Virtu Financial LLC purchased a new stake in Irhythm Technologies Inc (NASDAQ:IRTC) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 8,791 shares of the company’s stock, valued at approximately $659,000.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. PNC Financial Services Group Inc. boosted its holdings in Irhythm Technologies by 38.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,278 shares of the company’s stock worth $89,000 after purchasing an additional 358 shares during the last quarter. CIBC Private Wealth Group LLC raised its stake in Irhythm Technologies by 13.9% in the 4th quarter. CIBC Private Wealth Group LLC now owns 3,275 shares of the company’s stock valued at $228,000 after acquiring an additional 400 shares during the period. United Services Automobile Association raised its stake in Irhythm Technologies by 15.3% in the 4th quarter. United Services Automobile Association now owns 3,444 shares of the company’s stock valued at $239,000 after acquiring an additional 458 shares during the period. Nuveen Asset Management LLC increased its position in shares of Irhythm Technologies by 3.6% during the fourth quarter. Nuveen Asset Management LLC now owns 15,180 shares of the company’s stock valued at $1,055,000 after buying an additional 531 shares during the period. Finally, Legal & General Group Plc increased its position in shares of Irhythm Technologies by 6.0% during the fourth quarter. Legal & General Group Plc now owns 9,588 shares of the company’s stock valued at $666,000 after buying an additional 541 shares during the period.
Several analysts have issued reports on the company. Royal Bank of Canada upped their target price on Irhythm Technologies to $109.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 13th. Northland Securities reaffirmed a “hold” rating and issued a $75.00 price target on shares of Irhythm Technologies in a research note on Wednesday, February 13th. BidaskClub upgraded Irhythm Technologies from a “hold” rating to a “buy” rating in a report on Wednesday, January 30th. BTIG Research reaffirmed a “hold” rating on shares of Irhythm Technologies in a research report on Wednesday, February 13th. Finally, Zacks Investment Research raised Irhythm Technologies from a “hold” rating to a “buy” rating and set a $88.00 target price on the stock in a research report on Wednesday. Five research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $98.44.
Irhythm Technologies (NASDAQ:IRTC) last posted its earnings results on Tuesday, May 7th. The company reported ($0.33) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.50) by $0.17. The firm had revenue of $47.21 million for the quarter, compared to analyst estimates of $43.83 million. Irhythm Technologies had a negative return on equity of 67.71% and a negative net margin of 27.56%. Irhythm Technologies’s revenue was up 54.4% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.47) EPS. On average, equities research analysts forecast that Irhythm Technologies Inc will post -1.61 EPS for the current fiscal year.
In related news, insider Kevin M. King sold 60,000 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $88.76, for a total transaction of $5,325,600.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP David A. Vort sold 4,286 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $90.00, for a total transaction of $385,740.00. Following the sale, the executive vice president now owns 24,125 shares of the company’s stock, valued at $2,171,250. The disclosure for this sale can be found here. Insiders sold 106,823 shares of company stock worth $9,628,023 in the last three months. 3.85% of the stock is currently owned by corporate insiders.
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Irhythm Technologies Company Profile
iRhythm Technologies, Inc, a digital healthcare company, provides ambulatory electrocardiogram (ECG) monitoring products for patients at risk for arrhythmias in the United States. The company offers Zio service, an ambulatory cardiac monitoring solution that combines a wire-free, patch-based, and wearable biosensor with a cloud-based data analytic platform to help physicians to monitor patients and diagnose arrhythmias.
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