Assetmark Inc. Raises Stake in iRhythm Technologies, Inc. (NASDAQ:IRTC)

Assetmark Inc. boosted its holdings in shares of iRhythm Technologies, Inc. (NASDAQ:IRTC) by 8.0% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 12,645 shares of the company’s stock after purchasing an additional 937 shares during the period. Assetmark Inc.’s holdings in iRhythm Technologies were worth $939,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Mackenzie Financial Corp grew its position in iRhythm Technologies by 5.9% during the 2nd quarter. Mackenzie Financial Corp now owns 1,428,324 shares of the company’s stock worth $153,745,000 after purchasing an additional 80,091 shares during the last quarter. Champlain Investment Partners LLC grew its position in iRhythm Technologies by 104.1% during the 1st quarter. Champlain Investment Partners LLC now owns 575,800 shares of the company’s stock worth $66,793,000 after purchasing an additional 293,710 shares during the last quarter. Point72 Asset Management L.P. grew its position in iRhythm Technologies by 12.3% during the 2nd quarter. Point72 Asset Management L.P. now owns 536,202 shares of the company’s stock worth $57,717,000 after purchasing an additional 58,668 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in iRhythm Technologies by 9.3% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 519,973 shares of the company’s stock worth $38,603,000 after purchasing an additional 44,387 shares during the last quarter. Finally, Westfield Capital Management Co. LP purchased a new position in iRhythm Technologies during the 1st quarter worth $58,311,000.

Insider Activity

In related news, CEO Quentin S. Blackford sold 16,145 shares of the company’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $77.41, for a total transaction of $1,249,784.45. Following the completion of the transaction, 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Abhijit Y. Talwalkar purchased 6,664 shares of the company’s stock in a transaction that occurred on Monday, November 4th. The shares were bought at an average cost of $75.16 per share, with a total value of $500,866.24. Following the transaction, the director now directly owns 18,941 shares of the company’s stock, valued at $1,423,605.56. The trade was a 54.28 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.68% of the company’s stock.

iRhythm Technologies Stock Down 3.6 %

Shares of NASDAQ IRTC opened at $80.45 on Friday. iRhythm Technologies, Inc. has a 12-month low of $55.92 and a 12-month high of $124.11. The company has a market capitalization of $2.52 billion, a PE ratio of -16.55 and a beta of 1.23. 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 firm’s 50-day moving average is $72.38 and its two-hundred day moving average is $83.58.

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 analysts’ consensus estimates of ($0.55) by ($0.71). The firm had revenue of $147.54 million during the quarter, compared to analyst estimates of $146.69 million. iRhythm Technologies had a negative net margin of 26.90% and a negative return on equity of 120.86%. The business’s quarterly revenue was up 18.4% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.89) EPS. Equities analysts anticipate that iRhythm Technologies, Inc. will post -3.44 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on IRTC. Citigroup lowered their target price on shares of iRhythm Technologies from $135.00 to $110.00 and set a “buy” rating on the stock in a report on Thursday, August 22nd. Robert W. Baird lowered their target price on shares of iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating on the stock in a report on Friday, November 1st. The Goldman Sachs Group began coverage on shares of iRhythm Technologies in a report on Friday, October 4th. They issued a “neutral” rating and a $78.00 target price on the stock. Truist Financial lifted their target price on shares of iRhythm Technologies from $80.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. 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, one has issued a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $108.50.

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.