iRhythm Technologies $IRTC Shares Sold by Capital Research Global Investors

Capital Research Global Investors reduced its position in iRhythm Technologies (NASDAQ:IRTC) by 21.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,183,736 shares of the company’s stock after selling 323,128 shares during the quarter. Capital Research Global Investors owned about 3.67% of iRhythm Technologies worth $203,591,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Holocene Advisors LP grew its stake in iRhythm Technologies by 2,023.1% during the 2nd quarter. Holocene Advisors LP now owns 313,094 shares of the company’s stock valued at $48,204,000 after purchasing an additional 298,347 shares during the last quarter. Loomis Sayles & Co. L P acquired a new position in shares of iRhythm Technologies in the second quarter valued at about $39,339,000. Goldman Sachs Group Inc. raised its stake in shares of iRhythm Technologies by 33.5% in the first quarter. Goldman Sachs Group Inc. now owns 433,780 shares of the company’s stock worth $45,408,000 after purchasing an additional 108,941 shares during the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of iRhythm Technologies during the third quarter worth about $13,394,000. Finally, M&G PLC acquired a new stake in shares of iRhythm Technologies during the second quarter worth about $11,457,000.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Evercore upgraded shares of iRhythm Technologies from an “in-line” rating to an “outperform” rating and increased their price target for the stock from $194.00 to $210.00 in a report on Monday, January 5th. Truist Financial restated a “buy” rating and set a $200.00 price objective (down from $215.00) on shares of iRhythm Technologies in a research note on Friday, February 20th. Wall Street Zen raised shares of iRhythm Technologies from a “hold” rating to a “buy” rating in a report on Saturday, February 21st. Canaccord Genuity Group reduced their target price on shares of iRhythm Technologies from $212.00 to $198.00 and set a “buy” rating for the company in a report on Friday, February 20th. Finally, Needham & Company LLC restated a “buy” rating and set a $244.00 target price on shares of iRhythm Technologies in a research report on Monday, January 12th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, iRhythm Technologies presently has a consensus rating of “Moderate Buy” and a consensus price target of $211.62.

Insiders Place Their Bets

In related news, EVP Sumi Shrishrimal sold 6,217 shares of iRhythm Technologies stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $135.42, for a total value of $841,906.14. Following the completion of the transaction, the executive vice president owned 39,182 shares in the company, valued at $5,306,026.44. The trade was a 13.69% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Patrick Michael Murphy sold 7,805 shares of the company’s stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $135.42, for a total value of $1,056,953.10. Following the completion of the transaction, the insider directly owned 60,536 shares of the company’s stock, valued at $8,197,785.12. The trade was a 11.42% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 94,509 shares of company stock valued at $12,734,195. Insiders own 0.68% of the company’s stock.

iRhythm Technologies Price Performance

Shares of NASDAQ IRTC opened at $120.53 on Wednesday. The company has a debt-to-equity ratio of 4.25, a current ratio of 4.63 and a quick ratio of 4.48. The stock has a market capitalization of $3.90 billion, a price-to-earnings ratio of -86.09 and a beta of 1.09. The firm’s 50 day simple moving average is $154.14 and its 200-day simple moving average is $168.79. iRhythm Technologies has a 12 month low of $92.52 and a 12 month high of $212.00.

iRhythm Technologies (NASDAQ:IRTC) last posted its earnings results on Thursday, February 19th. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.27. The firm had revenue of $208.89 million during the quarter, compared to analysts’ expectations of $202.61 million. iRhythm Technologies had a negative net margin of 5.96% and a negative return on equity of 28.15%. The business’s revenue was up 27.1% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.04) EPS. Analysts expect that iRhythm Technologies will post -1.98 EPS for the current year.

About iRhythm Technologies

iRhythm Technologies, Inc is a medical technology company that develops and commercializes wearable cardiac monitoring devices and associated data analytics services. Founded in 2006 and headquartered in San Francisco, California, the company’s flagship product is the Zio® patch, a discreet, single-use, continuous ECG recorder designed to monitor heart rhythms for up to 14 days. iRhythm’s digital diagnostics platform combines biosensor technology with proprietary algorithms to detect arrhythmias and streamline data interpretation for physicians.

The Zio service is prescribed by cardiologists and other healthcare providers to aid in the diagnosis of atrial fibrillation, bradycardia, tachycardia and other rhythm disorders.