The Manufacturers Life Insurance Company Has $14.58 Million Stock Position in iRhythm Technologies, Inc. (NASDAQ:IRTC)

The Manufacturers Life Insurance Company boosted its stake in iRhythm Technologies, Inc. (NASDAQ:IRTC) by 7.3% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 196,423 shares of the company’s stock after purchasing an additional 13,377 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.63% of iRhythm Technologies worth $14,582,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Nisa Investment Advisors LLC raised its position in shares of iRhythm Technologies by 79.6% in the 2nd quarter. Nisa Investment Advisors LLC now owns 625 shares of the company’s stock valued at $67,000 after buying an additional 277 shares in the last quarter. nVerses Capital LLC increased its stake in iRhythm Technologies by 400.0% in the third quarter. nVerses Capital LLC now owns 2,000 shares of the company’s stock valued at $148,000 after acquiring an additional 1,600 shares during the last quarter. SeaCrest Wealth Management LLC raised its position in iRhythm Technologies by 7.6% during the second quarter. SeaCrest Wealth Management LLC now owns 2,125 shares of the company’s stock valued at $229,000 after purchasing an additional 150 shares in the last quarter. Hennion & Walsh Asset Management Inc. bought a new position in shares of iRhythm Technologies in the 2nd quarter valued at $297,000. Finally, Bank Pictet & Cie Europe AG lifted its position in shares of iRhythm Technologies by 22.3% during the 3rd quarter. Bank Pictet & Cie Europe AG now owns 3,105 shares of the company’s stock worth $231,000 after buying an additional 567 shares during the last quarter.

iRhythm Technologies Stock Performance

NASDAQ:IRTC opened at $86.96 on Monday. The company has a market capitalization of $2.72 billion, a PE ratio of -17.89 and a beta of 1.23. iRhythm Technologies, Inc. has a fifty-two week low of $55.92 and a fifty-two week high of $124.11. The company has a debt-to-equity ratio of 9.00, a quick ratio of 6.12 and a current ratio of 6.27. The company has a 50 day simple moving average of $74.17 and a two-hundred day simple moving average of $81.45.

iRhythm Technologies (NASDAQ:IRTC) last announced its earnings results on Wednesday, October 30th. The company reported ($1.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.71). The firm had revenue of $147.54 million for the quarter, compared to the consensus estimate of $146.69 million. iRhythm Technologies had a negative return on equity of 120.86% and a negative net margin of 26.90%. iRhythm Technologies’s quarterly revenue was up 18.4% on a year-over-year basis. During the same period in the prior year, the business earned ($0.89) EPS. Research analysts anticipate that iRhythm Technologies, Inc. will post -3.44 earnings per share for the current year.

Insider Activity at iRhythm Technologies

In related news, CEO Quentin S. Blackford sold 16,145 shares of the company’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $77.41, for a total transaction of $1,249,784.45. Following the transaction, the chief executive officer now directly owns 159,929 shares of the company’s stock, valued at approximately $12,380,103.89. This represents a 9.17 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Abhijit Y. Talwalkar acquired 6,664 shares of the firm’s stock in a transaction dated Monday, November 4th. The shares were purchased at an average price of $75.16 per share, with a total value of $500,866.24. Following the acquisition, the director now owns 18,941 shares of the company’s stock, valued at approximately $1,423,605.56. This represents a 54.28 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.68% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Citigroup reduced their price target on shares of iRhythm Technologies from $135.00 to $110.00 and set a “buy” rating on the stock in a research note on Thursday, August 22nd. StockNews.com cut shares of iRhythm Technologies from a “hold” rating to a “sell” rating in a research note on Friday, September 27th. Robert W. Baird dropped their price target on iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating for the company in a research note on Friday, November 1st. The Goldman Sachs Group began coverage on iRhythm Technologies in a report on Friday, October 4th. They set a “neutral” rating and a $78.00 price objective on the stock. Finally, Canaccord Genuity Group increased their target price on iRhythm Technologies from $122.00 to $137.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $108.50.

About iRhythm Technologies

iRhythm Technologies, Inc, a digital healthcare company, engages in the design, development, and commercialization of device-based technology to provide ambulatory cardiac monitoring services to diagnose arrhythmias in the United States. It offers Zio services, an ambulatory monitoring solution, including long-term and short-term continuous monitoring and mobile cardiac telemetry monitoring services.