Inspire Investing LLC Takes $1.04 Million Position in iRhythm Technologies $IRTC

Inspire Investing LLC purchased a new position in iRhythm Technologies (NASDAQ:IRTC) during the 3rd quarter, HoldingsChannel reports. The firm purchased 6,055 shares of the company’s stock, valued at approximately $1,041,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Harbour Capital Advisors LLC increased its position in iRhythm Technologies by 58.4% in the third quarter. Harbour Capital Advisors LLC now owns 3,540 shares of the company’s stock worth $629,000 after buying an additional 1,305 shares during the period. Assenagon Asset Management S.A. bought a new position in shares of iRhythm Technologies during the third quarter worth about $13,394,000. Osaic Holdings Inc. increased its holdings in shares of iRhythm Technologies by 507.3% in the 2nd quarter. Osaic Holdings Inc. now owns 9,292 shares of the company’s stock worth $1,431,000 after acquiring an additional 7,762 shares during the period. State of Wyoming bought a new stake in iRhythm Technologies in the 2nd quarter valued at about $179,000. Finally, Tower Research Capital LLC TRC boosted its stake in iRhythm Technologies by 296.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,842 shares of the company’s stock valued at $592,000 after purchasing an additional 2,873 shares during the period.

Insider Buying and Selling

In other news, insider Patrick Michael Murphy sold 2,478 shares of the company’s stock in a transaction on Tuesday, December 2nd. The stock was sold at an average price of $184.83, for a total transaction of $458,008.74. Following the completion of the sale, the insider directly owned 53,281 shares of the company’s stock, valued at $9,847,927.23. This represents a 4.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Quentin S. Blackford sold 14,059 shares of the stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $182.94, for a total value of $2,571,953.46. Following the completion of the transaction, the chief executive officer owned 164,979 shares of the company’s stock, valued at $30,181,258.26. This trade represents a 7.85% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 24,817 shares of company stock worth $4,741,235 over the last three months. Corporate insiders own 1.10% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on IRTC. JPMorgan Chase & Co. lifted their price target on iRhythm Technologies from $190.00 to $240.00 and gave the company an “overweight” rating in a report on Friday, October 31st. Robert W. Baird lifted their target price on iRhythm Technologies from $180.00 to $220.00 and gave the company an “outperform” rating in a research note on Friday, October 10th. Needham & Company LLC increased their price target on iRhythm Technologies from $193.00 to $244.00 and gave the stock a “buy” rating in a research note on Friday, October 31st. Evercore ISI cut their price objective on shares of iRhythm Technologies from $185.00 to $175.00 and set an “in-line” rating on the stock in a research note on Tuesday, October 7th. Finally, The Goldman Sachs Group upped their price objective on shares of iRhythm Technologies from $180.00 to $202.00 and gave the stock a “neutral” rating in a report on Friday, October 31st. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, iRhythm Technologies presently has an average rating of “Moderate Buy” and an average target price of $206.43.

iRhythm Technologies Price Performance

NASDAQ:IRTC opened at $176.60 on Friday. The company has a quick ratio of 4.50, a current ratio of 4.63 and a debt-to-equity ratio of 5.32. The business’s 50-day moving average price is $177.49 and its 200 day moving average price is $165.86. iRhythm Technologies has a 52-week low of $86.19 and a 52-week high of $212.00. The firm has a market cap of $5.69 billion, a P/E ratio of -109.69 and a beta of 1.10.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings data on Thursday, October 30th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.36) by $0.30. iRhythm Technologies had a negative net margin of 7.32% and a negative return on equity of 41.86%. The company had revenue of $192.88 million during the quarter, compared to analyst estimates of $184.75 million. During the same quarter last year, the firm posted ($1.26) EPS. The business’s revenue for the quarter was up 30.8% on a year-over-year basis. As a group, sell-side analysts predict that iRhythm Technologies will post -1.98 earnings per share for the current fiscal year.

About iRhythm Technologies

iRhythm Technologies, Inc is a medical technology company that develops and commercializes wearable cardiac monitoring devices and associated data analytics services. Founded in 2006 and headquartered in San Francisco, California, the company’s flagship product is the Zio® patch, a discreet, single-use, continuous ECG recorder designed to monitor heart rhythms for up to 14 days. iRhythm’s digital diagnostics platform combines biosensor technology with proprietary algorithms to detect arrhythmias and streamline data interpretation for physicians.

The Zio service is prescribed by cardiologists and other healthcare providers to aid in the diagnosis of atrial fibrillation, bradycardia, tachycardia and other rhythm disorders.