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

Bank of New York Mellon Corp reduced its stake in shares of iRhythm Technologies (NASDAQ:IRTC - Free Report) by 27.3% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 357,501 shares of the company's stock after selling 133,984 shares during the period. Bank of New York Mellon Corp owned approximately 1.12% of iRhythm Technologies worth $37,423,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in IRTC. Bank Pictet & Cie Europe AG boosted its position in shares of iRhythm Technologies by 5.9% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 3,289 shares of the company's stock worth $297,000 after purchasing an additional 184 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of iRhythm Technologies by 1.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 259,494 shares of the company's stock worth $23,399,000 after purchasing an additional 3,791 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of iRhythm Technologies during the 4th quarter worth $9,151,000. PNC Financial Services Group Inc. boosted its position in shares of iRhythm Technologies by 32.3% during the 4th quarter. PNC Financial Services Group Inc. now owns 4,980 shares of the company's stock worth $449,000 after purchasing an additional 1,215 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of iRhythm Technologies by 15.0% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,198 shares of the company's stock worth $739,000 after purchasing an additional 1,068 shares in the last quarter.

Insider Activity at iRhythm Technologies

In other news, insider Chad Patterson sold 936 shares of the company's stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $150.00, for a total transaction of $140,400.00. Following the completion of the transaction, the insider owned 48,929 shares of the company's stock, valued at $7,339,350. This represents a 1.88% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Daniel G. Wilson sold 3,000 shares of the company's stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $150.00, for a total transaction of $450,000.00. Following the transaction, the chief financial officer directly owned 40,307 shares of the company's stock, valued at approximately $6,046,050. This represents a 6.93% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,356 shares of company stock valued at $796,882. 1.10% of the stock is owned by insiders.

iRhythm Technologies Price Performance

IRTC stock traded up $1.77 during trading on Friday, hitting $137.53. The stock had a trading volume of 96,762 shares, compared to its average volume of 489,147. The company's 50 day moving average price is $143.09 and its two-hundred day moving average price is $118.95. iRhythm Technologies has a 1-year low of $55.92 and a 1-year high of $157.13. The stock has a market cap of $4.39 billion, a price-to-earnings ratio of -43.72 and a beta of 1.41. The company has a debt-to-equity ratio of 7.47, a quick ratio of 5.58 and a current ratio of 5.71.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last announced its earnings results on Thursday, May 1st. The company reported ($0.95) earnings per share 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 analyst estimates of $153.39 million. During the same period in the previous year, the firm posted ($1.23) EPS. The company's revenue for the quarter was up 20.3% compared to the same quarter last year. On average, sell-side analysts forecast that iRhythm Technologies will post -1.98 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on IRTC. Robert W. Baird lifted their price target on iRhythm Technologies from $133.00 to $150.00 and gave the stock an "outperform" rating in a research note on Friday, May 2nd. Needham & Company LLC lifted their price target on iRhythm Technologies from $138.00 to $151.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd. Citigroup lifted their price target on iRhythm Technologies from $130.00 to $167.00 and gave the stock a "buy" rating in a research note on Thursday, May 22nd. Canaccord Genuity Group cut their price target on iRhythm Technologies from $152.00 to $139.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. Finally, Wall Street Zen downgraded iRhythm Technologies from a "hold" rating to a "sell" rating in a research note on Monday, May 5th. One research analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat, iRhythm Technologies presently has a consensus rating of "Moderate Buy" and an average target price of $137.30.

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.