KBC Group NV Sells 6,593 Shares of iRhythm Technologies $IRTC

KBC Group NV reduced its holdings in iRhythm Technologies (NASDAQ:IRTC) by 88.3% in the 1st quarter, HoldingsChannel reports. The fund owned 870 shares of the company’s stock after selling 6,593 shares during the period. KBC Group NV’s holdings in iRhythm Technologies were worth $103,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the business. RTW Investments LP acquired a new position in shares of iRhythm Technologies during the fourth quarter worth $209,732,000. Millennium Management LLC increased 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 purchasing an additional 548,519 shares during the period. Arrowstreet Capital Limited Partnership raised its position in iRhythm Technologies by 6,415.4% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 541,039 shares of the company’s stock worth $93,053,000 after purchasing an additional 532,735 shares during the last quarter. Polar Capital Holdings Plc raised its position in iRhythm Technologies by 24,782.1% during the 3rd quarter. Polar Capital Holdings Plc now owns 335,908 shares of the company’s stock worth $57,773,000 after purchasing an additional 334,558 shares during the last quarter. Finally, Holocene Advisors LP lifted its holdings in iRhythm Technologies by 2,023.1% during the 2nd quarter. Holocene Advisors LP now owns 313,094 shares of the company’s stock worth $48,204,000 after buying an additional 298,347 shares during the period.

Wall Street Analyst Weigh In

IRTC has been the topic of a number of analyst reports. Needham & Company LLC upped their price target on iRhythm Technologies from $254.00 to $255.00 and gave the company a “buy” rating in a research report on Friday, May 1st. HC Wainwright restated a “buy” rating on shares of iRhythm Technologies in a research report on Monday, June 1st. JPMorgan Chase & Co. cut their price objective on iRhythm Technologies from $215.00 to $175.00 and set an “overweight” rating on the stock in a research note on Friday, May 1st. The Goldman Sachs Group reduced their target price on iRhythm Technologies from $184.00 to $147.00 and set a “neutral” rating on the stock in a report on Thursday, April 9th. Finally, Wells Fargo & Company decreased their target price on shares of iRhythm Technologies from $200.00 to $180.00 and set an “overweight” rating for the company in a research report on Friday, May 1st. Three analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $184.71.

Insider Buying and Selling

In other iRhythm Technologies news, Director Abhijit Y. Talwalkar bought 5,312 shares of the firm’s stock in a transaction that occurred on Monday, May 11th. The stock was acquired at an average price of $10.71 per share, with a total value of $56,891.52. Following the completion of the purchase, the director directly owned 25,611 shares of the company’s stock, valued at approximately $274,293.81. This trade represents a 26.17% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.98% of the stock is owned by corporate insiders.

iRhythm Technologies Stock Performance

Shares of IRTC opened at $112.15 on Tuesday. The company has a current ratio of 5.17, a quick ratio of 4.98 and a debt-to-equity ratio of 4.03. The stock has a market capitalization of $3.69 billion, a P/E ratio of -130.41 and a beta of 1.27. The firm’s fifty day simple moving average is $113.61 and its two-hundred day simple moving average is $127.38. iRhythm Technologies has a 12 month low of $100.85 and a 12 month high of $212.00.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings data on Thursday, April 30th. The company reported ($0.35) earnings per share for the quarter, topping the consensus estimate of ($0.56) by $0.21. The firm had revenue of $199.39 million during the quarter, compared to analyst estimates of $194.11 million. iRhythm Technologies had a negative return on equity of 10.26% and a negative net margin of 3.53%.The business’s quarterly revenue was up 25.6% on a year-over-year basis. During the same period last year, the company posted ($0.97) EPS. As a group, analysts predict that iRhythm Technologies will post 0.13 EPS for the current year.

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.