IRHYTHM TECH (IRTC) Position Lifted by Alliancebernstein L.P.
Alliancebernstein L.P. boosted its holdings in shares of IRHYTHM TECH (NASDAQ:IRTC) by 644.3% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 883,986 shares of the company’s stock after buying an additional 765,218 shares during the period. Alliancebernstein L.P. owned approximately 3.95% of IRHYTHM TECH worth $37,561,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors have also bought and sold shares of IRTC. TimesSquare Capital Management LLC acquired a new position in IRHYTHM TECH during the first quarter valued at $27,746,000. Bank of New York Mellon Corp grew its stake in IRHYTHM TECH by 2,702.1% in the second quarter. Bank of New York Mellon Corp now owns 607,054 shares of the company’s stock valued at $25,794,000 after purchasing an additional 585,390 shares in the last quarter. Marshall Wace North America L.P. purchased a new position in IRHYTHM TECH in the second quarter valued at about $21,300,000. Vanguard Group Inc. grew its stake in IRHYTHM TECH by 290.4% in the first quarter. Vanguard Group Inc. now owns 305,244 shares of the company’s stock valued at $11,477,000 after purchasing an additional 227,050 shares in the last quarter. Finally, Victory Capital Management Inc. purchased a new position in IRHYTHM TECH in the second quarter valued at about $8,415,000. 93.25% of the stock is currently owned by hedge funds and other institutional investors.
IRHYTHM TECH (IRTC) opened at 48.69 on Friday. The stock’s market cap is $1.11 billion. IRHYTHM TECH has a 52 week low of $22.16 and a 52 week high of $50.51. The firm has a 50-day moving average price of $49.09 and a 200-day moving average price of $44.37.
IRHYTHM TECH (NASDAQ:IRTC) last released its quarterly earnings results on Wednesday, August 2nd. The company reported ($0.29) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.31) by $0.02. IRHYTHM TECH had a negative return on equity of 57.23% and a negative net margin of 27.34%. The firm had revenue of $23.85 million for the quarter, compared to the consensus estimate of $22.10 million. The business’s quarterly revenue was up 51.6% compared to the same quarter last year. On average, equities research analysts predict that IRHYTHM TECH will post ($1.13) EPS for the current year.
A number of research analysts have commented on IRTC shares. Zacks Investment Research downgraded IRHYTHM TECH from a “hold” rating to a “sell” rating in a research note on Wednesday, July 5th. Morgan Stanley boosted their target price on IRHYTHM TECH from $43.00 to $47.00 and gave the company an “overweight” rating in a research note on Tuesday, June 6th. Finally, Canaccord Genuity restated a “buy” rating and issued a $42.00 target price on shares of IRHYTHM TECH in a research note on Tuesday, June 6th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $37.75.
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In other IRHYTHM TECH news, Director Vijay K. Lathi sold 34,613 shares of IRHYTHM TECH stock in a transaction dated Wednesday, September 13th. The stock was sold at an average price of $49.51, for a total value of $1,713,689.63. Following the sale, the director now owns 1,405 shares of the company’s stock, valued at approximately $69,561.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP David A. Vort sold 5,000 shares of IRHYTHM TECH stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $48.76, for a total value of $243,800.00. The disclosure for this sale can be found here. Insiders sold a total of 253,100 shares of company stock worth $11,137,023 in the last three months. Company insiders own 23.30% of the company’s stock.
About IRHYTHM TECH
iRhythm Technologies, Inc is a United States-based digital health company. The Company develops and commercializes solutions that integrate biosensor technology, patient data, analytics and medical expertise. The Company offers flagship solution, the ZIO Service. Its ZIO Service consists of the ZIO XT Patch, algorithms and the ZIO Report.
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