Algert Global LLC Raises Stock Position in iRhythm Technologies, Inc. (NASDAQ:IRTC)

Algert Global LLC increased its holdings in shares of iRhythm Technologies, Inc. (NASDAQ:IRTC) by 332.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 13,560 shares of the company’s stock after purchasing an additional 10,427 shares during the period. Algert Global LLC’s holdings in iRhythm Technologies were worth $1,007,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in IRTC. Nisa Investment Advisors LLC raised its stake in shares of iRhythm Technologies by 79.6% during the second quarter. Nisa Investment Advisors LLC now owns 625 shares of the company’s stock valued at $67,000 after purchasing an additional 277 shares during the period. Russell Investments Group Ltd. boosted its stake in shares of iRhythm Technologies by 79,700.0% in the first quarter. Russell Investments Group Ltd. now owns 1,596 shares of the company’s stock valued at $185,000 after purchasing an additional 1,594 shares during the period. nVerses Capital LLC grew its holdings in 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 stake in iRhythm Technologies by 7.6% during the 2nd quarter. SeaCrest Wealth Management LLC now owns 2,125 shares of the company’s stock worth $229,000 after buying an additional 150 shares during the period. Finally, Hennion & Walsh Asset Management Inc. acquired a new position in iRhythm Technologies in the 2nd quarter worth $297,000.

Insider Activity

In other news, CEO Quentin S. Blackford sold 16,145 shares of iRhythm Technologies stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $77.41, for a total transaction of $1,249,784.45. Following the sale, the chief executive officer now owns 159,929 shares of the company’s stock, valued at approximately $12,380,103.89. The trade was a 9.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Abhijit Y. Talwalkar acquired 6,664 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The stock was acquired at an average cost of $75.16 per share, with a total value of $500,866.24. Following the completion of the acquisition, the director now directly owns 18,941 shares in the company, valued at approximately $1,423,605.56. This represents a 54.28 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 0.68% of the company’s stock.

iRhythm Technologies Stock Performance

Shares of NASDAQ IRTC opened at $86.96 on Friday. The stock has a market capitalization of $2.72 billion, a P/E ratio of -17.89 and a beta of 1.23. The firm’s 50-day moving average price is $74.17 and its two-hundred day moving average price is $81.71. iRhythm Technologies, Inc. has a 52-week low of $55.92 and a 52-week high of $124.11. The company has a quick ratio of 6.12, a current ratio of 6.27 and a debt-to-equity ratio of 9.00.

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

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. JPMorgan Chase & Co. dropped their target price on iRhythm Technologies from $133.00 to $100.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Oppenheimer cut their target price on iRhythm Technologies from $165.00 to $145.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. StockNews.com downgraded shares of iRhythm Technologies from a “hold” rating to a “sell” rating in a research report on Friday, September 27th. Needham & Company LLC cut their price target on shares of iRhythm Technologies from $119.00 to $96.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. Finally, The Goldman Sachs Group assumed coverage on shares of iRhythm Technologies in a report on Friday, October 4th. They set a “neutral” rating and a $78.00 price objective for the company. One analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $108.50.

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.