Victory Capital Management Inc. Raises Holdings in iRhythm Technologies, Inc. (NASDAQ:IRTC)

Posted by on Jul 29th, 2023

Victory Capital Management Inc. grew its position in iRhythm Technologies, Inc. (NASDAQ:IRTC – Free Report) by 1,959.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 152,792 shares of the company’s stock after buying an additional 145,373 shares during the quarter. Victory Capital Management Inc. owned 0.50% of iRhythm Technologies worth $18,951,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in IRTC. US Bancorp DE lifted its stake in shares of iRhythm Technologies by 3.7% during the 1st quarter. US Bancorp DE now owns 4,012 shares of the company’s stock worth $632,000 after purchasing an additional 144 shares during the last quarter. MetLife Investment Management LLC increased its holdings in shares of iRhythm Technologies by 49.2% in the first quarter. MetLife Investment Management LLC now owns 15,778 shares of the company’s stock valued at $2,485,000 after purchasing an additional 5,205 shares during the period. BlackRock Inc. grew its holdings in iRhythm Technologies by 0.4% during the first quarter. BlackRock Inc. now owns 2,093,147 shares of the company’s stock worth $329,607,000 after acquiring an additional 8,440 shares during the period. Dimensional Fund Advisors LP grew its holdings in iRhythm Technologies by 4.0% during the first quarter. Dimensional Fund Advisors LP now owns 68,492 shares of the company’s stock worth $10,783,000 after acquiring an additional 2,603 shares during the period. Finally, Vontobel Holding Ltd. acquired a new stake in iRhythm Technologies during the first quarter worth about $248,000.

iRhythm Technologies Stock Up 2.0 %

IRTC stock opened at $103.20 on Friday. The business has a fifty day moving average of $105.28 and a two-hundred day moving average of $113.33. The stock has a market cap of $3.14 billion, a price-to-earnings ratio of -29.74 and a beta of 1.34. iRhythm Technologies, Inc. has a 52-week low of $85.74 and a 52-week high of $164.69.

iRhythm Technologies (NASDAQ:IRTC – Get Free Report) last posted its earnings results on Thursday, May 4th. The company reported ($1.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.80) by ($0.49). The business had revenue of $111.44 million for the quarter, compared to analyst estimates of $107.57 million. iRhythm Technologies had a negative return on equity of 43.22% and a negative net margin of 24.34%. As a group, sell-side analysts anticipate that iRhythm Technologies, Inc. will post -3.43 EPS for the current year.

Wall Street Analysts Forecast Growth

IRTC has been the topic of several analyst reports. BTIG Research dropped their target price on iRhythm Technologies from $165.00 to $140.00 in a report on Thursday, June 8th. Needham & Company LLC raised their target price on iRhythm Technologies from $133.00 to $151.00 in a research report on Friday, May 5th. VNET Group restated a “maintains” rating on shares of iRhythm Technologies in a research report on Friday, May 5th. Citigroup raised their target price on iRhythm Technologies from $130.00 to $135.00 in a research report on Friday, May 5th. Finally, Robert W. Baird initiated coverage on iRhythm Technologies in a research report on Tuesday, July 18th. They set an “outperform” rating and a $130.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $148.90.

About iRhythm Technologies

(Free Report)

iRhythm Technologies, Inc, a digital healthcare company, provides ambulatory electrocardiogram (ECG) monitoring products for patients at risk for arrhythmias in the United States. It offers Zio service, an ambulatory cardiac monitoring solution that combines a wire-free, patch-based, and wearable biosensor with a cloud-based data analytic platform to help physicians to monitor patients and diagnose arrhythmias.

Further Reading

Institutional Ownership by Quarter for iRhythm Technologies (NASDAQ:IRTC)

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