WCM Investment Management LLC Purchases 34,786 Shares of iRhythm Technologies $IRTC

WCM Investment Management LLC grew its position in iRhythm Technologies (NASDAQ:IRTC) by 47.5% during the 1st quarter, HoldingsChannel reports. The firm owned 108,078 shares of the company’s stock after purchasing an additional 34,786 shares during the quarter. WCM Investment Management LLC’s holdings in iRhythm Technologies were worth $12,344,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Measured Wealth Private Client Group LLC acquired a new position in shares of iRhythm Technologies in the 3rd quarter valued at $30,000. GAMMA Investing LLC increased its position in shares of iRhythm Technologies by 48.4% in the 4th quarter. GAMMA Investing LLC now owns 184 shares of the company’s stock valued at $33,000 after buying an additional 60 shares in the last quarter. Employees Retirement System of Texas acquired a new stake in iRhythm Technologies during the 3rd quarter worth $36,000. Torren Management LLC acquired a new stake in iRhythm Technologies during the 4th quarter worth $53,000. Finally, Smartleaf Asset Management LLC lifted its holdings in iRhythm Technologies by 63.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 323 shares of the company’s stock worth $58,000 after acquiring an additional 125 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. BTIG Research reissued a “buy” rating and issued a $185.00 target price on shares of iRhythm Technologies in a research note on Monday, June 22nd. JPMorgan Chase & Co. dropped their price target on iRhythm Technologies from $215.00 to $175.00 and set an “overweight” rating on the stock in a research report on Friday, May 1st. HC Wainwright reiterated a “buy” rating on shares of iRhythm Technologies in a report on Monday, June 1st. The Goldman Sachs Group cut their price objective on iRhythm Technologies from $184.00 to $147.00 and set a “neutral” rating on the stock in a report on Thursday, April 9th. Finally, Citigroup boosted their price objective on iRhythm Technologies from $155.00 to $157.00 and gave the company a “buy” rating in a research report on Monday, May 4th. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $186.62.

iRhythm Technologies Trading Up 0.4%

IRTC opened at $111.37 on Tuesday. The stock has a market capitalization of $3.66 billion, a P/E ratio of -129.50 and a beta of 1.27. iRhythm Technologies has a 12 month low of $100.85 and a 12 month high of $212.00. The firm’s fifty day simple moving average is $114.17 and its 200 day simple moving average is $129.89. The company has a current ratio of 5.17, a quick ratio of 4.98 and a debt-to-equity ratio of 4.03.

iRhythm Technologies (NASDAQ:IRTC) last released its earnings results on Thursday, April 30th. The company reported ($0.35) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.21. iRhythm Technologies had a negative return on equity of 10.26% and a negative net margin of 3.53%.The firm had revenue of $199.39 million during the quarter, compared to analysts’ expectations of $194.11 million. During the same quarter in the prior year, the company earned ($0.97) EPS. The company’s revenue was up 25.6% on a year-over-year basis. As a group, research analysts anticipate that iRhythm Technologies will post 0.13 EPS for the current fiscal year.

Insider Buying and Selling at iRhythm Technologies

In other news, Director Abhijit Y. Talwalkar acquired 5,312 shares of iRhythm Technologies stock in a transaction dated Monday, May 11th. The stock was bought at an average cost of $10.71 per share, with a total value of $56,891.52. Following the completion of the transaction, the director directly owned 25,611 shares of the company’s stock, valued at approximately $274,293.81. This represents a 26.17% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.98% of the stock is owned by corporate insiders.

About iRhythm Technologies

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.