86,635 Shares in iRhythm Technologies $IRTC Purchased by Covington Investment Advisors Inc.

Covington Investment Advisors Inc. acquired a new position in iRhythm Technologies (NASDAQ:IRTC) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 86,635 shares of the company’s stock, valued at approximately $16,437,000. iRhythm Technologies makes up about 2.1% of Covington Investment Advisors Inc.’s investment portfolio, making the stock its 14th largest holding.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in IRTC. Measured Wealth Private Client Group LLC bought a new position in shares of iRhythm Technologies during the 3rd quarter worth approximately $30,000. Employees Retirement System of Texas bought a new stake in shares of iRhythm Technologies during the 3rd quarter worth $36,000. Harbor Investment Advisory LLC purchased a new position in shares of iRhythm Technologies in the 2nd quarter worth about $50,000. Torren Management LLC purchased a new position in shares of iRhythm Technologies in the 4th quarter worth about $53,000. Finally, Smartleaf Asset Management LLC grew its position in iRhythm Technologies by 63.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 323 shares of the company’s stock valued at $58,000 after buying an additional 125 shares during the period.

iRhythm Technologies Price Performance

IRTC opened at $128.52 on Monday. The firm has a 50-day moving average price of $117.81 and a 200-day moving average price of $121.82. iRhythm Technologies has a twelve month low of $100.85 and a twelve month high of $212.00. The company has a quick ratio of 3.74, a current ratio of 3.86 and a debt-to-equity ratio of 3.50. The company has a market capitalization of $4.24 billion, a price-to-earnings ratio of -298.88 and a beta of 1.30.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.62. The company had revenue of $224.17 million for the quarter, compared to analysts’ expectations of $219.30 million. iRhythm Technologies had a negative net margin of 1.69% and a positive return on equity of 10.11%. iRhythm Technologies’s revenue was up 20.1% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.32) EPS. Equities analysts expect that iRhythm Technologies will post 0.6 EPS for the current year.

Analysts Set New Price Targets

A number of research firms recently issued reports on IRTC. Weiss Ratings upgraded shares of iRhythm Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, June 18th. JPMorgan Chase & Co. dropped their target price on shares of iRhythm Technologies from $215.00 to $175.00 and set an “overweight” rating on the stock in a research note on Friday, May 1st. BTIG Research reissued a “buy” rating and set a $185.00 target price on shares of iRhythm Technologies in a research report on Monday, June 22nd. Wells Fargo & Company lowered their price target on shares of iRhythm Technologies from $180.00 to $168.00 and set an “overweight” rating on the stock in a report on Tuesday, August 18th. Finally, Wall Street Zen downgraded iRhythm Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $179.93.

iRhythm Technologies Company Profile

iRhythm Technologies, Inc is a medical technology company that develops and commercializes wearable cardiac monitoring devices and associated data analytics services. Founded in 2006 and headquartered in San Francisco, California, the company’s flagship product is the Zio® patch, a discreet, single-use, continuous ECG recorder designed to monitor heart rhythms for up to 14 days. iRhythm’s digital diagnostics platform combines biosensor technology with proprietary algorithms to detect arrhythmias and streamline data interpretation for physicians.

The Zio service is prescribed by cardiologists and other healthcare providers to aid in the diagnosis of atrial fibrillation, bradycardia, tachycardia and other rhythm disorders.