Capital Research Global Investors Decreases Stock Holdings in iRhythm Technologies $IRTC

Capital Research Global Investors lowered its stake in iRhythm Technologies (NASDAQ:IRTC) by 21.4% during the third quarter, Holdings Channel.com reports. The fund owned 1,183,736 shares of the company’s stock after selling 323,128 shares during the quarter. Capital Research Global Investors’ holdings in iRhythm Technologies were worth $203,591,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in IRTC. US Bancorp DE grew its position in shares of iRhythm Technologies by 7.8% in the third quarter. US Bancorp DE now owns 1,042 shares of the company’s stock valued at $179,000 after purchasing an additional 75 shares during the period. Ameritas Investment Partners Inc. raised its position in shares of iRhythm Technologies by 2.9% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 3,256 shares of the company’s stock worth $501,000 after purchasing an additional 93 shares during the last quarter. Smartleaf Asset Management LLC raised its position in shares of iRhythm Technologies by 100.0% during the 3rd quarter. Smartleaf Asset Management LLC now owns 198 shares of the company’s stock worth $34,000 after purchasing an additional 99 shares during the last quarter. California State Teachers Retirement System lifted its stake in iRhythm Technologies by 0.3% in the 2nd quarter. California State Teachers Retirement System now owns 28,917 shares of the company’s stock valued at $4,452,000 after buying an additional 99 shares in the last quarter. Finally, Stephens Inc. AR boosted its holdings in iRhythm Technologies by 6.5% in the 3rd quarter. Stephens Inc. AR now owns 2,306 shares of the company’s stock worth $397,000 after buying an additional 140 shares during the last quarter.

iRhythm Technologies Trading Down 2.6%

IRTC opened at $120.53 on Wednesday. The company has a debt-to-equity ratio of 4.25, a current ratio of 4.63 and a quick ratio of 4.48. The company’s 50 day simple moving average is $154.14 and its two-hundred day simple moving average is $168.79. iRhythm Technologies has a 1-year low of $92.52 and a 1-year high of $212.00. The firm has a market capitalization of $3.90 billion, a price-to-earnings ratio of -86.09 and a beta of 1.09.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings results on Thursday, February 19th. The company reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.27. iRhythm Technologies had a negative return on equity of 28.15% and a negative net margin of 5.96%.The business had revenue of $208.89 million during the quarter, compared to analyst estimates of $202.61 million. During the same period in the prior year, the business earned ($0.04) earnings per share. The business’s revenue was up 27.1% compared to the same quarter last year. Analysts expect that iRhythm Technologies will post -1.98 EPS for the current fiscal year.

Insider Activity at iRhythm Technologies

In other iRhythm Technologies news, EVP Minang Turakhia sold 7,804 shares of the company’s stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $135.42, for a total value of $1,056,817.68. Following the completion of the sale, the executive vice president directly owned 48,899 shares in the company, valued at $6,621,902.58. This represents a 13.76% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Patrick Michael Murphy sold 7,805 shares of the firm’s stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $135.42, for a total value of $1,056,953.10. Following the completion of the sale, the insider directly owned 60,536 shares of the company’s stock, valued at $8,197,785.12. This trade represents a 11.42% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 94,509 shares of company stock valued at $12,734,195 in the last three months. Company insiders own 0.68% of the company’s stock.

Wall Street Analysts Forecast Growth

IRTC has been the subject of several research reports. Morgan Stanley reiterated an “overweight” rating on shares of iRhythm Technologies in a research note on Monday, January 12th. Truist Financial reaffirmed a “buy” rating and issued a $200.00 price target (down from $215.00) on shares of iRhythm Technologies in a research note on Friday, February 20th. Weiss Ratings reiterated a “sell (d-)” rating on shares of iRhythm Technologies in a research report on Thursday, January 22nd. Freedom Capital raised iRhythm Technologies to a “strong-buy” rating in a research note on Thursday, January 15th. Finally, Evercore upgraded iRhythm Technologies from an “in-line” rating to an “outperform” rating and raised their price objective for the company from $194.00 to $210.00 in a report on Monday, January 5th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $211.62.

About iRhythm Technologies

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.