Oppenheimer Asset Management Inc. Boosts Stake in iRhythm Technologies, Inc. (NASDAQ:IRTC)

Oppenheimer Asset Management Inc. raised its position in iRhythm Technologies, Inc. (NASDAQ:IRTC) by 6.5% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,909 shares of the company’s stock after purchasing an additional 482 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in iRhythm Technologies were worth $851,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in IRTC. Headlands Technologies LLC grew its stake in shares of iRhythm Technologies by 10,650.0% in the first quarter. Headlands Technologies LLC now owns 430 shares of the company’s stock valued at $50,000 after buying an additional 426 shares in the last quarter. Nisa Investment Advisors LLC grew its position in iRhythm Technologies by 79.6% in the 2nd quarter. Nisa Investment Advisors LLC now owns 625 shares of the company’s stock valued at $67,000 after acquiring an additional 277 shares in the last quarter. SG Americas Securities LLC purchased a new stake in iRhythm Technologies during the first quarter worth about $126,000. Russell Investments Group Ltd. lifted its position in shares of iRhythm Technologies by 79,700.0% during the first quarter. Russell Investments Group Ltd. now owns 1,596 shares of the company’s stock worth $185,000 after purchasing an additional 1,594 shares in the last quarter. Finally, SeaCrest Wealth Management LLC boosted its stake in shares of iRhythm Technologies by 7.6% in the second quarter. SeaCrest Wealth Management LLC now owns 2,125 shares of the company’s stock valued at $229,000 after purchasing an additional 150 shares during the period.

iRhythm Technologies Price Performance

IRTC stock opened at $73.08 on Friday. The stock has a market cap of $2.27 billion, a price-to-earnings ratio of -17.28 and a beta of 1.22. iRhythm Technologies, Inc. has a fifty-two week low of $60.88 and a fifty-two week high of $124.11. The company has a quick ratio of 6.76, a current ratio of 6.92 and a debt-to-equity ratio of 6.50. The business has a 50 day moving average price of $77.64 and a 200 day moving average price of $94.20.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings data on Thursday, August 1st. The company reported ($0.61) earnings per share for the quarter, topping the consensus estimate of ($0.89) by $0.28. The business had revenue of $148.05 million during the quarter, compared to the consensus estimate of $146.15 million. iRhythm Technologies had a negative net margin of 24.50% and a negative return on equity of 84.14%. The company’s revenue was up 19.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.61) EPS. Equities research analysts anticipate that iRhythm Technologies, Inc. will post -2.66 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Morgan Stanley cut their target price on shares of iRhythm Technologies from $135.00 to $130.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. Citigroup reduced their price objective on iRhythm Technologies from $135.00 to $110.00 and set a “buy” rating on the stock in a research note on Thursday, August 22nd. JPMorgan Chase & Co. lowered their target price on iRhythm Technologies from $133.00 to $100.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Robert W. Baird reduced their price target on iRhythm Technologies from $120.00 to $110.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Finally, Wolfe Research raised iRhythm Technologies from a “peer perform” rating to an “outperform” rating and set a $115.00 price objective for the company in a research report on Thursday, June 20th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $118.67.

Insiders Place Their Bets

In other news, CFO Brice Bobzien sold 1,372 shares of the business’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $70.34, for a total value of $96,506.48. Following the completion of the sale, the chief financial officer now directly owns 24,428 shares of the company’s stock, valued at approximately $1,718,265.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Brice Bobzien sold 1,372 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $70.34, for a total transaction of $96,506.48. Following the transaction, the chief financial officer now owns 24,428 shares in the company, valued at approximately $1,718,265.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Chad Patterson sold 3,012 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $74.66, for a total value of $224,875.92. Following the completion of the sale, the insider now owns 37,133 shares of the company’s stock, valued at approximately $2,772,349.78. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 6,476 shares of company stock valued at $521,081. 0.68% of the stock is currently owned by insiders.

iRhythm Technologies Company 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.