Los Angeles Capital Management LLC Decreases Stake in iRhythm Technologies, Inc. (NASDAQ:IRTC)

Los Angeles Capital Management LLC lessened its holdings in iRhythm Technologies, Inc. (NASDAQ:IRTC) by 27.5% during the first quarter, Holdings Channel.com reports. The institutional investor owned 1,905 shares of the company’s stock after selling 724 shares during the quarter. Los Angeles Capital Management LLC’s holdings in iRhythm Technologies were worth $221,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of the business. Covestor Ltd boosted its position in iRhythm Technologies by 285.2% in the third quarter. Covestor Ltd now owns 312 shares of the company’s stock worth $29,000 after purchasing an additional 231 shares during the last quarter. International Assets Investment Management LLC bought a new position in iRhythm Technologies during the fourth quarter valued at about $92,000. Quent Capital LLC purchased a new stake in iRhythm Technologies during the fourth quarter worth about $161,000. SeaCrest Wealth Management LLC bought a new stake in iRhythm Technologies in the fourth quarter worth about $205,000. Finally, Diversified Trust Co bought a new stake in iRhythm Technologies in the fourth quarter worth about $212,000.

Insider Buying and Selling

In other news, CAO Marc W. Rosenbaum sold 510 shares of the business’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $88.91, for a total transaction of $45,344.10. Following the completion of the transaction, the chief accounting officer now directly owns 8,174 shares in the company, valued at approximately $726,750.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CAO Marc W. Rosenbaum sold 510 shares of iRhythm Technologies stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $88.91, for a total transaction of $45,344.10. Following the completion of the sale, the chief accounting officer now owns 8,174 shares of the company’s stock, valued at $726,750.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Sumi Shrishrimal sold 1,131 shares of the business’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $88.91, for a total value of $100,557.21. Following the transaction, the executive vice president now owns 23,298 shares of the company’s stock, valued at $2,071,425.18. The disclosure for this sale can be found here. 0.68% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on IRTC. Needham & Company LLC raised their price target on shares of iRhythm Technologies from $137.00 to $138.00 and gave the stock a “buy” rating in a research note on Friday, May 3rd. Wolfe Research raised iRhythm Technologies from a “peer perform” rating to an “outperform” rating and set a $115.00 target price for the company in a research report on Thursday, June 20th. Finally, Canaccord Genuity Group lowered their target price on iRhythm Technologies from $133.00 to $122.00 and set a “buy” rating on the stock in a research note on Friday, May 3rd. One research analyst has rated the stock with a sell rating and eight have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $131.22.

iRhythm Technologies Stock Performance

NASDAQ:IRTC opened at $104.38 on Friday. The business’s fifty day moving average is $99.19 and its 200 day moving average is $106.73. The firm has a market cap of $3.25 billion, a price-to-earnings ratio of -24.68 and a beta of 1.24. The company has a debt-to-equity ratio of 7.13, a quick ratio of 6.95 and a current ratio of 7.10. iRhythm Technologies, Inc. has a 52-week low of $70.24 and a 52-week high of $124.11.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings results on Thursday, May 2nd. The company reported ($1.47) earnings per share for the quarter, missing the consensus estimate of ($0.99) by ($0.48). iRhythm Technologies had a negative net margin of 25.33% and a negative return on equity of 69.87%. The company had revenue of $131.93 million for the quarter, compared to the consensus estimate of $128.87 million. Research analysts predict that iRhythm Technologies, Inc. will post -3.22 EPS for the current year.

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.