Mirae Asset Global Investments Co. Ltd. Increases Stock Position in iRhythm Technologies, Inc. (NASDAQ:IRTC)

Mirae Asset Global Investments Co. Ltd. increased its position in iRhythm Technologies, Inc. (NASDAQ:IRTCFree Report) by 7.2% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 78,111 shares of the company’s stock after acquiring an additional 5,276 shares during the period. Mirae Asset Global Investments Co. Ltd. owned about 0.25% of iRhythm Technologies worth $9,360,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in IRTC. Norges Bank purchased a new position in iRhythm Technologies in the 4th quarter worth approximately $26,522,000. Wellington Management Group LLP bought a new stake in iRhythm Technologies in the 3rd quarter worth approximately $20,659,000. Capital Research Global Investors grew its position in iRhythm Technologies by 5.1% in the 4th quarter. Capital Research Global Investors now owns 2,495,626 shares of the company’s stock worth $267,132,000 after purchasing an additional 121,709 shares during the period. Artisan Partners Limited Partnership grew its position in iRhythm Technologies by 5.5% in the 4th quarter. Artisan Partners Limited Partnership now owns 2,071,500 shares of the company’s stock worth $221,733,000 after purchasing an additional 108,875 shares during the period. Finally, The Manufacturers Life Insurance Company grew its position in iRhythm Technologies by 74.9% in the 4th quarter. The Manufacturers Life Insurance Company now owns 177,094 shares of the company’s stock worth $18,956,000 after purchasing an additional 75,811 shares during the period.

iRhythm Technologies Stock Down 3.6 %

Shares of NASDAQ:IRTC opened at $95.90 on Tuesday. iRhythm Technologies, Inc. has a 12 month low of $70.24 and a 12 month high of $124.11. The firm’s 50-day moving average is $97.26 and its 200 day moving average is $106.81. The company has a current ratio of 7.10, a quick ratio of 6.95 and a debt-to-equity ratio of 7.13.

iRhythm Technologies (NASDAQ:IRTCGet Free Report) last issued its quarterly earnings results on Thursday, May 2nd. The company reported ($1.47) EPS for the quarter, missing the consensus estimate of ($0.99) by ($0.48). The firm had revenue of $131.93 million for the quarter, compared to the consensus estimate of $128.87 million. iRhythm Technologies had a negative net margin of 25.33% and a negative return on equity of 69.87%. As a group, sell-side analysts expect that iRhythm Technologies, Inc. will post -3.22 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other iRhythm Technologies news, CAO Marc W. Rosenbaum sold 510 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $88.91, for a total value of $45,344.10. Following the transaction, the chief accounting officer now directly owns 8,174 shares in the company, valued at approximately $726,750.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other iRhythm Technologies news, CMO Minang Turakhia sold 1,404 shares of the company’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $105.65, for a total value of $148,332.60. Following the transaction, the chief marketing officer now directly owns 27,255 shares in the company, valued at approximately $2,879,490.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Marc W. Rosenbaum sold 510 shares of the stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $88.91, for a total transaction of $45,344.10. Following the transaction, the chief accounting officer now owns 8,174 shares in the company, valued at $726,750.34. The disclosure for this sale can be found here. Insiders have sold 3,045 shares of company stock worth $294,234 in the last three months. Corporate insiders own 0.68% of the company’s stock.

Wall Street Analyst Weigh In

IRTC has been the subject of a number of research analyst reports. Needham & Company LLC lifted their target price on shares of iRhythm Technologies from $137.00 to $138.00 and gave the stock a “buy” rating in a research report on Friday, May 3rd. Canaccord Genuity Group cut their price objective on shares of iRhythm Technologies from $133.00 to $122.00 and set a “buy” rating for the company in a research report on Friday, May 3rd. Finally, Wolfe Research raised shares of iRhythm Technologies from a “peer perform” rating to an “outperform” rating and set a $115.00 price objective for the company in a research report on Thursday, June 20th. One equities research analyst has rated the stock with a sell rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $131.22.

Check Out Our Latest Stock Analysis on iRhythm Technologies

iRhythm Technologies Company Profile

(Free Report)

iRhythm Technologies, Inc, a digital healthcare company, engages in the design, development, and commercialization of device-based technology to provide ambulatory cardiac monitoring services to diagnose arrhythmias in the United States. It offers Zio services, an ambulatory monitoring solution, including long-term and short-term continuous monitoring and mobile cardiac telemetry monitoring services.

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Institutional Ownership by Quarter for iRhythm Technologies (NASDAQ:IRTC)

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