Eagle Asset Management Inc. Buys 31,193 Shares of iRhythm Technologies, Inc. (NASDAQ:IRTC)

Eagle Asset Management Inc. grew its holdings in shares of iRhythm Technologies, Inc. (NASDAQ:IRTC - Free Report) by 44.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 100,655 shares of the company's stock after acquiring an additional 31,193 shares during the period. Eagle Asset Management Inc. owned 0.32% of iRhythm Technologies worth $7,473,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. SeaCrest Wealth Management LLC lifted its holdings in shares of iRhythm Technologies by 7.6% in the second quarter. SeaCrest Wealth Management LLC now owns 2,125 shares of the company's stock valued at $229,000 after purchasing an additional 150 shares in the last quarter. Ascent Group LLC grew its stake in shares of iRhythm Technologies by 4.6% in the 1st quarter. Ascent Group LLC now owns 3,980 shares of the company's stock worth $462,000 after acquiring an additional 175 shares in the last quarter. Nisa Investment Advisors LLC raised its holdings in shares of iRhythm Technologies by 79.6% in the second quarter. Nisa Investment Advisors LLC now owns 625 shares of the company's stock valued at $67,000 after purchasing an additional 277 shares during the last quarter. Arizona State Retirement System lifted its position in shares of iRhythm Technologies by 3.4% during the second quarter. Arizona State Retirement System now owns 8,711 shares of the company's stock valued at $938,000 after purchasing an additional 287 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. boosted its holdings in iRhythm Technologies by 6.5% during the second quarter. Oppenheimer Asset Management Inc. now owns 7,909 shares of the company's stock worth $851,000 after purchasing an additional 482 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Truist Financial increased their price objective on shares of iRhythm Technologies from $80.00 to $95.00 and gave the company a "buy" rating in a research note on Tuesday, October 22nd. StockNews.com downgraded iRhythm Technologies from a "hold" rating to a "sell" rating in a research note on Friday, September 27th. The Goldman Sachs Group assumed coverage on iRhythm Technologies in a research report on Friday, October 4th. They set a "neutral" rating and a $78.00 target price for the company. Citigroup reduced their price target on shares of iRhythm Technologies from $135.00 to $110.00 and set a "buy" rating for the company in a research report on Thursday, August 22nd. Finally, Needham & Company LLC lowered their price objective on shares of iRhythm Technologies from $119.00 to $96.00 and set a "buy" rating on the stock in a research report on Thursday, October 31st. One research analyst has rated the stock with a sell rating, one has given a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $108.50.

iRhythm Technologies Price Performance

NASDAQ IRTC traded up $8.33 during trading hours on Monday, hitting $82.32. The company had a trading volume of 515,193 shares, compared to its average volume of 474,606. The firm has a 50 day simple moving average of $72.76 and a 200 day simple moving average of $81.93. The company has a debt-to-equity ratio of 9.00, a quick ratio of 6.12 and a current ratio of 6.27. The firm has a market capitalization of $2.58 billion, a price-to-earnings ratio of -16.94 and a beta of 1.23. iRhythm Technologies, Inc. has a 52 week low of $55.92 and a 52 week high of $124.11.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last issued its quarterly earnings data on Wednesday, October 30th. The company reported ($1.26) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.55) by ($0.71). The business had revenue of $147.54 million during the quarter, compared to analysts' expectations of $146.69 million. iRhythm Technologies had a negative return on equity of 120.86% and a negative net margin of 26.90%. The company's quarterly revenue was up 18.4% on a year-over-year basis. During the same quarter last year, the business posted ($0.89) EPS. Equities research analysts expect that iRhythm Technologies, Inc. will post -3.44 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Abhijit Y. Talwalkar purchased 6,664 shares of the stock in a transaction that occurred on Monday, November 4th. The stock was bought at an average cost of $75.16 per share, for a total transaction of $500,866.24. Following the acquisition, the director now directly owns 18,941 shares of the company's stock, valued at $1,423,605.56. This represents a 54.28 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Quentin S. Blackford sold 16,145 shares of the company's stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $77.41, for a total transaction of $1,249,784.45. Following the transaction, the chief executive officer now directly owns 159,929 shares of the company's stock, valued at approximately $12,380,103.89. This trade represents a 9.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.68% of the stock is currently owned by insiders.

iRhythm Technologies Profile

iRhythm Technologies, Inc, a digital healthcare company, engages in the design, development, and commercialization of device-based technology to provide ambulatory cardiac monitoring services to diagnose arrhythmias in the United States. It offers Zio services, an ambulatory monitoring solution, including long-term and short-term continuous monitoring and mobile cardiac telemetry monitoring services.