Bank of New York Mellon Corp Sells 133,984 Shares of iRhythm Technologies (NASDAQ:IRTC)

Bank of New York Mellon Corp decreased its position in iRhythm Technologies (NASDAQ:IRTC - Free Report) by 27.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 357,501 shares of the company's stock after selling 133,984 shares during the quarter. Bank of New York Mellon Corp owned 1.12% of iRhythm Technologies worth $37,423,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bank Pictet & Cie Europe AG increased its position in shares of iRhythm Technologies by 5.9% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 3,289 shares of the company's stock valued at $297,000 after acquiring an additional 184 shares during the last quarter. Invesco Ltd. increased its position in shares of iRhythm Technologies by 1.1% in the fourth quarter. Invesco Ltd. now owns 19,200 shares of the company's stock valued at $1,731,000 after acquiring an additional 207 shares during the last quarter. Summit Investment Advisors Inc. increased its position in shares of iRhythm Technologies by 6.9% in the fourth quarter. Summit Investment Advisors Inc. now owns 3,271 shares of the company's stock valued at $295,000 after acquiring an additional 210 shares during the last quarter. Diversified Trust Co increased its position in shares of iRhythm Technologies by 8.1% in the first quarter. Diversified Trust Co now owns 8,944 shares of the company's stock valued at $936,000 after acquiring an additional 668 shares during the last quarter. Finally, Ancora Advisors LLC increased its position in iRhythm Technologies by 20.1% during the fourth quarter. Ancora Advisors LLC now owns 4,000 shares of the company's stock worth $361,000 after buying an additional 670 shares during the last quarter.

Insider Activity at iRhythm Technologies

In related news, CFO Daniel G. Wilson sold 3,000 shares of iRhythm Technologies stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $150.00, for a total value of $450,000.00. Following the completion of the transaction, the chief financial officer directly owned 40,307 shares in the company, valued at approximately $6,046,050. The trade was a 6.93% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Minang Turakhia sold 1,420 shares of iRhythm Technologies stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $145.41, for a total transaction of $206,482.20. Following the sale, the executive vice president directly owned 41,393 shares of the company's stock, valued at $6,018,956.13. This represents a 3.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,356 shares of company stock worth $796,882. Corporate insiders own 1.10% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on IRTC. Needham & Company LLC boosted their price target on iRhythm Technologies from $138.00 to $151.00 and gave the stock a "buy" rating in a research report on Friday, May 2nd. Robert W. Baird boosted their price target on iRhythm Technologies from $133.00 to $150.00 and gave the stock an "outperform" rating in a research report on Friday, May 2nd. Canaccord Genuity Group lowered their price target on iRhythm Technologies from $152.00 to $139.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. Wells Fargo & Company raised iRhythm Technologies from an "equal weight" rating to an "overweight" rating and boosted their price target for the stock from $104.00 to $130.00 in a research report on Friday, May 2nd. Finally, Wall Street Zen downgraded iRhythm Technologies from a "hold" rating to a "sell" rating in a research report on Monday, May 5th. One analyst has rated the stock with a sell rating, one has issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $137.30.

iRhythm Technologies Stock Up 2.3%

NASDAQ IRTC traded up $3.08 during trading hours on Wednesday, hitting $137.00. The company's stock had a trading volume of 457,811 shares, compared to its average volume of 490,328. iRhythm Technologies has a 52 week low of $55.92 and a 52 week high of $157.13. The company has a market capitalization of $4.37 billion, a PE ratio of -43.63 and a beta of 1.41. The company has a current ratio of 5.71, a quick ratio of 5.58 and a debt-to-equity ratio of 7.47. The company's 50-day simple moving average is $143.11 and its two-hundred day simple moving average is $118.61.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The company reported ($0.95) EPS for the quarter, missing the consensus estimate of ($0.89) by ($0.06). iRhythm Technologies had a negative net margin of 15.90% and a negative return on equity of 101.04%. The firm had revenue of $158.68 million during the quarter, compared to analysts' expectations of $153.39 million. During the same quarter last year, the business posted ($1.23) EPS. The company's quarterly revenue was up 20.3% on a year-over-year basis. Research analysts anticipate that iRhythm Technologies will post -1.98 EPS for the current fiscal 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.