Slate Path Capital LP increased its stake in iRhythm Technologies, Inc. (NASDAQ:IRTC – Free Report) by 38.6% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 485,000 shares of the company’s stock after acquiring an additional 135,000 shares during the quarter. iRhythm Technologies accounts for approximately 2.8% of Slate Path Capital LP’s portfolio, making the stock its 15th largest position. Slate Path Capital LP owned approximately 1.59% of iRhythm Technologies worth $60,155,000 as of its most recent SEC filing.
A number of other institutional investors also recently modified their holdings of the stock. FMR LLC raised its stake in shares of iRhythm Technologies by 40,606.5% in the first quarter. FMR LLC now owns 2,252,698 shares of the company’s stock valued at $279,402,000 after buying an additional 2,247,164 shares during the period. Artisan Partners Limited Partnership lifted its holdings in iRhythm Technologies by 230.5% during the fourth quarter. Artisan Partners Limited Partnership now owns 1,395,746 shares of the company’s stock valued at $130,740,000 after purchasing an additional 973,450 shares during the last quarter. Norges Bank bought a new stake in shares of iRhythm Technologies in the fourth quarter valued at approximately $54,467,000. Capital Research Global Investors boosted its stake in iRhythm Technologies by 60.9% in the 1st quarter. Capital Research Global Investors now owns 1,411,300 shares of the company’s stock worth $222,237,000 after purchasing an additional 534,300 shares during the period. Finally, Braidwell LP bought a new position in shares of iRhythm Technologies in the fourth quarter worth approximately $46,616,000.
Analyst Ratings Changes
IRTC has been the topic of a number of recent research reports. Robert W. Baird initiated coverage on shares of iRhythm Technologies in a research report on Tuesday, July 18th. They set an “outperform” rating and a $130.00 price target on the stock. StockNews.com downgraded shares of iRhythm Technologies from a “hold” rating to a “sell” rating in a research note on Tuesday, September 5th. BTIG Research dropped their price target on shares of iRhythm Technologies from $165.00 to $140.00 in a research report on Thursday, June 8th. Morgan Stanley reaffirmed an “overweight” rating and set a $149.00 price objective on shares of iRhythm Technologies in a research note on Friday, August 4th. Finally, Oppenheimer boosted their price target on iRhythm Technologies from $125.00 to $165.00 in a report on Friday, August 4th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $144.30.
iRhythm Technologies Stock Down 4.5 %
NASDAQ:IRTC traded down $4.54 during mid-day trading on Tuesday, hitting $95.63. 189,096 shares of the company’s stock were exchanged, compared to its average volume of 351,616. The company has a market cap of $2.92 billion, a PE ratio of -29.54 and a beta of 1.33. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.71 and a quick ratio of 2.55. iRhythm Technologies, Inc. has a one year low of $85.74 and a one year high of $160.96. The business has a fifty day moving average price of $104.60 and a 200 day moving average price of $113.87.
iRhythm Technologies (NASDAQ:IRTC – Get Free Report) last released its earnings results on Thursday, August 3rd. The company reported ($0.61) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.75) by $0.14. The firm had revenue of $124.13 million during the quarter, compared to analyst estimates of $120.03 million. iRhythm Technologies had a negative net margin of 21.95% and a negative return on equity of 41.92%. Equities analysts predict that iRhythm Technologies, Inc. will post -3.03 EPS for the current year.
About iRhythm Technologies
iRhythm Technologies, Inc, a digital healthcare company, provides ambulatory electrocardiogram (ECG) monitoring products for patients at risk for arrhythmias in the United States. It offers Zio service, an ambulatory cardiac monitoring solution that combines a wire-free, patch-based, and wearable biosensor with a cloud-based data analytic platform to help physicians to monitor patients and diagnose arrhythmias.
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