Invesco Ltd. Increases Stake in iRhythm Technologies, Inc. (NASDAQ:IRTC)

Invesco Ltd. increased its position in shares of iRhythm Technologies, Inc. (NASDAQ:IRTC) by 1.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 19,200 shares of the company’s stock after buying an additional 207 shares during the period. Invesco Ltd.’s holdings in iRhythm Technologies were worth $1,731,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in IRTC. Stephens Investment Management Group LLC increased its position in shares of iRhythm Technologies by 25.6% in the 4th quarter. Stephens Investment Management Group LLC now owns 502,925 shares of the company’s stock valued at $45,349,000 after purchasing an additional 102,600 shares during the last quarter. Raymond James Financial Inc. purchased a new position in iRhythm Technologies in the fourth quarter valued at $9,151,000. Bank of New York Mellon Corp raised its stake in iRhythm Technologies by 23.2% in the fourth quarter. Bank of New York Mellon Corp now owns 491,485 shares of the company’s stock valued at $44,317,000 after buying an additional 92,591 shares in the last quarter. Barclays PLC lifted its holdings in iRhythm Technologies by 34.3% during the 3rd quarter. Barclays PLC now owns 209,247 shares of the company’s stock worth $15,534,000 after buying an additional 53,498 shares during the last quarter. Finally, Alberta Investment Management Corp boosted its position 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 acquiring an additional 50,452 shares in the last quarter.

Wall Street Analyst Weigh In

IRTC has been the topic of several research analyst reports. Wells Fargo & Company raised their target price on iRhythm Technologies from $86.00 to $104.00 and gave the stock an “equal weight” rating in a research report on Friday, February 21st. Needham & Company LLC boosted their price objective on shares of iRhythm Technologies from $125.00 to $138.00 and gave the stock a “buy” rating in a research report on Friday, February 21st. Oppenheimer lifted their target price on iRhythm Technologies from $105.00 to $120.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 8th. The Goldman Sachs Group lifted their price target on iRhythm Technologies from $91.00 to $124.00 and gave the stock a “neutral” rating in a research report on Monday, February 24th. Finally, Truist Financial raised their target price on shares of iRhythm Technologies from $111.00 to $145.00 and gave the stock a “buy” rating in a research report on Friday, February 21st. Three research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $119.73.

iRhythm Technologies Stock Performance

NASDAQ:IRTC opened at $106.64 on Wednesday. The company has a market capitalization of $3.40 billion, a PE ratio of -29.30 and a beta of 1.45. iRhythm Technologies, Inc. has a 52-week low of $55.92 and a 52-week high of $128.52. The stock has a fifty day simple moving average of $104.24 and a 200-day simple moving average of $95.51. 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 (NASDAQ:IRTC) last announced its earnings results on Thursday, February 20th. The company reported $0.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.30. iRhythm Technologies had a negative net margin of 19.14% and a negative return on equity of 118.83%. The company had revenue of $164.33 million during the quarter, compared to analysts’ expectations of $158.30 million. On average, equities research analysts expect that iRhythm Technologies, Inc. will post -1.98 earnings per share for the current fiscal 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.