Algert Global LLC Cuts Position in iRhythm Technologies, Inc. (NASDAQ:IRTC)

Algert Global LLC reduced its stake in shares of iRhythm Technologies, Inc. (NASDAQ:IRTC) by 62.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,133 shares of the company’s stock after selling 5,149 shares during the quarter. Algert Global LLC’s holdings in iRhythm Technologies were worth $337,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in IRTC. Vanguard Group Inc. lifted its position in shares of iRhythm Technologies by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 2,993,443 shares of the company’s stock valued at $320,418,000 after buying an additional 35,694 shares during the last quarter. Mackenzie Financial Corp raised its stake in shares of iRhythm Technologies by 5.9% during the 2nd quarter. Mackenzie Financial Corp now owns 1,428,324 shares of the company’s stock worth $153,745,000 after acquiring an additional 80,091 shares in the last quarter. Blair William & Co. IL lifted its position in iRhythm Technologies by 3.5% during the first quarter. Blair William & Co. IL now owns 832,934 shares of the company’s stock valued at $96,620,000 after acquiring an additional 27,842 shares during the last quarter. Champlain Investment Partners LLC boosted its stake in iRhythm Technologies by 104.1% in the first quarter. Champlain Investment Partners LLC now owns 575,800 shares of the company’s stock valued at $66,793,000 after acquiring an additional 293,710 shares in the last quarter. Finally, Point72 Asset Management L.P. grew its holdings in iRhythm Technologies by 12.3% in the second quarter. Point72 Asset Management L.P. now owns 536,202 shares of the company’s stock worth $57,717,000 after purchasing an additional 58,668 shares during the last quarter.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Robert W. Baird decreased their price objective on iRhythm Technologies from $120.00 to $110.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Morgan Stanley dropped their price target on iRhythm Technologies from $135.00 to $130.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. The Goldman Sachs Group assumed coverage on shares of iRhythm Technologies in a research report on Friday, October 4th. They issued a “neutral” rating and a $78.00 price objective for the company. Needham & Company LLC dropped their target price on shares of iRhythm Technologies from $138.00 to $119.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Finally, JPMorgan Chase & Co. decreased their price target on shares of iRhythm Technologies from $133.00 to $100.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. One analyst has rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, iRhythm Technologies currently has an average rating of “Moderate Buy” and an average target price of $116.10.

Insider Buying and Selling at iRhythm Technologies

In other iRhythm Technologies news, EVP Mervin Smith sold 688 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $74.66, for a total value of $51,366.08. Following the sale, the executive vice president now owns 10,360 shares in the company, valued at approximately $773,477.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other iRhythm Technologies news, EVP Mervin Smith sold 688 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $74.66, for a total value of $51,366.08. Following the completion of the transaction, the executive vice president now owns 10,360 shares in the company, valued at approximately $773,477.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Brice Bobzien sold 1,372 shares of the stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $70.34, for a total transaction of $96,506.48. Following the sale, the chief financial officer now directly owns 24,428 shares in the company, valued at approximately $1,718,265.52. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,072 shares of company stock valued at $372,748. 0.68% of the stock is owned by company insiders.

iRhythm Technologies Stock Down 0.3 %

NASDAQ:IRTC opened at $60.19 on Wednesday. The firm has a market capitalization of $1.87 billion, a P/E ratio of -14.23 and a beta of 1.22. The company’s fifty day moving average price is $70.98 and its 200-day moving average price is $90.87. iRhythm Technologies, Inc. has a 1-year low of $59.26 and a 1-year high of $124.11. The company has a debt-to-equity ratio of 6.50, a current ratio of 6.92 and a quick ratio of 6.76.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings data on Thursday, August 1st. The company reported ($0.61) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.89) by $0.28. iRhythm Technologies had a negative return on equity of 84.14% and a negative net margin of 24.50%. The business had revenue of $148.05 million during the quarter, compared to analyst estimates of $146.15 million. During the same quarter last year, the business posted ($0.61) EPS. The company’s revenue was up 19.3% on a year-over-year basis. As a group, equities research analysts anticipate that iRhythm Technologies, Inc. will post -2.66 EPS for the current year.

About iRhythm Technologies

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.