Lisanti Capital Growth LLC Takes Position in iRhythm Technologies $IRTC

Lisanti Capital Growth LLC acquired a new position in shares of iRhythm Technologies (NASDAQ:IRTC) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 16,830 shares of the company’s stock, valued at approximately $2,895,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Holocene Advisors LP increased its holdings in iRhythm Technologies by 2,023.1% during the 2nd quarter. Holocene Advisors LP now owns 313,094 shares of the company’s stock worth $48,204,000 after purchasing an additional 298,347 shares in the last quarter. Loomis Sayles & Co. L P acquired a new position in shares of iRhythm Technologies during the second quarter worth about $39,339,000. Goldman Sachs Group Inc. grew its holdings in shares of iRhythm Technologies by 33.5% during the first quarter. Goldman Sachs Group Inc. now owns 433,780 shares of the company’s stock worth $45,408,000 after buying an additional 108,941 shares in the last quarter. Assenagon Asset Management S.A. acquired a new stake in iRhythm Technologies in the 3rd quarter valued at approximately $13,394,000. Finally, M&G PLC acquired a new stake in iRhythm Technologies in the 2nd quarter valued at approximately $11,457,000.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of iRhythm Technologies in a research note on Thursday, January 22nd. Freedom Capital raised shares of iRhythm Technologies to a “strong-buy” rating in a research report on Thursday, January 15th. Citigroup lifted their price target on shares of iRhythm Technologies from $205.00 to $242.00 and gave the company a “buy” rating in a research note on Friday, October 31st. Evercore ISI upgraded shares of iRhythm Technologies from an “in-line” rating to an “outperform” rating and increased their price objective for the stock from $194.00 to $210.00 in a research note on Monday, January 5th. Finally, JPMorgan Chase & Co. raised their price objective on iRhythm Technologies from $190.00 to $240.00 and gave the company an “overweight” rating in a report on Friday, October 31st. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, iRhythm Technologies presently has an average rating of “Moderate Buy” and a consensus price target of $219.23.

iRhythm Technologies Price Performance

Shares of NASDAQ IRTC opened at $154.51 on Friday. The firm has a market cap of $4.98 billion, a P/E ratio of -95.97 and a beta of 1.12. The business’s 50 day moving average is $173.31 and its 200-day moving average is $170.13. The company has a current ratio of 4.63, a quick ratio of 4.50 and a debt-to-equity ratio of 5.32. iRhythm Technologies has a 1-year low of $92.52 and a 1-year high of $212.00.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings data on Thursday, October 30th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.30. The firm had revenue of $192.88 million for the quarter, compared to analyst estimates of $184.75 million. iRhythm Technologies had a negative return on equity of 41.86% and a negative net margin of 7.32%.The company’s revenue for the quarter was up 30.8% on a year-over-year basis. During the same period in the prior year, the firm posted ($1.26) EPS. Equities research analysts predict that iRhythm Technologies will post -1.98 earnings per share for the current year.

Insiders Place Their Bets

In other iRhythm Technologies news, insider Chad Patterson sold 280 shares of iRhythm Technologies stock in a transaction on Tuesday, December 2nd. The stock was sold at an average price of $184.83, for a total value of $51,752.40. Following the completion of the transaction, the insider directly owned 43,387 shares of the company’s stock, valued at $8,019,219.21. The trade was a 0.64% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Quentin S. Blackford sold 14,059 shares of the company’s stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $182.94, for a total value of $2,571,953.46. Following the sale, the chief executive officer owned 164,979 shares of the company’s stock, valued at approximately $30,181,258.26. The trade was a 7.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 16,817 shares of company stock worth $3,081,715 in the last 90 days. Company insiders own 1.10% of the company’s stock.

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.