Comerica Bank Sells 13,381 Shares of iRhythm Technologies $IRTC

Key Points

• Comerica Bank cut its stake in iRhythm by 47.1%, selling 13,381 shares and now holding 15,021 shares worth about $2.67 million.
• iRhythm reported revenue of $199.4 million (up 25.6% YoY) and beat EPS estimates with (‑$0.35) vs. (‑$0.56), but the company remains unprofitable with a negative net margin and return on equity.
• Insider and institutional activity: insiders sold 94,509 shares (~$12.7M) last quarter while major holders like Vanguard own 3.31M shares (~$587M); analysts’ consensus is a "Moderate Buy" with a $193.38 target.

Comerica Bank cut its stake in shares of iRhythm Technologies (NASDAQ:IRTC - Free Report) by 47.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 15,021 shares of the company's stock after selling 13,381 shares during the quarter. Comerica Bank's holdings in iRhythm Technologies were worth $2,665,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. Pictet Asset Management Holding SA lifted its position in iRhythm Technologies by 6.1% during the fourth quarter. Pictet Asset Management Holding SA now owns 4,912 shares of the company's stock valued at $872,000 after purchasing an additional 282 shares during the last quarter. UBS Group AG lifted its holdings in shares of iRhythm Technologies by 190.3% in the 4th quarter. UBS Group AG now owns 153,218 shares of the company's stock worth $27,187,000 after acquiring an additional 100,435 shares during the last quarter. Quent Capital LLC bought a new stake in shares of iRhythm Technologies in the 4th quarter worth approximately $355,000. Vanguard Group Inc. lifted its holdings in shares of iRhythm Technologies by 2.2% in the 4th quarter. Vanguard Group Inc. now owns 3,310,519 shares of the company's stock worth $587,418,000 after acquiring an additional 70,420 shares during the last quarter. Finally, M&T Bank Corp bought a new stake in shares of iRhythm Technologies in the 4th quarter worth approximately $3,933,000.

iRhythm Technologies Stock Down 1.3%

Shares of NASDAQ IRTC opened at $119.18 on Tuesday. The company has a quick ratio of 4.98, a current ratio of 5.17 and a debt-to-equity ratio of 4.03. iRhythm Technologies has a 52 week low of $112.31 and a 52 week high of $212.00. The firm's fifty day moving average is $122.93 and its 200 day moving average is $154.28. The company has a market cap of $3.92 billion, a price-to-earnings ratio of -138.58 and a beta of 1.33.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last issued its earnings results on Thursday, April 30th. The company reported ($0.35) EPS for the quarter, topping the consensus estimate of ($0.56) by $0.21. iRhythm Technologies had a negative net margin of 3.53% and a negative return on equity of 10.26%. The company had revenue of $199.39 million for the quarter, compared to the consensus estimate of $194.11 million. During the same period in the previous year, the firm earned ($0.97) earnings per share. The firm's revenue for the quarter was up 25.6% on a year-over-year basis. On average, equities research analysts expect that iRhythm Technologies will post -0.16 earnings per share for the current year.

Wall Street Analysts Forecast Growth

IRTC has been the subject of a number of recent research reports. Wall Street Zen upgraded shares of iRhythm Technologies from a "hold" rating to a "buy" rating in a report on Sunday. Weiss Ratings restated a "sell (d-)" rating on shares of iRhythm Technologies in a report on Tuesday, April 21st. The Goldman Sachs Group lowered their price objective on shares of iRhythm Technologies from $184.00 to $147.00 and set a "neutral" rating for the company in a report on Thursday, April 9th. Freedom Capital upgraded shares of iRhythm Technologies to a "strong-buy" rating in a report on Thursday, January 15th. Finally, Evercore upgraded shares of iRhythm Technologies from an "in-line" rating to an "outperform" rating and boosted their price objective for the stock from $194.00 to $210.00 in a report on Monday, January 5th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $193.38.

Insider Buying and Selling

In related news, EVP Minang Turakhia sold 7,804 shares of iRhythm Technologies stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $135.42, for a total value of $1,056,817.68. Following the transaction, the executive vice president directly owned 48,899 shares of the company's stock, valued at $6,621,902.58. The trade was a 13.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Chad Patterson sold 8,967 shares of iRhythm Technologies stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $135.42, for a total transaction of $1,214,311.14. Following the completion of the transaction, the insider directly owned 51,738 shares in the company, valued at approximately $7,006,359.96. The trade was a 14.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 94,509 shares of company stock valued at $12,734,195 over the last quarter. Company insiders own 0.98% of the company's stock.

About iRhythm Technologies

iRhythm Technologies, Inc is a medical technology company that develops and commercializes wearable cardiac monitoring devices and associated data analytics services. Founded in 2006 and headquartered in San Francisco, California, the company's flagship product is the Zio® patch, a discreet, single-use, continuous ECG recorder designed to monitor heart rhythms for up to 14 days. iRhythm's digital diagnostics platform combines biosensor technology with proprietary algorithms to detect arrhythmias and streamline data interpretation for physicians.

The Zio service is prescribed by cardiologists and other healthcare providers to aid in the diagnosis of atrial fibrillation, bradycardia, tachycardia and other rhythm disorders.

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