Y Intercept Hong Kong Ltd Decreases Position in iRhythm Technologies $IRTC

Y Intercept Hong Kong Ltd lessened its position in iRhythm Technologies (NASDAQ:IRTC) by 72.5% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 8,376 shares of the company’s stock after selling 22,037 shares during the period. Y Intercept Hong Kong Ltd’s holdings in iRhythm Technologies were worth $1,441,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in IRTC. Holocene Advisors LP raised its holdings in iRhythm Technologies by 2,023.1% in the 2nd quarter. Holocene Advisors LP now owns 313,094 shares of the company’s stock worth $48,204,000 after acquiring an additional 298,347 shares during the last quarter. Loomis Sayles & Co. L P bought a new stake in shares of iRhythm Technologies in the 2nd quarter worth $39,339,000. Goldman Sachs Group Inc. raised its stake in shares of iRhythm Technologies by 33.5% in the first quarter. Goldman Sachs Group Inc. now owns 433,780 shares of the company’s stock worth $45,408,000 after purchasing an additional 108,941 shares during the last quarter. Assenagon Asset Management S.A. purchased a new position in shares of iRhythm Technologies in the third quarter worth $13,394,000. Finally, M&G PLC bought a new position in shares of iRhythm Technologies during the second quarter valued at $11,457,000.

Insider Activity at iRhythm Technologies

In other iRhythm Technologies news, insider Patrick Michael Murphy sold 2,478 shares of the business’s stock in a transaction dated Tuesday, December 2nd. The stock was sold at an average price of $184.83, for a total transaction of $458,008.74. Following the completion of the sale, the insider owned 53,281 shares of the company’s stock, valued at approximately $9,847,927.23. The trade was a 4.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Chad Patterson sold 280 shares of the company’s stock in a transaction dated Tuesday, December 2nd. The stock was sold at an average price of $184.83, for a total value of $51,752.40. Following the completion of the sale, the insider owned 43,387 shares of the company’s stock, valued at approximately $8,019,219.21. The trade was a 0.64% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 16,817 shares of company stock worth $3,081,715. Corporate insiders own 1.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on IRTC shares. Weiss Ratings reissued a “sell (d-)” rating on shares of iRhythm Technologies in a research report on Thursday, January 22nd. Evercore ISI raised shares of iRhythm Technologies from an “in-line” rating to an “outperform” rating and boosted their price objective for the company from $194.00 to $210.00 in a report on Monday, January 5th. Morgan Stanley restated an “overweight” rating on shares of iRhythm Technologies in a report on Monday, January 12th. Robert W. Baird lifted their target price on shares of iRhythm Technologies from $180.00 to $220.00 and gave the stock an “outperform” rating in a research report on Friday, October 10th. Finally, Freedom Capital raised iRhythm Technologies to a “strong-buy” rating in a report on Thursday, January 15th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, iRhythm Technologies currently has a consensus rating of “Moderate Buy” and an average price target of $219.23.

iRhythm Technologies Stock Up 3.7%

Shares of IRTC stock opened at $154.51 on Friday. The company has a current ratio of 4.63, a quick ratio of 4.50 and a debt-to-equity ratio of 5.32. iRhythm Technologies has a 12 month low of $92.52 and a 12 month high of $212.00. The stock has a market cap of $4.98 billion, a P/E ratio of -95.97 and a beta of 1.12. The company has a 50 day simple moving average of $173.31 and a two-hundred day simple moving average of $170.13.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings data on Thursday, October 30th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.30. The firm had revenue of $192.88 million during the quarter, compared to the consensus estimate of $184.75 million. iRhythm Technologies had a negative net margin of 7.32% and a negative return on equity of 41.86%. The company’s revenue for the quarter was up 30.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($1.26) EPS. On average, research analysts expect that iRhythm Technologies will post -1.98 earnings per share 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.