Exchange Traded Concepts LLC Trims Holdings in iRhythm Technologies, Inc. (NASDAQ:IRTC)

Exchange Traded Concepts LLC decreased its stake in shares of iRhythm Technologies, Inc. (NASDAQ:IRTC - Free Report) by 22.3% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 8,613 shares of the company's stock after selling 2,465 shares during the quarter. Exchange Traded Concepts LLC's holdings in iRhythm Technologies were worth $777,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. State Street Corp grew its position in iRhythm Technologies by 1.3% in the third quarter. State Street Corp now owns 908,843 shares of the company's stock worth $67,473,000 after acquiring an additional 11,992 shares during the period. Braidwell LP grew its position in iRhythm Technologies by 48.7% in the third quarter. Braidwell LP now owns 782,557 shares of the company's stock worth $58,097,000 after acquiring an additional 256,200 shares during the period. Eventide Asset Management LLC grew its position in iRhythm Technologies by 170.8% in the third quarter. Eventide Asset Management LLC now owns 736,721 shares of the company's stock worth $54,694,000 after acquiring an additional 464,629 shares during the period. Geode Capital Management LLC grew its position in iRhythm Technologies by 0.7% in the third quarter. Geode Capital Management LLC now owns 733,308 shares of the company's stock worth $54,451,000 after acquiring an additional 5,423 shares during the period. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its position in iRhythm Technologies by 38.1% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 707,175 shares of the company's stock valued at $52,501,000 after buying an additional 195,246 shares during the last quarter.

Analyst Ratings Changes

A number of research firms have commented on IRTC. Wells Fargo & Company reaffirmed an "equal weight" rating and issued a $86.00 target price on shares of iRhythm Technologies in a research report on Tuesday, December 3rd. Robert W. Baird cut their target price on iRhythm Technologies from $100.00 to $79.00 and set an "outperform" rating on the stock in a research report on Friday, November 1st. The Goldman Sachs Group assumed coverage on iRhythm Technologies in a research report on Friday, October 4th. They issued a "neutral" rating and a $78.00 target price on the stock. Oppenheimer boosted their target price on iRhythm Technologies from $105.00 to $120.00 and gave the company an "outperform" rating in a research report on Wednesday, January 8th. Finally, Truist Financial boosted their target price on iRhythm Technologies from $85.00 to $111.00 and gave the company a "buy" rating in a research report on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $108.45.

iRhythm Technologies Stock Down 3.0 %

IRTC stock traded down $3.33 during mid-day trading on Thursday, reaching $107.01. The company had a trading volume of 108,068 shares, compared to its average volume of 420,180. 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 company has a market capitalization of $3.35 billion, a price-to-earnings ratio of -22.03 and a beta of 1.26. The firm has a fifty day simple moving average of $92.82 and a 200 day simple moving average of $81.31. iRhythm Technologies, Inc. has a fifty-two week low of $55.92 and a fifty-two week high of $124.11.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last posted its quarterly earnings results 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). iRhythm Technologies had a negative net margin of 26.90% and a negative return on equity of 120.86%. The company had revenue of $147.54 million during the quarter, compared to analyst estimates of $146.69 million. During the same period in the prior year, the business earned ($0.89) EPS. iRhythm Technologies's revenue for the quarter was up 18.4% on a year-over-year basis. Analysts forecast that iRhythm Technologies, Inc. will post -3.35 earnings per share for the current fiscal year.

Insider Buying and Selling at iRhythm Technologies

In other news, insider Patrick Michael Murphy sold 2,492 shares of the company's stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $85.89, for a total transaction of $214,037.88. Following the completion of the transaction, the insider now directly owns 35,327 shares of the company's stock, valued at approximately $3,034,236.03. This represents a 6.59 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Quentin S. Blackford sold 16,145 shares of the company's stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $77.41, for a total value 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 represents a 9.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.68% of the company's stock.

About iRhythm Technologies

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.