Mutual of America Capital Management LLC Lowers Position in iRhythm Technologies, Inc. (NASDAQ:IRTC)

Mutual of America Capital Management LLC reduced its position in shares of iRhythm Technologies, Inc. (NASDAQ:IRTC) by 0.9% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 20,676 shares of the company’s stock after selling 194 shares during the period. Mutual of America Capital Management LLC owned approximately 0.07% of iRhythm Technologies worth $1,535,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Harbor Capital Advisors Inc. increased its position in iRhythm Technologies by 272.0% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 79,938 shares of the company’s stock worth $5,935,000 after purchasing an additional 58,448 shares during the period. Assenagon Asset Management S.A. grew its holdings in iRhythm Technologies by 361.1% during the second quarter. Assenagon Asset Management S.A. now owns 48,962 shares of the company’s stock worth $5,270,000 after acquiring an additional 38,344 shares during the period. Allspring Global Investments Holdings LLC raised its position in iRhythm Technologies by 14.6% in the second quarter. Allspring Global Investments Holdings LLC now owns 475,586 shares of the company’s stock worth $51,192,000 after acquiring an additional 60,560 shares in the last quarter. Lighthouse Investment Partners LLC acquired a new stake in iRhythm Technologies in the second quarter valued at $2,071,000. Finally, The Manufacturers Life Insurance Company boosted its position in shares of iRhythm Technologies by 6.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 183,046 shares of the company’s stock worth $19,703,000 after purchasing an additional 11,031 shares in the last quarter.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on IRTC. The Goldman Sachs Group initiated coverage on shares of iRhythm Technologies in a research note on Friday, October 4th. They issued a “neutral” rating and a $78.00 price objective for the company. Canaccord Genuity Group lifted their price target on shares of iRhythm Technologies from $122.00 to $137.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. StockNews.com lowered iRhythm Technologies from a “hold” rating to a “sell” rating in a research note on Friday, September 27th. Citigroup dropped their price objective on iRhythm Technologies from $135.00 to $110.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. Finally, Truist Financial boosted their target price on iRhythm Technologies from $80.00 to $95.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, iRhythm Technologies has an average rating of “Moderate Buy” and a consensus target price of $108.50.

Insider Transactions at iRhythm Technologies

In other iRhythm Technologies news, Director Abhijit Y. Talwalkar acquired 6,664 shares of the firm’s stock in a transaction dated Monday, November 4th. The shares were acquired at an average price of $75.16 per share, for a total transaction of $500,866.24. Following the completion of the acquisition, the director now directly owns 18,941 shares of the company’s stock, valued at $1,423,605.56. This trade represents a 54.28 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Quentin S. Blackford sold 16,145 shares of the company’s stock in a transaction on Monday, November 4th. The shares were sold at an average price of $77.41, for a total value of $1,249,784.45. Following the completion of the transaction, the chief executive officer now owns 159,929 shares of the company’s stock, valued at $12,380,103.89. The trade was a 9.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.68% of the company’s stock.

iRhythm Technologies Price Performance

IRTC stock opened at $82.32 on Tuesday. The stock’s 50 day moving average price is $72.93 and its 200 day moving average price is $81.81. The firm has a market cap of $2.58 billion, a P/E ratio of -16.94 and a beta of 1.23. The company has a debt-to-equity ratio of 9.00, a quick ratio of 6.12 and a current ratio of 6.27. iRhythm Technologies, Inc. has a 1 year low of $55.92 and a 1 year high of $124.11.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings data on Wednesday, October 30th. The company reported ($1.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.55) by ($0.71). iRhythm Technologies had a negative net margin of 26.90% and a negative return on equity of 120.86%. The company had revenue of $147.54 million during the quarter, compared to analysts’ expectations of $146.69 million. During the same quarter in the prior year, the company earned ($0.89) earnings per share. The firm’s revenue was up 18.4% compared to the same quarter last year. On average, sell-side analysts expect that iRhythm Technologies, Inc. will post -3.44 earnings per share for the current fiscal year.

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.