Dearborn Partners LLC Invests $5.69 Million in iRhythm Technologies $IRTC

Dearborn Partners LLC purchased a new stake in iRhythm Technologies (NASDAQ:IRTC) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 29,502 shares of the company’s stock, valued at approximately $5,691,000. Dearborn Partners LLC owned 0.09% of iRhythm Technologies as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in IRTC. Hussman Strategic Advisors Inc. purchased a new position in iRhythm Technologies in the 4th quarter valued at $2,608,000. UBS Group AG raised its position in iRhythm Technologies by 190.3% during the 4th quarter. UBS Group AG now owns 153,218 shares of the company’s stock worth $27,187,000 after buying an additional 100,435 shares during the last quarter. Rock Springs Capital Management LP raised its position in iRhythm Technologies by 11.4% during the 1st quarter. Rock Springs Capital Management LP now owns 261,750 shares of the company’s stock worth $30,892,000 after buying an additional 26,750 shares during the last quarter. Quantinno Capital Management LP lifted its stake in shares of iRhythm Technologies by 1,172.8% in the 1st quarter. Quantinno Capital Management LP now owns 18,621 shares of the company’s stock worth $2,198,000 after acquiring an additional 17,158 shares during the period. Finally, Citizens Financial Group Inc. RI acquired a new stake in shares of iRhythm Technologies in the 2nd quarter worth $9,289,000.

iRhythm Technologies Stock Performance

NASDAQ:IRTC opened at $116.33 on Friday. The firm’s fifty day simple moving average is $118.91 and its 200-day simple moving average is $120.95. The company has a quick ratio of 3.74, a current ratio of 3.86 and a debt-to-equity ratio of 3.50. The stock has a market cap of $3.83 billion, a PE ratio of -270.53 and a beta of 1.30. 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 quarterly earnings data on Thursday, August 6th. The company reported $0.58 EPS for the quarter, beating the consensus estimate of ($0.04) by $0.62. The firm had revenue of $224.17 million during the quarter, compared to analysts’ expectations of $219.30 million. iRhythm Technologies had a negative net margin of 1.69% and a positive return on equity of 10.11%. The business’s revenue for the quarter was up 20.1% compared to the same quarter last year. During the same quarter last year, the business earned ($0.32) earnings per share. Analysts expect that iRhythm Technologies will post 0.6 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on IRTC. Truist Financial boosted their price target on shares of iRhythm Technologies from $160.00 to $168.00 and gave the stock a “buy” rating in a research note on Monday, August 10th. Stephens initiated coverage on shares of iRhythm Technologies in a research report on Thursday, July 23rd. They issued an “overweight” rating and a $160.00 price objective for the company. Wells Fargo & Company lowered their price objective on iRhythm Technologies from $180.00 to $168.00 and set an “overweight” rating on the stock in a report on Tuesday, August 18th. Canaccord Genuity Group dropped their target price on iRhythm Technologies from $180.00 to $152.00 and set a “buy” rating on the stock in a research report on Monday, June 1st. Finally, Bank of America dropped their target price on iRhythm Technologies from $225.00 to $180.00 and set a “buy” rating on the stock in a research report on Monday, May 18th. Two investment 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 issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $179.93.

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.