Intech Investment Management LLC Makes New $702,000 Investment in iRhythm Technologies, Inc. (NASDAQ:IRTC)

Intech Investment Management LLC bought a new stake in shares of iRhythm Technologies, Inc. (NASDAQ:IRTC) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 9,460 shares of the company’s stock, valued at approximately $702,000.

Several other hedge funds have also recently made changes to their positions in the business. Nisa Investment Advisors LLC boosted its holdings in iRhythm Technologies by 79.6% in the second quarter. Nisa Investment Advisors LLC now owns 625 shares of the company’s stock valued at $67,000 after acquiring an additional 277 shares in the last quarter. Russell Investments Group Ltd. lifted its position in shares of iRhythm Technologies by 79,700.0% in the 1st quarter. Russell Investments Group Ltd. now owns 1,596 shares of the company’s stock worth $185,000 after purchasing an additional 1,594 shares during the period. nVerses Capital LLC boosted its stake in shares of iRhythm Technologies by 400.0% during the 3rd quarter. nVerses Capital LLC now owns 2,000 shares of the company’s stock valued at $148,000 after purchasing an additional 1,600 shares in the last quarter. SeaCrest Wealth Management LLC increased its position in shares of iRhythm Technologies by 7.6% during the second quarter. SeaCrest Wealth Management LLC now owns 2,125 shares of the company’s stock valued at $229,000 after buying an additional 150 shares during the period. Finally, Hennion & Walsh Asset Management Inc. bought a new position in iRhythm Technologies in the second quarter worth about $297,000.

Analysts Set New Price Targets

Several analysts have weighed in on IRTC shares. Truist Financial lifted their price objective on iRhythm Technologies from $80.00 to $95.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. StockNews.com lowered iRhythm Technologies from a “hold” rating to a “sell” rating in a research report on Friday, September 27th. The Goldman Sachs Group began coverage on shares of iRhythm Technologies in a report on Friday, October 4th. They set a “neutral” rating and a $78.00 target price on the stock. JPMorgan Chase & Co. decreased their price target on shares of iRhythm Technologies from $133.00 to $100.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Finally, Citigroup dropped their price objective on shares of iRhythm Technologies from $135.00 to $110.00 and set a “buy” rating on the stock in a research note on Thursday, August 22nd. One analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $108.50.

Insider Transactions at iRhythm Technologies

In related news, CEO Quentin S. Blackford sold 16,145 shares of the firm’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $77.41, for a total value of $1,249,784.45. Following the transaction, the chief executive officer now directly owns 159,929 shares of the company’s stock, valued at approximately $12,380,103.89. This trade represents a 9.17 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Abhijit Y. Talwalkar purchased 6,664 shares of the business’s stock in a transaction on Monday, November 4th. The shares were bought at an average cost of $75.16 per share, with a total value of $500,866.24. Following the acquisition, the director now directly owns 18,941 shares of the company’s stock, valued at $1,423,605.56. This trade represents a 54.28 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.68% of the company’s stock.

iRhythm Technologies Stock Down 2.3 %

IRTC stock opened at $86.96 on Friday. The business’s 50-day moving average is $74.17 and its two-hundred day moving average is $81.71. The company has a market cap of $2.72 billion, a price-to-earnings ratio of -17.89 and a beta of 1.23. iRhythm Technologies, Inc. has a fifty-two week low of $55.92 and a fifty-two week high of $124.11. The company has a debt-to-equity ratio of 9.00, a quick ratio of 6.12 and a current ratio of 6.27.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings data on Wednesday, October 30th. The company reported ($1.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.71). iRhythm Technologies had a negative return on equity of 120.86% and a negative net margin of 26.90%. The business had revenue of $147.54 million during the quarter, compared to analysts’ expectations of $146.69 million. During the same period in the previous year, the business posted ($0.89) EPS. The business’s quarterly revenue was up 18.4% compared to the same quarter last year. As a group, analysts forecast that iRhythm Technologies, Inc. will post -3.44 earnings per share for the current year.

About iRhythm Technologies

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.