61,082 Shares in iRhythm Technologies, Inc. (NASDAQ:IRTC) Acquired by Western Standard LLC

Western Standard LLC bought a new stake in shares of iRhythm Technologies, Inc. (NASDAQ:IRTC - Free Report) in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm bought 61,082 shares of the company's stock, valued at approximately $4,535,000. iRhythm Technologies makes up about 4.3% of Western Standard LLC's portfolio, making the stock its 9th biggest position. Western Standard LLC owned approximately 0.20% of iRhythm Technologies as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. State Street Corp boosted its stake in shares of iRhythm Technologies by 1.3% during the third quarter. State Street Corp now owns 908,843 shares of the company's stock valued at $67,473,000 after acquiring an additional 11,992 shares during the last quarter. Quarry LP purchased a new position in iRhythm Technologies in the 3rd quarter valued at about $59,000. Point72 DIFC Ltd purchased a new stake in shares of iRhythm Technologies during the third quarter worth about $360,000. Polar Asset Management Partners Inc. raised its position in shares of iRhythm Technologies by 28.5% in the third quarter. Polar Asset Management Partners Inc. now owns 93,300 shares of the company's stock valued at $6,927,000 after buying an additional 20,700 shares during the last quarter. Finally, HighTower Advisors LLC purchased a new position in shares of iRhythm Technologies during the third quarter valued at approximately $334,000.

Wall Street Analyst Weigh In

Several analysts have commented on IRTC shares. Canaccord Genuity Group lifted their target price on shares of iRhythm Technologies from $122.00 to $137.00 and gave the stock a "buy" rating in a research note on Wednesday, September 25th. StockNews.com lowered 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 shares of iRhythm Technologies in a report on Friday, October 4th. They issued a "neutral" rating and a $78.00 price target on the stock. Truist Financial lifted their target price on iRhythm Technologies from $80.00 to $95.00 and gave the company a "buy" rating in a report on Tuesday, October 22nd. Finally, Wells Fargo & Company reiterated an "equal weight" rating and set a $86.00 target price on shares of iRhythm Technologies in a report on Tuesday. One analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $106.45.

Insiders Place Their Bets

In other iRhythm Technologies news, CEO Quentin S. Blackford sold 16,145 shares of the stock in a transaction on 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 sale, the chief executive officer now directly owns 159,929 shares of the company's stock, valued at $12,380,103.89. This trade represents a 9.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Patrick Michael Murphy sold 2,492 shares of the business's stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $85.89, for a total transaction of $214,037.88. Following the transaction, the insider now directly owns 35,327 shares of the company's stock, valued at approximately $3,034,236.03. This trade represents a 6.59 % decrease in their position. The disclosure for this sale can be found here. 0.68% of the stock is currently owned by company insiders.

iRhythm Technologies Stock Up 4.5 %

NASDAQ IRTC traded up $3.68 during mid-day trading on Friday, reaching $85.09. 165,086 shares of the company's stock traded hands, compared to its average volume of 470,132. The company has a fifty day simple moving average of $75.32 and a 200-day simple moving average of $81.35. iRhythm Technologies, Inc. has a 1-year low of $55.92 and a 1-year high of $124.11. The company has a market cap of $2.66 billion, a price-to-earnings ratio of -16.75 and a beta of 1.26. The company has a current ratio of 6.27, a quick ratio of 6.12 and a debt-to-equity ratio of 9.00.

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

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.