iRhythm Technologies, Inc. (NASDAQ:IRTC) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lowered its stake in shares of iRhythm Technologies, Inc. (NASDAQ:IRTC - Free Report) by 31.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 401,009 shares of the company's stock after selling 180,997 shares during the period. Bank of New York Mellon Corp owned 1.29% of iRhythm Technologies worth $43,165,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in IRTC. Truist Financial Corp grew its stake in shares of iRhythm Technologies by 7.6% in the 4th quarter. Truist Financial Corp now owns 16,226 shares of the company's stock valued at $1,737,000 after buying an additional 1,140 shares during the period. Victory Capital Management Inc. increased its stake in iRhythm Technologies by 22.3% during the fourth quarter. Victory Capital Management Inc. now owns 4,070 shares of the company's stock worth $436,000 after acquiring an additional 743 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in iRhythm Technologies by 1.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 239,659 shares of the company's stock worth $25,653,000 after acquiring an additional 3,486 shares during the last quarter. Principal Financial Group Inc. increased its stake in iRhythm Technologies by 1.6% during the fourth quarter. Principal Financial Group Inc. now owns 7,208 shares of the company's stock worth $772,000 after acquiring an additional 113 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in iRhythm Technologies by 41.4% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 11,985 shares of the company's stock worth $1,211,000 after acquiring an additional 3,507 shares during the last quarter.

Insiders Place Their Bets

In other iRhythm Technologies news, CFO Brice Bobzien sold 1,372 shares of iRhythm Technologies stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $70.34, for a total transaction of $96,506.48. Following the completion of the sale, the chief financial officer now directly owns 24,428 shares of the company's stock, valued at approximately $1,718,265.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Chad Patterson sold 3,012 shares of the business's stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $74.66, for a total value of $224,875.92. Following the completion of the sale, the insider now directly owns 37,133 shares of the company's stock, valued at approximately $2,772,349.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Brice Bobzien sold 1,372 shares of the business's stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $70.34, for a total value of $96,506.48. Following the completion of the sale, the chief financial officer now directly owns 24,428 shares of the company's stock, valued at $1,718,265.52. The disclosure for this sale can be found here. Insiders sold 6,476 shares of company stock valued at $521,081 in the last ninety days. Insiders own 0.68% of the company's stock.

iRhythm Technologies Stock Down 2.1 %

IRTC traded down $1.54 on Monday, hitting $70.88. 510,600 shares of the company were exchanged, compared to its average volume of 433,677. iRhythm Technologies, Inc. has a twelve month low of $63.65 and a twelve month high of $124.11. The company has a market cap of $2.21 billion, a price-to-earnings ratio of -16.76 and a beta of 1.25. The company has a current ratio of 6.92, a quick ratio of 6.76 and a debt-to-equity ratio of 6.50. The firm has a 50-day moving average price of $85.67 and a two-hundred day moving average price of $98.16.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last announced its quarterly earnings results on Thursday, August 1st. The company reported ($0.61) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.89) by $0.28. The company had revenue of $148.05 million during the quarter, compared to the consensus estimate of $146.15 million. iRhythm Technologies had a negative return on equity of 84.14% and a negative net margin of 24.50%. iRhythm Technologies's revenue for the quarter was up 19.3% on a year-over-year basis. During the same period in the previous year, the business earned ($0.61) EPS. On average, equities analysts predict that iRhythm Technologies, Inc. will post -2.66 earnings per share for the current year.

Analyst Upgrades and Downgrades

IRTC has been the subject of several recent analyst reports. Wolfe Research raised iRhythm Technologies from a "peer perform" rating to an "outperform" rating and set a $115.00 target price for the company in a research note on Thursday, June 20th. Robert W. Baird cut their target price on iRhythm Technologies from $120.00 to $110.00 and set an "outperform" rating for the company in a research note on Friday, August 2nd. Needham & Company LLC cut their target price on iRhythm Technologies from $138.00 to $119.00 and set a "buy" rating for the company in a research note on Friday, August 2nd. StockNews.com cut iRhythm Technologies from a "hold" rating to a "sell" rating in a research note on Friday. Finally, Truist Financial reissued a "buy" rating and set a $117.00 target price (down previously from $134.00) on shares of iRhythm Technologies in a research note on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $118.67.

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.