iRhythm Technologies $IRTC Shares Sold by Truist Financial Corp

Truist Financial Corp lessened its stake in shares of iRhythm Technologies (NASDAQ:IRTC) by 61.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 3,741 shares of the company’s stock after selling 5,942 shares during the period. Truist Financial Corp’s holdings in iRhythm Technologies were worth $643,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Quantbot Technologies LP purchased a new position in iRhythm Technologies during the 2nd quarter worth approximately $3,578,000. Osaic Holdings Inc. increased its stake in shares of iRhythm Technologies by 507.3% in the second quarter. Osaic Holdings Inc. now owns 9,292 shares of the company’s stock worth $1,431,000 after acquiring an additional 7,762 shares during the period. Jump Financial LLC purchased a new position in shares of iRhythm Technologies during the second quarter worth $9,668,000. Walleye Capital LLC acquired a new position in iRhythm Technologies during the second quarter valued at $11,366,000. Finally, Ethic Inc. acquired a new position in iRhythm Technologies during the second quarter valued at $242,000.

iRhythm Technologies Stock Performance

IRTC opened at $152.11 on Thursday. The company has a quick ratio of 4.50, a current ratio of 4.63 and a debt-to-equity ratio of 5.32. The company has a market cap of $4.90 billion, a price-to-earnings ratio of -94.48 and a beta of 1.06. iRhythm Technologies has a 52-week low of $92.52 and a 52-week high of $212.00. The firm’s fifty day simple moving average is $168.02 and its two-hundred day simple moving average is $171.34.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Truist Financial reduced their price objective on iRhythm Technologies from $230.00 to $215.00 and set a “buy” rating for the company in a research note on Thursday, December 18th. Freedom Capital upgraded iRhythm Technologies to a “strong-buy” rating in a research report on Thursday, January 15th. Morgan Stanley restated an “overweight” rating on shares of iRhythm Technologies in a research report on Monday, January 12th. Evercore raised shares of iRhythm Technologies from an “in-line” rating to an “outperform” rating and raised their price objective for the stock from $194.00 to $210.00 in a research note on Monday, January 5th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of iRhythm Technologies in a report on Thursday, January 22nd. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $219.23.

Insider Activity

In related news, insider Patrick Michael Murphy sold 2,478 shares of the firm’s stock in a transaction dated Tuesday, December 2nd. The shares were sold at an average price of $184.83, for a total value of $458,008.74. Following the transaction, the insider directly owned 53,281 shares of the company’s stock, valued at approximately $9,847,927.23. This trade represents a 4.44% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Chad Patterson sold 280 shares of iRhythm Technologies stock in a transaction dated Tuesday, December 2nd. The stock was sold at an average price of $184.83, for a total value of $51,752.40. Following the completion of the sale, the insider owned 43,387 shares in the company, valued at approximately $8,019,219.21. The trade was a 0.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.10% of the stock is owned by corporate insiders.

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.