First Light Asset Management LLC Has $26.68 Million Stock Position in iRhythm Technologies $IRTC

First Light Asset Management LLC reduced its stake in iRhythm Technologies (NASDAQ:IRTC) by 17.2% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 155,099 shares of the company’s stock after selling 32,256 shares during the period. iRhythm Technologies accounts for approximately 2.5% of First Light Asset Management LLC’s holdings, making the stock its 16th largest holding. First Light Asset Management LLC’s holdings in iRhythm Technologies were worth $26,675,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in IRTC. Brevan Howard Capital Management LP bought a new stake in iRhythm Technologies in the third quarter valued at about $273,000. Cinctive Capital Management LP acquired a new position in iRhythm Technologies in the third quarter valued at about $4,823,000. Bank of America Corp DE boosted its holdings in iRhythm Technologies by 8.1% during the third quarter. Bank of America Corp DE now owns 375,788 shares of the company’s stock worth $64,632,000 after buying an additional 28,156 shares during the last quarter. Aquatic Capital Management LLC grew its position in shares of iRhythm Technologies by 129.6% during the 3rd quarter. Aquatic Capital Management LLC now owns 13,327 shares of the company’s stock worth $2,292,000 after buying an additional 7,523 shares during the period. Finally, Algert Global LLC grew its position in shares of iRhythm Technologies by 166.1% during the 3rd quarter. Algert Global LLC now owns 79,730 shares of the company’s stock worth $13,713,000 after buying an additional 49,764 shares during the period.

iRhythm Technologies Stock Performance

Shares of iRhythm Technologies 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. The firm has a market cap of $3.65 billion, a price-to-earnings ratio of -80.71 and a beta of 1.10. The stock’s 50-day moving average is $150.49 and its 200-day moving average is $167.69. iRhythm Technologies has a one year low of $92.52 and a one year high of $212.00.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings data on Thursday, February 19th. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $202.61 million. During the same period last year, the company earned ($0.04) earnings per share. iRhythm Technologies’s quarterly revenue was up 27.1% on a year-over-year basis. Equities analysts predict that iRhythm Technologies will post -1.98 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Quentin S. Blackford sold 25,540 shares of the firm’s stock in a transaction that occurred on Wednesday, February 25th. The shares were sold at an average price of $135.42, for a total transaction of $3,458,626.80. Following the completion of the transaction, the chief executive officer directly owned 186,126 shares of the company’s stock, valued at $25,205,182.92. This trade represents a 12.07% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Sumi Shrishrimal sold 6,217 shares of iRhythm Technologies stock in a transaction that occurred on Wednesday, February 25th. The shares were sold at an average price of $135.42, for a total transaction of $841,906.14. Following the completion of the sale, the executive vice president owned 39,182 shares in the company, valued at $5,306,026.44. This trade represents a 13.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 94,509 shares of company stock worth $12,734,195. 0.68% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on IRTC. Needham & Company LLC reaffirmed a “buy” rating and issued a $244.00 price target on shares of iRhythm Technologies in a research note on Monday, January 12th. Canaccord Genuity Group decreased their price objective 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. Freedom Capital raised shares of iRhythm Technologies to a “strong-buy” rating in a research note on Thursday, January 15th. Wall Street Zen upgraded shares of iRhythm Technologies from a “hold” rating to a “buy” rating in a report on Saturday, February 21st. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of iRhythm Technologies in a research report on Thursday, January 22nd. Two equities research 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’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $209.46.

iRhythm Technologies Company 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.