iRhythm Technologies $IRTC Stock Holdings Lessened by Fred Alger Management LLC

Fred Alger Management LLC lessened its stake in shares of iRhythm Technologies (NASDAQ:IRTC) by 1.7% in the third quarter, according to its most recent filing with the SEC. The fund owned 320,099 shares of the company’s stock after selling 5,444 shares during the period. Fred Alger Management LLC owned about 0.99% of iRhythm Technologies worth $55,054,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Root Financial Partners LLC acquired a new stake in shares of iRhythm Technologies during the third quarter worth $30,000. Smartleaf Asset Management LLC boosted its position in shares of iRhythm Technologies by 100.0% in the 3rd quarter. Smartleaf Asset Management LLC now owns 198 shares of the company’s stock valued at $34,000 after purchasing an additional 99 shares during the period. Optiver Holding B.V. acquired a new position in shares of iRhythm Technologies in the 3rd quarter valued at $35,000. Employees Retirement System of Texas purchased a new position in iRhythm Technologies in the 3rd quarter worth about $36,000. Finally, Harvest Fund Management Co. Ltd purchased a new position in iRhythm Technologies in the 3rd quarter worth about $69,000.

Insider Buying and Selling

In related news, EVP Minang Turakhia sold 4,027 shares of the company’s stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $128.45, for a total value of $517,268.15. Following the completion of the sale, the executive vice president directly owned 54,906 shares in the company, valued at approximately $7,052,675.70. This represents a 6.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Sumi Shrishrimal sold 2,830 shares of the business’s stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $128.44, for a total value of $363,485.20. Following the completion of the sale, the executive vice president directly owned 41,870 shares of the company’s stock, valued at $5,377,782.80. This represents a 6.33% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 94,509 shares of company stock valued at $12,734,195. 0.68% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Wells Fargo & Company reduced their price objective on shares of iRhythm Technologies from $225.00 to $200.00 and set an “overweight” rating for the company 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 research report on Saturday, February 21st. Truist Financial restated a “buy” rating and issued a $200.00 price target (down from $215.00) on shares of iRhythm Technologies in a research report on Friday, February 20th. Weiss Ratings reiterated a “sell (d-)” rating on shares of iRhythm Technologies in a research report on Thursday, January 22nd. Finally, Citigroup cut their target price on shares of iRhythm Technologies from $242.00 to $214.00 and set a “buy” rating on the stock in a research note on Wednesday, March 11th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, iRhythm Technologies currently has an average rating of “Moderate Buy” and an average target price of $209.46.

iRhythm Technologies Stock Performance

Shares of IRTC stock opened at $113.00 on Monday. The company has a debt-to-equity ratio of 4.25, a current ratio of 4.63 and a quick ratio of 4.48. iRhythm Technologies has a fifty-two week low of $92.52 and a fifty-two week high of $212.00. The stock’s 50-day moving average is $150.49 and its two-hundred day moving average is $167.69. The firm has a market cap of $3.65 billion, a P/E ratio of -80.71 and a beta of 1.10.

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

iRhythm Technologies Profile

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.