EAM Investors LLC Acquires 4,106 Shares of IRHYTHM TECH (IRTC)
EAM Investors LLC raised its holdings in IRHYTHM TECH (NASDAQ:IRTC) by 19.7% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 24,942 shares of the company’s stock after acquiring an additional 4,106 shares during the quarter. EAM Investors LLC owned about 0.11% of IRHYTHM TECH worth $1,060,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in IRTC. Teachers Advisors LLC bought a new position in IRHYTHM TECH in the fourth quarter valued at approximately $373,000. Nationwide Fund Advisors boosted its stake in IRHYTHM TECH by 30.2% in the first quarter. Nationwide Fund Advisors now owns 4,069 shares of the company’s stock valued at $153,000 after acquiring an additional 945 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in IRHYTHM TECH by 20.9% in the first quarter. Bank of New York Mellon Corp now owns 21,664 shares of the company’s stock valued at $814,000 after acquiring an additional 3,743 shares during the last quarter. Ameriprise Financial Inc. boosted its stake in IRHYTHM TECH by 9.9% in the first quarter. Ameriprise Financial Inc. now owns 141,088 shares of the company’s stock valued at $5,304,000 after acquiring an additional 12,715 shares during the last quarter. Finally, American International Group Inc. bought a new position in IRHYTHM TECH in the first quarter valued at approximately $161,000. 93.25% of the stock is currently owned by hedge funds and other institutional investors.
In other IRHYTHM TECH news, insider Kevin M. King sold 110,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 11th. The shares were sold at an average price of $42.08, for a total value of $4,628,800.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Matthew C. Garrett sold 25,086 shares of the company’s stock in a transaction that occurred on Monday, July 10th. The shares were sold at an average price of $42.06, for a total transaction of $1,055,117.16. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 253,100 shares of company stock valued at $11,137,023. Corporate insiders own 23.30% of the company’s stock.
IRTC has been the topic of a number of recent research reports. Zacks Investment Research cut shares of IRHYTHM TECH from a “hold” rating to a “sell” rating in a research note on Wednesday, September 6th. Morgan Stanley raised their price objective on shares of IRHYTHM TECH from $43.00 to $47.00 and gave the company an “overweight” rating in a research note on Tuesday, June 6th. Finally, Canaccord Genuity raised their price objective on shares of IRHYTHM TECH from $49.00 to $55.00 and gave the company a “buy” rating in a research note on Friday, September 22nd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. IRHYTHM TECH presently has a consensus rating of “Hold” and an average target price of $41.00.
IRHYTHM TECH (NASDAQ:IRTC) opened at 51.67 on Thursday. The company’s market capitalization is $1.17 billion. The firm has a 50-day moving average of $48.95 and a 200-day moving average of $48.95. IRHYTHM TECH has a 52 week low of $22.16 and a 52 week high of $52.43.
IRHYTHM TECH (NASDAQ:IRTC) last announced its quarterly earnings results on Wednesday, August 2nd. The company reported ($0.29) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.31) by $0.02. IRHYTHM TECH had a negative net margin of 27.34% and a negative return on equity of 57.23%. The firm had revenue of $23.85 million during the quarter, compared to analysts’ expectations of $22.10 million. The firm’s revenue for the quarter was up 51.6% on a year-over-year basis. Equities analysts expect that IRHYTHM TECH will post ($1.13) earnings per share for the current fiscal year.
IRHYTHM TECH Company Profile
iRhythm Technologies, Inc is a United States-based digital health company. The Company develops and commercializes solutions that integrate biosensor technology, patient data, analytics and medical expertise. The Company offers flagship solution, the ZIO Service. Its ZIO Service consists of the ZIO XT Patch, algorithms and the ZIO Report.
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