EFG Asset Management North America Corp. Makes New $643,000 Investment in iRhythm Technologies, Inc. (NASDAQ:IRTC)

EFG Asset Management North America Corp. acquired a new position in shares of iRhythm Technologies, Inc. (NASDAQ:IRTC) in the second quarter, according to its most recent disclosure with the SEC. The firm acquired 5,982 shares of the company’s stock, valued at approximately $643,000.

Other hedge funds also recently added to or reduced their stakes in the company. Artisan Partners Limited Partnership lifted its position in iRhythm Technologies by 5.5% during the 4th quarter. Artisan Partners Limited Partnership now owns 2,071,500 shares of the company’s stock worth $221,733,000 after acquiring an additional 108,875 shares during the period. Sei Investments Co. lifted its position in iRhythm Technologies by 7.0% during the 1st 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 period. Capital Research Global Investors lifted 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 acquiring an additional 121,709 shares during the period. Daiwa Securities Group Inc. acquired a new stake in iRhythm Technologies during the 1st quarter worth approximately $1,925,000. Finally, Capstone Investment Advisors LLC acquired a new stake in iRhythm Technologies during the 1st quarter worth approximately $1,078,000.

iRhythm Technologies Trading Down 1.6 %

IRTC stock traded down $1.12 during trading on Monday, reaching $68.89. 110,850 shares of the stock traded hands, compared to its average volume of 429,624. The business’s 50 day moving average price is $88.69 and its 200-day moving average price is $99.84. iRhythm Technologies, Inc. has a 52-week low of $63.65 and a 52-week high of $124.11. The company has a debt-to-equity ratio of 7.13, a current ratio of 7.10 and a quick ratio of 6.95. The firm has a market capitalization of $2.14 billion, a PE ratio of -16.55 and a beta of 1.25.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings data on Thursday, August 1st. The company reported ($0.61) EPS for the quarter, topping analysts’ consensus estimates of ($0.89) by $0.28. The company had revenue of $148.05 million for the quarter, compared to analysts’ expectations of $146.15 million. iRhythm Technologies had a negative return on equity of 75.14% and a negative net margin of 24.50%. The firm’s quarterly revenue was up 19.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.61) earnings per share. As a group, sell-side analysts forecast that iRhythm Technologies, Inc. will post -3.22 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently commented on IRTC. Citigroup reduced their price target on iRhythm Technologies from $135.00 to $110.00 and set a “buy” rating for the company in a report on Thursday. Robert W. Baird reduced their price target on iRhythm Technologies from $120.00 to $110.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Truist Financial reissued a “buy” rating and issued a $117.00 price target (down from $134.00) on shares of iRhythm Technologies in a report on Friday, August 2nd. Morgan Stanley reduced their price target on iRhythm Technologies from $135.00 to $130.00 and set an “overweight” rating for the company in a report on Monday, July 15th. Finally, 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. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $118.67.

Insiders Place Their Bets

In related news, CAO Marc W. Rosenbaum sold 510 shares of the business’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $88.91, for a total value of $45,344.10. Following the transaction, the chief accounting officer now owns 8,174 shares in the company, valued at $726,750.34. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CFO Brice Bobzien sold 1,372 shares of the business’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $70.34, for a total value of $96,506.48. Following the transaction, the chief financial officer now owns 24,428 shares in the company, valued at $1,718,265.52. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Marc W. Rosenbaum sold 510 shares of the business’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $88.91, for a total value of $45,344.10. Following the completion of the sale, the chief accounting officer now directly owns 8,174 shares of the company’s stock, valued at $726,750.34. The disclosure for this sale can be found here. Insiders have sold a total of 8,117 shares of company stock worth $666,982 over the last quarter. 0.68% of the stock is owned by corporate insiders.

About iRhythm Technologies

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.