Van ECK Associates Corp Has $29,000 Holdings in iRhythm Technologies, Inc. (NASDAQ:IRTC)

Van ECK Associates Corp decreased its holdings in iRhythm Technologies, Inc. (NASDAQ:IRTC) by 35.5% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 392 shares of the company’s stock after selling 216 shares during the quarter. Van ECK Associates Corp’s holdings in iRhythm Technologies were worth $29,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Westfield Capital Management Co. LP bought a new position in shares of iRhythm Technologies in the first quarter valued at approximately $58,311,000. Champlain Investment Partners LLC lifted its stake in iRhythm Technologies by 104.1% during the 1st 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. First Light Asset Management LLC lifted its stake in iRhythm Technologies by 176.8% during the 1st quarter. First Light Asset Management LLC now owns 420,892 shares of the company’s stock valued at $48,823,000 after acquiring an additional 268,829 shares in the last quarter. Mackenzie Financial Corp boosted its holdings in 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 during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its stake in shares of iRhythm Technologies by 14.6% in the 2nd 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.

iRhythm Technologies Trading Down 4.2 %

Shares of iRhythm Technologies stock opened at $83.44 on Friday. The stock has a market capitalization of $2.61 billion, a P/E ratio of -17.93 and a beta of 1.23. iRhythm Technologies, Inc. has a 52-week low of $55.92 and a 52-week high of $124.11. 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 stock’s 50-day simple moving average is $72.02 and its 200 day simple moving average is $83.58.

iRhythm Technologies (NASDAQ:IRTC) last posted its earnings results on Wednesday, October 30th. The company reported ($1.26) earnings per share for the quarter, missing the consensus estimate of ($0.55) by ($0.71). The business had revenue of $147.54 million during the quarter, compared to analysts’ expectations of $146.69 million. iRhythm Technologies had a negative return on equity of 120.86% and a negative net margin of 26.90%. iRhythm Technologies’s revenue for the quarter was up 18.4% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.89) EPS. As a group, research analysts anticipate that iRhythm Technologies, Inc. will post -3.44 EPS for the current year.

Insider Transactions at iRhythm Technologies

In other news, Director Abhijit Y. Talwalkar bought 6,664 shares of the stock in a transaction on Monday, November 4th. The shares were acquired at an average cost of $75.16 per share, for a total transaction of $500,866.24. Following the purchase, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Quentin S. Blackford sold 16,145 shares of the firm’s stock in a transaction on Monday, November 4th. The shares were sold at an average price of $77.41, for a total transaction of $1,249,784.45. Following the completion of the transaction, the chief executive officer now directly owns 159,929 shares of the company’s stock, valued at approximately $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. Corporate insiders own 0.68% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Robert W. Baird cut their price target on shares of iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating on the stock in a report on Friday, November 1st. Canaccord Genuity Group boosted their target price on iRhythm Technologies from $122.00 to $137.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. Needham & Company LLC decreased their price target 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. Citigroup dropped their price target on iRhythm Technologies from $135.00 to $110.00 and set a “buy” rating on the stock in a report on Thursday, August 22nd. Finally, StockNews.com downgraded iRhythm Technologies from a “hold” rating to a “sell” rating in a research note on Friday, September 27th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, iRhythm Technologies presently has an average rating of “Moderate Buy” and an average target price of $108.50.

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.