PNC Financial Services Group Inc. Trims Stock Position in iRhythm Technologies (NASDAQ:IRTC)

PNC Financial Services Group Inc. cut its stake in shares of iRhythm Technologies (NASDAQ:IRTC) by 17.6% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 4,102 shares of the company’s stock after selling 878 shares during the period. PNC Financial Services Group Inc.’s holdings in iRhythm Technologies were worth $429,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. MCF Advisors LLC purchased a new stake in iRhythm Technologies during the 1st quarter valued at approximately $25,000. CWM LLC raised its stake in iRhythm Technologies by 54.3% during the 1st quarter. CWM LLC now owns 517 shares of the company’s stock valued at $54,000 after acquiring an additional 182 shares during the last quarter. Raiffeisen Bank International AG purchased a new stake in iRhythm Technologies during the 4th quarter valued at approximately $60,000. US Bancorp DE raised its stake in iRhythm Technologies by 61.9% during the 1st quarter. US Bancorp DE now owns 978 shares of the company’s stock valued at $102,000 after acquiring an additional 374 shares during the last quarter. Finally, Avanza Fonder AB purchased a new stake in iRhythm Technologies during the 1st quarter valued at approximately $123,000.

Wall Street Analysts Forecast Growth

Several research firms have commented on IRTC. JPMorgan Chase & Co. upped their price objective on iRhythm Technologies from $145.00 to $190.00 and gave the company an “overweight” rating in a research note on Friday, August 1st. Citigroup upped their price objective on iRhythm Technologies from $130.00 to $167.00 and gave the company a “buy” rating in a research note on Thursday, May 22nd. Canaccord Genuity Group boosted their target price on iRhythm Technologies from $139.00 to $170.00 and gave the stock a “buy” rating in a research report on Friday, August 1st. Robert W. Baird boosted their target price on iRhythm Technologies from $133.00 to $150.00 and gave the stock an “outperform” rating in a research report on Friday, May 2nd. Finally, William Blair upgraded iRhythm Technologies to a “strong-buy” rating in a research report on Friday, August 1st. One research analyst has rated the stock with a sell rating, one has given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, iRhythm Technologies presently has an average rating of “Moderate Buy” and a consensus price target of $157.30.

iRhythm Technologies Stock Performance

IRTC opened at $162.10 on Friday. The stock has a market cap of $5.21 billion, a P/E ratio of -55.32 and a beta of 1.41. The company has a debt-to-equity ratio of 6.25, a current ratio of 5.02 and a quick ratio of 4.88. The stock’s 50 day simple moving average is $145.96 and its 200 day simple moving average is $125.69. iRhythm Technologies has a 1-year low of $55.92 and a 1-year high of $168.32.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings results on Thursday, July 31st. The company reported ($0.32) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.53) by $0.21. The business had revenue of $186.69 million for the quarter, compared to analysts’ expectations of $173.94 million. iRhythm Technologies had a negative return on equity of 90.03% and a negative net margin of 14.06%. The company’s revenue was up 26.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.61) EPS. As a group, equities analysts anticipate that iRhythm Technologies will post -1.98 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Quentin S. Blackford sold 30,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $160.54, for a total value of $4,816,200.00. Following the sale, the chief executive officer owned 179,038 shares in the company, valued at $28,742,760.52. This represents a 14.35% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Marc Wade Rosenbaum sold 226 shares of the company’s stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $158.93, for a total value of $35,918.18. Following the completion of the sale, the chief accounting officer owned 10,879 shares in the company, valued at approximately $1,728,999.47. This represents a 2.04% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 46,772 shares of company stock worth $7,440,739. 1.10% of the stock is owned by insiders.

iRhythm Technologies Company Profile

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.