Hennion & Walsh Asset Management Inc. Sells 4,382 Shares of iRhythm Technologies $IRTC

Hennion & Walsh Asset Management Inc. lowered its position in iRhythm Technologies (NASDAQ:IRTC) by 55.4% during the second quarter, according to its most recent filing with the SEC. The firm owned 3,521 shares of the company’s stock after selling 4,382 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in iRhythm Technologies were worth $419,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. RTW Investments LP acquired a new stake in shares of iRhythm Technologies during the fourth quarter worth $209,732,000. Millennium Management LLC lifted its holdings in iRhythm Technologies by 197.4% in the fourth quarter. Millennium Management LLC now owns 826,376 shares of the company’s stock valued at $146,632,000 after buying an additional 548,519 shares during the period. Arrowstreet Capital Limited Partnership lifted its holdings in iRhythm Technologies by 6,415.4% in the third quarter. Arrowstreet Capital Limited Partnership now owns 541,039 shares of the company’s stock valued at $93,053,000 after buying an additional 532,735 shares during the period. Polar Capital Holdings Plc boosted its position in iRhythm Technologies by 24,782.1% during the third quarter. Polar Capital Holdings Plc now owns 335,908 shares of the company’s stock valued at $57,773,000 after acquiring an additional 334,558 shares during the last quarter. Finally, Holocene Advisors LP boosted its position in iRhythm Technologies by 2,023.1% during the second quarter. Holocene Advisors LP now owns 313,094 shares of the company’s stock valued at $48,204,000 after acquiring an additional 298,347 shares during the last quarter.

iRhythm Technologies Price Performance

Shares of NASDAQ IRTC opened at $126.44 on Friday. The firm’s 50-day moving average price is $116.77 and its 200-day moving average price is $123.18. iRhythm Technologies has a 1-year low of $100.85 and a 1-year high of $212.00. The firm has a market capitalization of $4.17 billion, a P/E ratio of -294.05 and a beta of 1.30. The company has a current ratio of 3.86, a quick ratio of 3.74 and a debt-to-equity ratio of 3.50.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings data on Thursday, August 6th. The company reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.62. The company had revenue of $224.17 million for the quarter, compared to analysts’ expectations of $219.30 million. iRhythm Technologies had a negative net margin of 1.69% and a positive return on equity of 10.11%. The business’s revenue was up 20.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.32) EPS. Equities research analysts anticipate that iRhythm Technologies will post 0.43 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have weighed in on IRTC shares. Bank of America decreased their price target on iRhythm Technologies from $225.00 to $180.00 and set a “buy” rating for the company in a report on Monday, May 18th. Needham & Company LLC cut their target price on iRhythm Technologies from $255.00 to $192.00 and set a “buy” rating on the stock in a research report on Friday, August 7th. BTIG Research reaffirmed a “buy” rating and set a $185.00 target price on shares of iRhythm Technologies in a research note on Monday, June 22nd. JPMorgan Chase & Co. decreased their target price on iRhythm Technologies from $215.00 to $175.00 and set an “overweight” rating for the company in a research note on Friday, May 1st. Finally, HC Wainwright reiterated a “buy” rating on shares of iRhythm Technologies in a report on Monday, June 1st. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, iRhythm Technologies currently has a consensus rating of “Moderate Buy” and an average price target of $179.93.

iRhythm Technologies Profile

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.