Castleark Management LLC Sells 23,000 Shares of iRhythm Technologies $IRTC

Castleark Management LLC trimmed its position in shares of iRhythm Technologies (NASDAQ:IRTC) by 45.8% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 27,193 shares of the company’s stock after selling 23,000 shares during the quarter. Castleark Management LLC owned 0.08% of iRhythm Technologies worth $3,209,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of IRTC. Granahan Investment Management LLC raised its stake in shares of iRhythm Technologies by 567.9% in the first quarter. Granahan Investment Management LLC now owns 96,022 shares of the company’s stock valued at $11,333,000 after acquiring an additional 81,645 shares during the period. Entropy Technologies LP boosted its stake in shares of iRhythm Technologies by 59.2% during the 1st quarter. Entropy Technologies LP now owns 10,652 shares of the company’s stock worth $1,257,000 after purchasing an additional 3,963 shares during the period. Inceptionr LLC grew its holdings in iRhythm Technologies by 58.2% during the 1st quarter. Inceptionr LLC now owns 5,420 shares of the company’s stock valued at $640,000 after purchasing an additional 1,993 shares during the last quarter. Group One Trading LLC bought a new position in iRhythm Technologies during the 1st quarter valued at about $206,000. Finally, WCM Investment Management LLC grew its holdings in 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 purchasing an additional 34,786 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on IRTC shares. The Goldman Sachs Group decreased their price objective on shares of iRhythm Technologies from $184.00 to $147.00 and set a “neutral” rating for the company in a research note on Thursday, April 9th. Truist Financial cut their target price on iRhythm Technologies from $174.00 to $160.00 and set a “buy” rating on the stock in a research note on Thursday, July 16th. Bank of America reduced their price target on iRhythm Technologies from $225.00 to $180.00 and set a “buy” rating on the stock in a report on Monday, May 18th. JPMorgan Chase & Co. dropped their price objective on iRhythm Technologies from $215.00 to $175.00 and set an “overweight” rating for the company in a report on Friday, May 1st. Finally, Wells Fargo & Company cut their price objective on iRhythm Technologies from $200.00 to $180.00 and set an “overweight” rating on the stock in a research report on Friday, May 1st. Three research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, iRhythm Technologies has an average rating of “Buy” and a consensus target price of $184.71.

iRhythm Technologies Trading Up 2.7%

Shares of NASDAQ IRTC opened at $112.15 on Tuesday. iRhythm Technologies has a twelve month low of $100.85 and a twelve month high of $212.00. The firm has a market cap of $3.69 billion, a PE ratio of -130.41 and a beta of 1.27. The business has a fifty day simple moving average of $113.61 and a two-hundred day simple moving average of $127.38. The company has a quick ratio of 4.98, a current ratio of 5.17 and a debt-to-equity ratio of 4.03.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings results on Thursday, April 30th. The company reported ($0.35) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.21. The business had revenue of $199.39 million for the quarter, compared to the consensus estimate of $194.11 million. iRhythm Technologies had a negative return on equity of 10.26% and a negative net margin of 3.53%.The business’s revenue was up 25.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.97) EPS. Analysts expect that iRhythm Technologies will post 0.13 earnings per share for the current fiscal year.

Insider Buying and Selling

In other iRhythm Technologies news, Director Abhijit Y. Talwalkar purchased 5,312 shares of iRhythm Technologies stock in a transaction dated Monday, May 11th. The stock was acquired at an average price of $10.71 per share, for a total transaction of $56,891.52. Following the acquisition, the director owned 25,611 shares in the company, valued at $274,293.81. This trade represents a 26.17% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.98% of the company’s stock.

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.