Irhythm Tech (IRTC) Stake Lowered by Victory Capital Management Inc.
Victory Capital Management Inc. trimmed its position in shares of Irhythm Tech (NASDAQ:IRTC) by 1.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 194,640 shares of the company’s stock after selling 3,410 shares during the period. Victory Capital Management Inc. owned about 0.86% of Irhythm Tech worth $10,098,000 as of its most recent SEC filing.
Several other large investors have also recently modified their holdings of IRTC. Legal & General Group Plc raised its stake in Irhythm Tech by 131.0% in the second quarter. Legal & General Group Plc now owns 3,373 shares of the company’s stock worth $143,000 after buying an additional 1,913 shares in the last quarter. American International Group Inc. bought a new position in Irhythm Tech in the first quarter worth about $161,000. First Mercantile Trust Co. bought a new position in Irhythm Tech in the second quarter worth about $221,000. Quantitative Systematic Strategies LLC bought a new position in Irhythm Tech in the second quarter worth about $262,000. Finally, Voya Investment Management LLC bought a new position in Irhythm Tech in the second quarter worth about $274,000. 95.22% of the stock is owned by hedge funds and other institutional investors.
IRTC has been the subject of a number of research reports. Canaccord Genuity increased their price target on shares of Irhythm Tech from $49.00 to $55.00 and gave the stock a “buy” rating in a research note on Friday, September 22nd. Zacks Investment Research downgraded shares of Irhythm Tech from a “hold” rating to a “sell” rating in a research note on Tuesday, August 8th. Morgan Stanley increased their price target on shares of Irhythm Tech from $50.00 to $65.00 and gave the stock an “overweight” rating in a research note on Friday, November 3rd. Finally, ValuEngine raised shares of Irhythm Tech from a “sell” rating to a “hold” rating in a research note on Saturday, October 21st. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $60.67.
Irhythm Tech (NASDAQ:IRTC) opened at $51.95 on Wednesday. Irhythm Tech has a one year low of $24.25 and a one year high of $53.87. The company has a current ratio of 8.15, a quick ratio of 8.07 and a debt-to-equity ratio of 0.36.
Irhythm Tech (NASDAQ:IRTC) last announced its earnings results on Wednesday, November 1st. The company reported ($0.29) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.34) by $0.05. Irhythm Tech had a negative net margin of 27.56% and a negative return on equity of 27.33%. The business had revenue of $25.04 million during the quarter, compared to the consensus estimate of $24.30 million. During the same quarter last year, the firm earned ($2.80) earnings per share. The business’s revenue for the quarter was up 49.2% on a year-over-year basis. sell-side analysts expect that Irhythm Tech will post -1.16 earnings per share for the current fiscal year.
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In other Irhythm Tech news, insider Kevin M. King sold 60,000 shares of the firm’s stock in a transaction that occurred on Monday, November 6th. The shares were sold at an average price of $51.85, for a total transaction of $3,111,000.00. Following the completion of the transaction, the insider now owns 103,042 shares of the company’s stock, valued at $5,342,727.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Raymond W. Scott sold 12,749 shares of the firm’s stock in a transaction that occurred on Monday, August 28th. The shares were sold at an average price of $45.30, for a total transaction of $577,529.70. Following the transaction, the director now directly owns 12,749 shares of the company’s stock, valued at approximately $577,529.70. The disclosure for this sale can be found here. Insiders have sold 125,111 shares of company stock valued at $6,258,065 in the last ninety days. 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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