Massachusetts Financial Services Co. MA trimmed its position in iRhythm (NASDAQ:IRTC) by 11.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 183,769 shares of the company’s stock after selling 23,456 shares during the period. Massachusetts Financial Services Co. MA owned 0.78% of iRhythm worth $11,568,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. SG Americas Securities LLC purchased a new stake in shares of iRhythm in the first quarter worth $112,000. Shaker Investments LLC OH purchased a new stake in shares of iRhythm in the fourth quarter worth $263,000. Two Sigma Advisers LP purchased a new stake in shares of iRhythm in the fourth quarter worth $331,000. Aperio Group LLC purchased a new stake in shares of iRhythm in the fourth quarter worth $529,000. Finally, Macquarie Group Ltd. purchased a new stake in shares of iRhythm in the fourth quarter worth $608,000. 98.78% of the stock is currently owned by institutional investors.
In other news, Director Vijay K. Lathi sold 169,000 shares of the company’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $62.41, for a total transaction of $10,547,290.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Raymond W. Scott sold 8,499 shares of the company’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $65.55, for a total value of $557,109.45. Following the transaction, the director now directly owns 8,499 shares in the company, valued at $557,109.45. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 432,452 shares of company stock worth $27,886,410. Corporate insiders own 5.05% of the company’s stock.
iRhythm (NASDAQ:IRTC) last announced its quarterly earnings results on Wednesday, May 2nd. The company reported ($0.47) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.11). The business had revenue of $30.60 million for the quarter, compared to the consensus estimate of $29.07 million. iRhythm had a negative net margin of 32.73% and a negative return on equity of 43.37%. The company’s revenue for the quarter was up 43.0% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.24) earnings per share. research analysts predict that iRhythm will post -1.54 earnings per share for the current fiscal year.
A number of equities research analysts have recently commented on IRTC shares. Canaccord Genuity reissued a “buy” rating and issued a $80.00 target price (up from $68.00) on shares of iRhythm in a research note on Monday, March 12th. BidaskClub cut iRhythm from a “hold” rating to a “sell” rating in a research note on Tuesday, April 24th. JPMorgan Chase upped their price target on iRhythm from $62.00 to $67.00 and gave the company an “overweight” rating in a report on Thursday, February 15th. ValuEngine raised iRhythm from a “sell” rating to a “hold” rating in a report on Friday, February 2nd. Finally, BMO Capital Markets assumed coverage on iRhythm in a report on Monday, March 5th. They set an “outperform” rating and a $76.00 price target on the stock. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. iRhythm currently has an average rating of “Buy” and an average target price of $69.29.
iRhythm 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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