Susquehanna Portfolio Strategies LLC Trims Stake in iRhythm Technologies, Inc. (NASDAQ:IRTC)

Susquehanna Portfolio Strategies LLC cut its position in iRhythm Technologies, Inc. (NASDAQ:IRTC) by 12.7% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 46,020 shares of the company’s stock after selling 6,702 shares during the quarter. Susquehanna Portfolio Strategies LLC’s holdings in iRhythm Technologies were worth $4,954,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Sei Investments Co. grew its position in shares of iRhythm Technologies by 7.0% during the first quarter. Sei Investments Co. now owns 235,361 shares of the company’s stock worth $27,302,000 after acquiring an additional 15,381 shares during the last quarter. Capital Research Global Investors grew its position in iRhythm Technologies by 5.1% during the 4th quarter. Capital Research Global Investors now owns 2,495,626 shares of the company’s stock worth $267,132,000 after purchasing an additional 121,709 shares during the last quarter. Daiwa Securities Group Inc. acquired a new position in iRhythm Technologies in the first quarter valued at $1,925,000. Capstone Investment Advisors LLC acquired a new position in iRhythm Technologies in the first quarter valued at $1,078,000. Finally, Assenagon Asset Management S.A. raised its holdings in shares of iRhythm Technologies by 361.1% in the second quarter. Assenagon Asset Management S.A. now owns 48,962 shares of the company’s stock valued at $5,270,000 after buying an additional 38,344 shares during the last quarter.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on IRTC shares. Needham & Company LLC lowered their price target on iRhythm Technologies from $138.00 to $119.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Canaccord Genuity Group upped their price target on iRhythm Technologies from $122.00 to $137.00 and gave the stock a “buy” rating in a research note on Wednesday. Truist Financial reiterated a “buy” rating and issued a $117.00 price objective (down from $134.00) on shares of iRhythm Technologies in a research report on Friday, August 2nd. Robert W. Baird cut their price objective on shares of iRhythm Technologies from $120.00 to $110.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Finally, Oppenheimer lowered their target price on shares of iRhythm Technologies from $165.00 to $145.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. One analyst has rated the stock with a sell rating and nine have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $120.33.

iRhythm Technologies Price Performance

Shares of NASDAQ:IRTC opened at $72.87 on Friday. The firm has a market capitalization of $2.27 billion, a price-to-earnings ratio of -17.23 and a beta of 1.22. The company has a debt-to-equity ratio of 6.50, a current ratio of 6.92 and a quick ratio of 6.76. The business’s 50 day simple moving average is $74.74 and its 200-day simple moving average is $92.85. iRhythm Technologies, Inc. has a 12 month low of $60.88 and a 12 month high of $124.11.

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

Insider Activity at iRhythm Technologies

In other news, EVP Mervin Smith sold 688 shares of the 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 $51,366.08. Following the sale, the executive vice president now directly owns 10,360 shares in the company, valued at $773,477.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Mervin Smith sold 688 shares of iRhythm Technologies stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $74.66, for a total transaction of $51,366.08. Following the completion of the sale, the executive vice president now owns 10,360 shares in the company, valued at approximately $773,477.60. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CMO Minang Turakhia sold 1,404 shares of the company’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $105.65, for a total transaction of $148,332.60. Following the completion of the transaction, the chief marketing officer now owns 27,255 shares in the company, valued at $2,879,490.75. The disclosure for this sale can be found here. In the last three months, insiders have sold 6,476 shares of company stock valued at $521,081. Insiders own 0.68% of the company’s stock.

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.