Truist Financial Corp Trims Position in iRhythm Technologies, Inc. (NASDAQ:IRTC)

Truist Financial Corp reduced its holdings in iRhythm Technologies, Inc. (NASDAQ:IRTC) by 1.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 14,147 shares of the company’s stock after selling 281 shares during the period. Truist Financial Corp’s holdings in iRhythm Technologies were worth $1,523,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Vanguard Group Inc. grew its holdings in iRhythm Technologies by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 2,993,443 shares of the company’s stock worth $320,418,000 after acquiring an additional 35,694 shares during the period. Mackenzie Financial Corp grew its stake in shares of 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 period. Blair William & Co. IL grew its stake in shares of iRhythm Technologies by 3.5% during the 1st quarter. Blair William & Co. IL now owns 832,934 shares of the company’s stock worth $96,620,000 after purchasing an additional 27,842 shares during the period. Champlain Investment Partners LLC increased its holdings in shares of iRhythm Technologies by 104.1% during the 1st quarter. Champlain Investment Partners LLC now owns 575,800 shares of the company’s stock valued at $66,793,000 after purchasing an additional 293,710 shares in the last quarter. Finally, Point72 Asset Management L.P. lifted its stake in shares of iRhythm Technologies by 12.3% in the 2nd quarter. Point72 Asset Management L.P. now owns 536,202 shares of the company’s stock valued at $57,717,000 after purchasing an additional 58,668 shares during the period.

Analysts Set New Price Targets

Several research firms recently commented on IRTC. The Goldman Sachs Group assumed coverage on shares of iRhythm Technologies in a research report on Friday, October 4th. They set a “neutral” rating and a $78.00 price target on the stock. Canaccord Genuity Group raised their target price on iRhythm Technologies from $122.00 to $137.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Wolfe Research raised iRhythm Technologies from a “peer perform” rating to an “outperform” rating and set a $115.00 price target for the company in a report on Thursday, June 20th. Truist Financial reissued a “buy” rating and issued a $117.00 price objective (down from $134.00) on shares of iRhythm Technologies in a report on Friday, August 2nd. Finally, StockNews.com downgraded iRhythm Technologies from a “hold” rating to a “sell” rating in a research note on Friday, September 27th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, iRhythm Technologies currently has an average rating of “Moderate Buy” and a consensus target price of $116.10.

iRhythm Technologies Stock Down 0.5 %

Shares of IRTC opened at $57.07 on Friday. The stock has a 50 day moving average price of $68.97 and a 200 day moving average price of $89.52. iRhythm Technologies, Inc. has a one year low of $56.50 and a one year high of $124.11. The company has a debt-to-equity ratio of 6.50, a quick ratio of 6.76 and a current ratio of 6.92. The stock has a market capitalization of $1.78 billion, a price-to-earnings ratio of -13.49 and a beta of 1.22.

iRhythm Technologies (NASDAQ:IRTC) last issued its earnings results on Thursday, August 1st. The company reported ($0.61) EPS for the quarter, beating analysts’ consensus estimates of ($0.89) by $0.28. The business had revenue of $148.05 million during the quarter, compared to analysts’ expectations 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 quarterly revenue was up 19.3% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.61) earnings per share. Equities research analysts forecast that iRhythm Technologies, Inc. will post -2.66 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Mervin Smith sold 688 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $74.66, for a total value of $51,366.08. Following the completion of the sale, the executive vice president now directly owns 10,360 shares in the company, valued at $773,477.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other iRhythm Technologies news, insider Chad Patterson sold 3,012 shares of iRhythm Technologies stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $74.66, for a total transaction of $224,875.92. Following the transaction, the insider now directly owns 37,133 shares of the company’s stock, valued at $2,772,349.78. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Mervin Smith sold 688 shares of the business’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $74.66, for a total transaction of $51,366.08. Following the completion of the transaction, the executive vice president now owns 10,360 shares in the company, valued at $773,477.60. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,072 shares of company stock valued at $372,748 in the last ninety days. 0.68% of the stock is currently owned by corporate insiders.

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.