86,635 Shares in iRhythm Technologies $IRTC Acquired by Covington Investment Advisors Inc.

Covington Investment Advisors Inc. bought a new position in iRhythm Technologies (NASDAQ:IRTC) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 86,635 shares of the company’s stock, valued at approximately $16,437,000. iRhythm Technologies makes up approximately 2.1% of Covington Investment Advisors Inc.’s investment portfolio, making the stock its 14th biggest position. Covington Investment Advisors Inc. owned about 0.26% of iRhythm Technologies at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Measured Wealth Private Client Group LLC bought a new position in shares of iRhythm Technologies during the 3rd quarter worth approximately $30,000. Employees Retirement System of Texas acquired a new position in shares of iRhythm Technologies during the 3rd quarter valued at $36,000. Harbor Investment Advisory LLC acquired a new position in shares of iRhythm Technologies during the 2nd quarter valued at $50,000. Torren Management LLC acquired a new position in shares of iRhythm Technologies during the 4th quarter valued at $53,000. Finally, Smartleaf Asset Management LLC boosted its stake 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.

iRhythm Technologies Price Performance

IRTC stock opened at $128.52 on Monday. The company has a debt-to-equity ratio of 3.50, a quick ratio of 3.74 and a current ratio of 3.86. The business has a 50-day simple moving average of $117.81 and a two-hundred day simple moving average of $121.82. The company has a market capitalization of $4.24 billion, a P/E ratio of -298.88 and a beta of 1.30. iRhythm Technologies has a 52-week low of $100.85 and a 52-week high of $212.00.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.58 EPS for the quarter, topping the consensus estimate of ($0.04) by $0.62. The firm had revenue of $224.17 million during the quarter, compared to the consensus estimate of $219.30 million. iRhythm Technologies had a positive return on equity of 10.11% and a negative net margin of 1.69%.The company’s quarterly revenue was up 20.1% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.32) earnings per share. Research analysts expect that iRhythm Technologies will post 0.6 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have weighed in on IRTC. Stephens initiated coverage on shares of iRhythm Technologies in a research note on Thursday, July 23rd. They issued an “overweight” rating and a $160.00 price target for the company. Citigroup increased their price objective on shares of iRhythm Technologies from $155.00 to $157.00 and gave the stock a “buy” rating in a research report on Monday, May 4th. Bank of America reduced their target price on iRhythm Technologies from $225.00 to $180.00 and set a “buy” rating for the company in a research note on Monday, May 18th. JPMorgan Chase & Co. decreased their target price on iRhythm Technologies from $215.00 to $175.00 and set an “overweight” rating for the company in a research report on Friday, May 1st. Finally, Truist Financial upped their price target on iRhythm Technologies from $160.00 to $168.00 and gave the stock a “buy” rating in a research note on Monday, August 10th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, iRhythm Technologies presently has an average rating of “Moderate Buy” and an average target price of $179.93.

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.