Verition Fund Management LLC Invests $900,000 in iRhythm Technologies, Inc. (NASDAQ:IRTC)

Verition Fund Management LLC bought a new stake in iRhythm Technologies, Inc. (NASDAQ:IRTC - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 12,126 shares of the company's stock, valued at approximately $900,000.

Other institutional investors have also recently made changes to their positions in the company. Bridgewater Associates LP grew its holdings in shares of iRhythm Technologies by 79.6% during the third quarter. Bridgewater Associates LP now owns 9,853 shares of the company's stock worth $731,000 after buying an additional 4,367 shares in the last quarter. BNP Paribas Financial Markets raised its holdings in iRhythm Technologies by 245.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 11,768 shares of the company's stock valued at $874,000 after acquiring an additional 8,360 shares during the last quarter. FMR LLC lifted its stake in iRhythm Technologies by 7.0% in the 3rd quarter. FMR LLC now owns 388,074 shares of the company's stock worth $28,811,000 after purchasing an additional 25,385 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of iRhythm Technologies by 7.3% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 196,423 shares of the company's stock worth $14,582,000 after purchasing an additional 13,377 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in shares of iRhythm Technologies in the third quarter valued at approximately $1,497,000.

iRhythm Technologies Trading Down 2.8 %

Shares of IRTC traded down $2.39 during midday trading on Monday, hitting $82.79. 307,641 shares of the stock were exchanged, compared to its average volume of 470,061. iRhythm Technologies, Inc. has a 52-week low of $55.92 and a 52-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 stock has a fifty day simple moving average of $75.74 and a 200 day simple moving average of $81.13. The firm has a market cap of $2.59 billion, a P/E ratio of -17.03 and a beta of 1.26.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last announced its earnings results on Wednesday, October 30th. The company reported ($1.26) EPS 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 analysts' expectations of $146.69 million. iRhythm Technologies had a negative net margin of 26.90% and a negative return on equity of 120.86%. The business's revenue was up 18.4% compared to the same quarter last year. During the same quarter last year, the business earned ($0.89) earnings per share. On average, research analysts anticipate that iRhythm Technologies, Inc. will post -3.44 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

IRTC has been the subject of several analyst reports. Citigroup dropped their target price on iRhythm Technologies from $135.00 to $110.00 and set a "buy" rating for the company in a report on Thursday, August 22nd. Canaccord Genuity Group raised their price objective on shares of iRhythm Technologies from $125.00 to $152.00 and gave the stock a "buy" rating in a research report on Monday. Wells Fargo & Company reiterated an "equal weight" rating and issued a $86.00 target price on shares of iRhythm Technologies in a report on Tuesday, December 3rd. Needham & Company LLC dropped their price target on shares of iRhythm Technologies from $119.00 to $96.00 and set a "buy" rating for the company in a research note on Thursday, October 31st. Finally, The Goldman Sachs Group assumed coverage on shares of iRhythm Technologies in a research report on Friday, October 4th. They set a "neutral" rating and a $78.00 price target on the stock. One analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $107.82.

Insiders Place Their Bets

In related news, insider Patrick Michael Murphy sold 2,492 shares of the company's stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $85.89, for a total transaction of $214,037.88. Following the sale, the insider now directly owns 35,327 shares in the company, valued at approximately $3,034,236.03. This represents a 6.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Quentin S. Blackford sold 16,145 shares of the firm's stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $77.41, for a total transaction of $1,249,784.45. Following the completion of the sale, the chief executive officer now directly owns 159,929 shares in the company, valued at approximately $12,380,103.89. This trade represents a 9.17 % decrease in their position. The disclosure for this sale can be found here. 0.68% of the stock is owned by company insiders.

iRhythm Technologies 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.