Synovus Financial Corp Acquires 1,948 Shares of iRhythm Technologies, Inc. (NASDAQ:IRTC)

Synovus Financial Corp raised its holdings in iRhythm Technologies, Inc. (NASDAQ:IRTC) by 28.8% in the 3rd quarter, HoldingsChannel reports. The firm owned 8,718 shares of the company’s stock after purchasing an additional 1,948 shares during the quarter. Synovus Financial Corp’s holdings in iRhythm Technologies were worth $647,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Nisa Investment Advisors LLC increased its stake 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 during the period. Quarry LP acquired a new stake in shares of iRhythm Technologies in the 3rd quarter valued at $59,000. Wilmington Savings Fund Society FSB acquired a new stake in shares of iRhythm Technologies in the 3rd quarter valued at $119,000. nVerses Capital LLC increased its stake in shares of iRhythm Technologies by 400.0% in the 3rd quarter. nVerses Capital LLC now owns 2,000 shares of the company’s stock valued at $148,000 after buying an additional 1,600 shares during the period. Finally, SeaCrest Wealth Management LLC increased its stake in shares of iRhythm Technologies by 7.6% in the 2nd quarter. SeaCrest Wealth Management LLC now owns 2,125 shares of the company’s stock valued at $229,000 after buying an additional 150 shares during the period.

Insider Activity

In related news, insider Patrick Michael Murphy sold 2,492 shares of the company’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $85.89, for a total transaction of $214,037.88. Following the sale, the insider now 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 legal filing with the SEC, which is accessible through this hyperlink. Also, Director Abhijit Y. Talwalkar bought 6,664 shares of the company’s stock in a transaction that occurred on Monday, November 4th. The shares were bought at an average price of $75.16 per share, for a total transaction of $500,866.24. Following the acquisition, the director now directly owns 18,941 shares of the company’s stock, valued at $1,423,605.56. This represents a 54.28 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.68% of the company’s stock.

Wall Street Analyst Weigh In

IRTC has been the subject of a number of analyst reports. Needham & Company LLC decreased their price objective on iRhythm Technologies from $119.00 to $96.00 and set a “buy” rating for the company in a research note on Thursday, October 31st. StockNews.com cut iRhythm Technologies from a “hold” rating to a “sell” rating in a research note on Friday, September 27th. Truist Financial lifted their price objective on iRhythm Technologies from $80.00 to $95.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. The Goldman Sachs Group began coverage on iRhythm Technologies in a research note on Friday, October 4th. They issued a “neutral” rating and a $78.00 target price for the company. Finally, Wells Fargo & Company reissued an “equal weight” rating and issued a $86.00 target price on shares of iRhythm Technologies in a research note on Tuesday, December 3rd. One analyst has rated the stock with a sell rating, two have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $107.82.

iRhythm Technologies Stock Performance

Shares of iRhythm Technologies stock opened at $91.45 on Wednesday. The firm has a market cap of $2.86 billion, a price-to-earnings ratio of -18.82 and a beta of 1.26. The stock’s 50-day moving average is $78.56 and its 200-day moving average is $81.16. iRhythm Technologies, Inc. has a one year low of $55.92 and a one year high of $124.11. The company has a debt-to-equity ratio of 9.00, a current ratio of 6.27 and a quick ratio of 6.12.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly 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 during the quarter, compared to the consensus estimate 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 for the quarter was up 18.4% on a year-over-year basis. During the same quarter last year, the firm earned ($0.89) earnings per share. Equities analysts predict that iRhythm Technologies, Inc. will post -3.44 earnings per share for the current fiscal year.

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.