Macquarie Group Ltd. Has $2.16 Million Position in iRhythm Technologies, Inc. (NASDAQ:IRTC)

Posted by Defense World Staff on Mar 10th, 2023

Macquarie Group Ltd. increased its stake in shares of iRhythm Technologies, Inc. (NASDAQ:IRTC – Get Rating) by 0.6% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 16,858 shares of the company’s stock after acquiring an additional 104 shares during the period. Macquarie Group Ltd. owned about 0.06% of iRhythm Technologies worth $2,162,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Royal Bank of Canada increased its stake in shares of iRhythm Technologies by 5.4% during the third quarter. Royal Bank of Canada now owns 35,076 shares of the company’s stock worth $4,394,000 after purchasing an additional 1,796 shares during the period. Cubist Systematic Strategies LLC boosted its holdings in shares of iRhythm Technologies by 157.1% during the 3rd quarter. Cubist Systematic Strategies LLC now owns 20,596 shares of the company’s stock valued at $2,580,000 after acquiring an additional 12,586 shares in the last quarter. PDT Partners LLC bought a new position in iRhythm Technologies during the 3rd quarter worth $484,000. Ergoteles LLC raised its position in iRhythm Technologies by 122.8% during the 3rd quarter. Ergoteles LLC now owns 9,519 shares of the company’s stock worth $1,193,000 after purchasing an additional 5,246 shares during the last quarter. Finally, Nuveen Asset Management LLC raised its position in shares of iRhythm Technologies by 4.8% in the 3rd quarter. Nuveen Asset Management LLC now owns 129,539 shares of the company’s stock worth $16,228,000 after acquiring an additional 5,949 shares in the last quarter. Institutional investors own 98.96% of the company’s stock.

iRhythm Technologies Stock Performance

Shares of NASDAQ:IRTC opened at $115.31 on Friday. iRhythm Technologies, Inc. has a 52 week low of $85.74 and a 52 week high of $169.54. The stock has a market capitalization of $3.48 billion, a P/E ratio of -29.64 and a beta of 1.41. The firm has a fifty day simple moving average of $105.18 and a two-hundred day simple moving average of $115.05. The company has a quick ratio of 3.07, a current ratio of 3.24 and a debt-to-equity ratio of 0.15.

iRhythm Technologies (NASDAQ:IRTC – Get Rating) last released its quarterly earnings data on Thursday, February 23rd. The company reported ($0.67) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.63) by ($0.04). The company had revenue of $112.62 million during the quarter, compared to analysts’ expectations of $110.62 million. iRhythm Technologies had a negative net margin of 28.27% and a negative return on equity of 35.85%. On average, analysts expect that iRhythm Technologies, Inc. will post -2.86 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

IRTC has been the subject of a number of analyst reports. Canaccord Genuity Group lifted their price target on iRhythm Technologies from $135.00 to $143.00 and gave the company a “buy” rating in a research note on Friday, February 24th. StockNews.com cut shares of iRhythm Technologies from a “hold” rating to a “sell” rating in a report on Monday. Wells Fargo & Company assumed coverage on shares of iRhythm Technologies in a report on Tuesday, February 7th. They set an “overweight” rating and a $150.00 target price on the stock. Citigroup decreased their price target on shares of iRhythm Technologies from $144.00 to $110.00 and set a “neutral” rating on the stock in a report on Monday, December 12th. Finally, Needham & Company LLC decreased their price target on shares of iRhythm Technologies from $140.00 to $133.00 and set a “buy” rating on the stock in a report on Friday, February 24th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, iRhythm Technologies has a consensus rating of “Moderate Buy” and an average target price of $146.36.

Insider Activity

In related news, EVP Patrick Michael Murphy sold 571 shares of the business’s stock in a transaction that occurred on Friday, March 3rd. The shares were sold at an average price of $117.23, for a total transaction of $66,938.33. Following the completion of the transaction, the executive vice president now owns 32,437 shares in the company, valued at approximately $3,802,589.51. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other iRhythm Technologies news, EVP Daniel G. Wilson sold 1,726 shares of the company’s stock in a transaction on Tuesday, February 28th. The shares were sold at an average price of $117.84, for a total transaction of $203,391.84. Following the completion of the transaction, the executive vice president now directly owns 40,759 shares in the company, valued at $4,803,040.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Patrick Michael Murphy sold 571 shares of the stock in a transaction dated Friday, March 3rd. The shares were sold at an average price of $117.23, for a total transaction of $66,938.33. Following the completion of the sale, the executive vice president now owns 32,437 shares of the company’s stock, valued at $3,802,589.51. The disclosure for this sale can be found here. In the last quarter, insiders sold 11,317 shares of company stock worth $1,331,058. 1.64% of the stock is currently owned by corporate insiders.

iRhythm Technologies Company Profile

(Get Rating)

iRhythm Technologies, Inc engages in the development of monitoring and diagnostic solutions for detection of cardiac arrhythmias. It offers Zio XT, is a wearable patch-based biosensor, which continuously records and stores ECG data from every patient heartbeat for up to 14 consecutive days, and Zio AT, which provides ECG data but also provides physicians with actionable notifications during the wear period.