iRhythm Technologies $IRTC Shares Sold by KCM Capital Inc

KCM Capital Inc cut its stake in iRhythm Technologies (NASDAQ:IRTC) by 18.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 30,000 shares of the company’s stock after selling 7,000 shares during the quarter. iRhythm Technologies comprises about 0.6% of KCM Capital Inc’s investment portfolio, making the stock its 27th biggest position. KCM Capital Inc owned 0.09% of iRhythm Technologies worth $3,541,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently modified their holdings of IRTC. WCM Investment Management LLC raised its holdings in shares of iRhythm Technologies by 47.5% during the 1st quarter. WCM Investment Management LLC now owns 108,078 shares of the company’s stock valued at $12,344,000 after buying an additional 34,786 shares during the period. Swiss National Bank lifted its position in iRhythm Technologies by 0.5% during the 1st quarter. Swiss National Bank now owns 63,700 shares of the company’s stock worth $7,518,000 after acquiring an additional 300 shares in the last quarter. Future Fund LLC boosted its holdings in iRhythm Technologies by 27.8% in the 1st quarter. Future Fund LLC now owns 18,878 shares of the company’s stock worth $2,228,000 after acquiring an additional 4,101 shares during the period. Assetmark Inc. boosted its holdings in iRhythm Technologies by 30.1% in the 1st quarter. Assetmark Inc. now owns 821 shares of the company’s stock worth $97,000 after acquiring an additional 190 shares during the period. Finally, Allspring Global Investments Holdings LLC grew its position in iRhythm Technologies by 14.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 467,113 shares of the company’s stock valued at $55,222,000 after acquiring an additional 59,704 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on IRTC. Bank of America dropped their price objective on shares of iRhythm Technologies from $225.00 to $180.00 and set a “buy” rating on the stock in a research note on Monday, May 18th. Needham & Company LLC raised their price target on shares of iRhythm Technologies from $254.00 to $255.00 and gave the company a “buy” rating in a report on Friday, May 1st. Wells Fargo & Company dropped their price target on shares of iRhythm Technologies from $200.00 to $180.00 and set an “overweight” rating on the stock in a research note on Friday, May 1st. HC Wainwright reiterated a “buy” rating on shares of iRhythm Technologies in a report on Monday, June 1st. Finally, Wall Street Zen raised shares of iRhythm Technologies from a “hold” rating to a “buy” rating in a research report on Saturday, July 18th. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $186.62.

Insider Buying and Selling

In other news, Director Abhijit Y. Talwalkar acquired 5,312 shares of the company’s stock in a transaction dated Monday, May 11th. The shares were bought at an average price of $10.71 per share, with a total value of $56,891.52. Following the purchase, the director owned 25,611 shares of the company’s stock, valued at approximately $274,293.81. This represents a 26.17% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.98% of the stock is currently owned by insiders.

iRhythm Technologies Price Performance

IRTC opened at $106.07 on Thursday. The company has a quick ratio of 4.98, a current ratio of 5.17 and a debt-to-equity ratio of 4.03. The company’s 50-day moving average price is $113.81 and its 200 day moving average price is $128.90. iRhythm Technologies has a fifty-two week low of $100.85 and a fifty-two week high of $212.00. The firm has a market cap of $3.49 billion, a price-to-earnings ratio of -123.34 and a beta of 1.27.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings data on Thursday, April 30th. The company reported ($0.35) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.21. iRhythm Technologies had a negative return on equity of 10.26% and a negative net margin of 3.53%.The business had revenue of $199.39 million during the quarter, compared to analyst estimates of $194.11 million. During the same quarter in the previous year, the firm posted ($0.97) EPS. The business’s revenue for the quarter was up 25.6% compared to the same quarter last year. As a group, sell-side analysts expect that iRhythm Technologies will post 0.13 earnings per share for the current 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.