Cinctive Capital Management LP Purchases New Stake in iRhythm Technologies, Inc. (NASDAQ:IRTC)

Cinctive Capital Management LP purchased a new position in shares of iRhythm Technologies, Inc. (NASDAQ:IRTC - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 8,141 shares of the company's stock, valued at approximately $734,000.

Several other hedge funds have also made changes to their positions in the business. R Squared Ltd purchased a new stake in iRhythm Technologies during the 4th quarter worth approximately $45,000. Van ECK Associates Corp increased its position in shares of iRhythm Technologies by 41.3% during the fourth quarter. Van ECK Associates Corp now owns 554 shares of the company's stock worth $50,000 after acquiring an additional 162 shares during the period. Quarry LP acquired a new stake in shares of iRhythm Technologies in the third quarter valued at $59,000. Nisa Investment Advisors LLC boosted its holdings in iRhythm Technologies by 166.6% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,037 shares of the company's stock valued at $94,000 after purchasing an additional 648 shares during the period. Finally, Wilmington Savings Fund Society FSB acquired a new position in iRhythm Technologies during the 3rd quarter worth $119,000.

iRhythm Technologies Stock Performance

Shares of NASDAQ IRTC traded up $6.61 during trading hours on Wednesday, reaching $103.45. The stock had a trading volume of 681,226 shares, compared to its average volume of 457,112. The firm has a 50-day moving average of $106.63 and a 200-day moving average of $92.01. The firm has a market cap of $3.25 billion, a price-to-earnings ratio of -28.42 and a beta of 1.45. The company has a current ratio of 6.27, a quick ratio of 6.12 and a debt-to-equity ratio of 9.00. iRhythm Technologies, Inc. has a fifty-two week low of $55.92 and a fifty-two week high of $128.52.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last posted its quarterly earnings data on Thursday, February 20th. The company reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.29) by $0.30. The business had revenue of $164.33 million during the quarter, compared to the consensus estimate of $158.30 million. iRhythm Technologies had a negative return on equity of 118.83% and a negative net margin of 19.14%. Equities research analysts predict that iRhythm Technologies, Inc. will post -1.98 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on IRTC shares. Truist Financial increased their price target on iRhythm Technologies from $111.00 to $145.00 and gave the company a "buy" rating in a research report on Friday, February 21st. The Goldman Sachs Group boosted their price target on shares of iRhythm Technologies from $91.00 to $124.00 and gave the stock a "neutral" rating in a report on Monday, February 24th. Wells Fargo & Company raised their price objective on shares of iRhythm Technologies from $86.00 to $104.00 and gave the company an "equal weight" rating in a report on Friday, February 21st. Oppenheimer boosted their target price on shares of iRhythm Technologies from $105.00 to $120.00 and gave the stock an "outperform" rating in a research note on Wednesday, January 8th. Finally, StockNews.com upgraded iRhythm Technologies from a "sell" rating to a "hold" rating in a research note on Monday, February 24th. Three investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $119.73.

iRhythm Technologies Company Profile

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.