KCM Capital Inc Has $3.54 Million Stock Holdings in iRhythm Technologies $IRTC

KCM Capital Inc cut its position in shares of iRhythm Technologies (NASDAQ:IRTC) by 18.9% in the first quarter, Holdings Channel reports. The firm owned 30,000 shares of the company’s stock after selling 7,000 shares during the period. iRhythm Technologies accounts for 0.6% of KCM Capital Inc’s investment portfolio, making the stock its 27th largest holding. KCM Capital Inc’s holdings in iRhythm Technologies were worth $3,541,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in the company. Royal Bank of Canada lifted its stake in shares of iRhythm Technologies by 423.0% in the 1st quarter. Royal Bank of Canada now owns 7,573 shares of the company’s stock valued at $793,000 after purchasing an additional 6,125 shares during the last quarter. Goldman Sachs Group Inc. increased its position in iRhythm Technologies by 33.5% during the first quarter. Goldman Sachs Group Inc. now owns 433,780 shares of the company’s stock worth $45,408,000 after buying an additional 108,941 shares during the last quarter. Strs Ohio bought a new position in iRhythm Technologies during the first quarter valued at about $147,000. Arrowstreet Capital Limited Partnership bought a new position in iRhythm Technologies during the second quarter valued at about $1,278,000. Finally, First Trust Advisors LP lifted its position in shares of iRhythm Technologies by 66.0% in the second quarter. First Trust Advisors LP now owns 56,197 shares of the company’s stock worth $8,652,000 after buying an additional 22,337 shares during the last quarter.

Insiders Place Their Bets

In other iRhythm Technologies news, Director Abhijit Y. Talwalkar bought 5,312 shares of the stock in a transaction that occurred on Monday, May 11th. The shares were acquired at an average price of $10.71 per share, with a total value of $56,891.52. Following the completion of the purchase, the director directly owned 25,611 shares in the company, valued at $274,293.81. The trade was a 26.17% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.98% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. The Goldman Sachs Group decreased their target price on iRhythm Technologies from $184.00 to $147.00 and set a “neutral” rating for the company in a research report on Thursday, April 9th. Wall Street Zen raised shares of iRhythm Technologies from a “hold” rating to a “buy” rating in a report on Saturday, July 18th. Citigroup lifted their target price on shares of iRhythm Technologies from $155.00 to $157.00 and gave the stock a “buy” rating in a report on Monday, May 4th. Canaccord Genuity Group cut their target price on shares of iRhythm Technologies from $180.00 to $152.00 and set a “buy” rating for the company in a research report on Monday, June 1st. Finally, Truist Financial decreased their price target on shares of iRhythm Technologies from $174.00 to $160.00 and set a “buy” rating for the company in a report on Thursday, July 16th. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $186.62.

iRhythm Technologies Stock Down 2.7%

IRTC opened at $106.07 on Thursday. iRhythm Technologies has a fifty-two week low of $100.85 and a fifty-two week high of $212.00. The company has a debt-to-equity ratio of 4.03, a current ratio of 5.17 and a quick ratio of 4.98. The firm’s fifty day moving average price is $113.81 and its two-hundred day moving average price is $128.90. The company has a market capitalization of $3.49 billion, a P/E ratio of -123.34 and a beta of 1.27.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings data on Thursday, April 30th. The company reported ($0.35) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.21. The company had revenue of $199.39 million during the quarter, compared to analysts’ expectations of $194.11 million. iRhythm Technologies had a negative net margin of 3.53% and a negative return on equity of 10.26%. The business’s revenue was up 25.6% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.97) EPS. On average, analysts anticipate that iRhythm Technologies will post 0.13 EPS for the current year.

iRhythm Technologies 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.