iRhythm Technologies, Inc. (NASDAQ:IRTC) Position Increased by Fred Alger Management LLC

Fred Alger Management LLC boosted its position in iRhythm Technologies, Inc. (NASDAQ:IRTC) by 24.4% during the 3rd quarter, HoldingsChannel reports. The firm owned 314,117 shares of the company’s stock after buying an additional 61,696 shares during the quarter. Fred Alger Management LLC’s holdings in iRhythm Technologies were worth $23,320,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in IRTC. SeaCrest Wealth Management LLC lifted its holdings in iRhythm Technologies by 7.6% in the second quarter. SeaCrest Wealth Management LLC now owns 2,125 shares of the company’s stock worth $229,000 after purchasing an additional 150 shares during the period. Nisa Investment Advisors LLC increased 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 acquiring an additional 277 shares during the period. Arizona State Retirement System raised its holdings in iRhythm Technologies by 3.4% during the second quarter. Arizona State Retirement System now owns 8,711 shares of the company’s stock worth $938,000 after purchasing an additional 287 shares in the last quarter. Oppenheimer Asset Management Inc. lifted its position in iRhythm Technologies by 6.5% in the second quarter. Oppenheimer Asset Management Inc. now owns 7,909 shares of the company’s stock worth $851,000 after purchasing an additional 482 shares during the period. Finally, Bank Pictet & Cie Europe AG boosted its stake in iRhythm Technologies by 22.3% during the 3rd quarter. Bank Pictet & Cie Europe AG now owns 3,105 shares of the company’s stock valued at $231,000 after purchasing an additional 567 shares in the last quarter.

Insider Buying and Selling

In related news, Director Abhijit Y. Talwalkar purchased 6,664 shares of iRhythm Technologies stock in a transaction dated 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 transaction, the director now directly owns 18,941 shares of the company’s stock, valued at $1,423,605.56. This trade represents a 54.28 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Quentin S. Blackford sold 16,145 shares of the firm’s 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. This represents a 9.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.68% of the company’s stock.

iRhythm Technologies Stock Performance

iRhythm Technologies stock opened at $86.96 on Friday. iRhythm Technologies, Inc. has a fifty-two week low of $55.92 and a fifty-two week high of $124.11. The firm’s 50 day simple moving average is $74.17 and its 200-day simple moving average is $81.71. The company has a debt-to-equity ratio of 9.00, a current ratio of 6.27 and a quick ratio of 6.12. The company has a market cap of $2.72 billion, a P/E ratio of -17.89 and a beta of 1.23.

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

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on IRTC. Citigroup cut their price objective on iRhythm Technologies from $135.00 to $110.00 and set a “buy” rating for the company in a report on Thursday, August 22nd. Robert W. Baird cut their price target on shares of iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating for the company in a report on Friday, November 1st. JPMorgan Chase & Co. lowered their price objective on shares of iRhythm Technologies from $133.00 to $100.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. The Goldman Sachs Group assumed coverage on shares of iRhythm Technologies in a research note on Friday, October 4th. They set a “neutral” rating and a $78.00 target price for the company. Finally, Truist Financial raised their target price on shares of iRhythm Technologies from $80.00 to $95.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. One research analyst has rated the stock with a sell rating, one has given a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, iRhythm Technologies presently has a consensus rating of “Moderate Buy” and a consensus price target of $108.50.

iRhythm Technologies 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.