “overweight” rating for the company in a report on Friday, May 1st. Finally, Needham & Company LLC cut their price target on iRhythm Technologies from $255.00 to $192.00 and set a “buy” rating on the stock in a research note on Friday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $179.93.

iRhythm Technologies Stock Down 7.5%

IRTC stock opened at $116.92 on Tuesday. The company has a debt-to-equity ratio of 3.50, a quick ratio of 3.74 and a current ratio of 3.86. The company has a market cap of $3.85 billion, a price-to-earnings ratio of -271.91 and a beta of 1.30. The business’s 50-day moving average is $116.97 and its two-hundred day moving average is $122.63. iRhythm Technologies has a fifty-two week low of $100.85 and a fifty-two week high of $212.00.

iRhythm Technologies (NASDAQ:IRTC) last announced its earnings results on Thursday, August 6th. The company reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.62. The company had revenue of $224.17 million during the quarter, compared to analyst estimates of $219.30 million. iRhythm Technologies had a negative net margin of 1.69% and a positive return on equity of 10.11%. The firm’s quarterly revenue was up 20.1% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.32) earnings per share. As a group, analysts forecast that iRhythm Technologies will post 0.43 earnings per share for the current 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.