HighTower Advisors LLC Invests $334,000 in iRhythm Technologies, Inc. (NASDAQ:IRTC)

HighTower Advisors LLC acquired a new stake in iRhythm Technologies, Inc. (NASDAQ:IRTC) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 4,505 shares of the company’s stock, valued at approximately $334,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Nisa Investment Advisors LLC boosted its holdings in iRhythm Technologies by 79.6% during the 2nd quarter. Nisa Investment Advisors LLC now owns 625 shares of the company’s stock valued at $67,000 after acquiring an additional 277 shares during the period. nVerses Capital LLC lifted its position in iRhythm Technologies by 400.0% in the third quarter. nVerses Capital LLC now owns 2,000 shares of the company’s stock valued at $148,000 after acquiring an additional 1,600 shares during the last quarter. Bank Pictet & Cie Europe AG lifted its stake in iRhythm Technologies by 22.3% in the third quarter. Bank Pictet & Cie Europe AG now owns 3,105 shares of the company’s stock valued at $231,000 after buying an additional 567 shares during the last quarter. Aigen Investment Management LP purchased a new stake in shares of iRhythm Technologies in the third quarter valued at about $243,000. Finally, Hennion & Walsh Asset Management Inc. raised its stake in shares of iRhythm Technologies by 27.3% during the third quarter. Hennion & Walsh Asset Management Inc. now owns 3,512 shares of the company’s stock worth $261,000 after purchasing an additional 754 shares during the last quarter.

iRhythm Technologies Stock Performance

Shares of IRTC opened at $88.66 on Tuesday. 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 firm has a fifty day moving average of $80.38 and a 200-day moving average of $81.19. The company has a market cap of $2.77 billion, a price-to-earnings ratio of -18.24 and a beta of 1.26. 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 results 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 firm had revenue of $147.54 million for the quarter, compared to analyst estimates of $146.69 million. During the same quarter last year, the business posted ($0.89) earnings per share. The firm’s revenue for the quarter was up 18.4% compared to the same quarter last year. As a group, equities analysts anticipate that iRhythm Technologies, Inc. will post -3.44 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently commented on IRTC shares. Canaccord Genuity Group raised their price target on iRhythm Technologies from $125.00 to $152.00 and gave the company a “buy” rating in a report on Monday, December 9th. Needham & Company LLC lowered their price objective on iRhythm Technologies from $119.00 to $96.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. Wells Fargo & Company reissued an “equal weight” rating and set a $86.00 price target on shares of iRhythm Technologies in a research report on Tuesday, December 3rd. Robert W. Baird dropped their target price on iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating on the stock in a report on Friday, November 1st. Finally, The Goldman Sachs Group assumed coverage on iRhythm Technologies in a research note on Friday, October 4th. They set a “neutral” rating and a $78.00 price objective for the company. 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 company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $109.27.

Insider Buying and Selling at iRhythm Technologies

In related news, Director Abhijit Y. Talwalkar purchased 6,664 shares of the company’s stock in a transaction dated Monday, November 4th. The shares were acquired at an average cost of $75.16 per share, with a total value of $500,866.24. Following the completion of the purchase, the director now owns 18,941 shares of the company’s stock, valued at $1,423,605.56. The trade was a 54.28 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Patrick Michael Murphy sold 2,492 shares of the business’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 value of $214,037.88. Following the completion of the sale, the insider now directly owns 35,327 shares of the company’s stock, valued at approximately $3,034,236.03. The trade was a 6.59 % decrease in their position. The disclosure for this sale can be found here. 0.68% of the stock is owned by corporate 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.