Exchange Traded Concepts LLC Trims Position in iRhythm Technologies (NASDAQ:IRTC)

Exchange Traded Concepts LLC trimmed its position in iRhythm Technologies (NASDAQ:IRTC - Free Report) by 20.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,830 shares of the company's stock after selling 1,783 shares during the quarter. Exchange Traded Concepts LLC's holdings in iRhythm Technologies were worth $715,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in IRTC. GAMMA Investing LLC increased its position in shares of iRhythm Technologies by 30,928.6% in the first quarter. GAMMA Investing LLC now owns 8,688 shares of the company's stock valued at $909,000 after acquiring an additional 8,660 shares during the period. SG Americas Securities LLC increased its stake in shares of iRhythm Technologies by 95.6% during the first quarter. SG Americas Securities LLC now owns 8,427 shares of the company's stock valued at $882,000 after buying an additional 4,119 shares during the period. Invesco Ltd. lifted its stake in iRhythm Technologies by 1.1% in the fourth quarter. Invesco Ltd. now owns 19,200 shares of the company's stock worth $1,731,000 after acquiring an additional 207 shares during the period. Bank of New York Mellon Corp increased its position in iRhythm Technologies by 23.2% during the 4th quarter. Bank of New York Mellon Corp now owns 491,485 shares of the company's stock valued at $44,317,000 after purchasing an additional 92,591 shares during the period. Finally, PNC Financial Services Group Inc. lifted its position in shares of iRhythm Technologies by 32.3% in 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 during the period.

Insider Activity at iRhythm Technologies

In related news, insider Chad Patterson sold 936 shares of the company's stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $150.00, for a total transaction of $140,400.00. Following the completion of the sale, the insider now owns 48,929 shares in the company, valued at approximately $7,339,350. This represents a 1.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Daniel G. Wilson sold 3,000 shares of the stock in a transaction dated 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 now directly owns 40,307 shares in the company, valued at approximately $6,046,050. This represents a 6.93% decrease in their position. The disclosure for this sale can be found here. 0.68% of the stock is owned by insiders.

iRhythm Technologies Stock Up 1.8%

NASDAQ IRTC traded up $2.70 during mid-day trading on Tuesday, reaching $153.65. The stock had a trading volume of 469,338 shares, compared to its average volume of 480,199. The stock has a market cap of $4.90 billion, a PE ratio of -48.93 and a beta of 1.40. iRhythm Technologies has a 1 year low of $55.92 and a 1 year high of $154.46. The company has a debt-to-equity ratio of 7.47, a current ratio of 5.71 and a quick ratio of 5.58. The company has a fifty day moving average price of $132.19 and a 200 day moving average price of $112.57.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The company reported ($0.95) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 business had revenue of $158.68 million for the quarter, compared to the consensus estimate of $153.39 million. During the same period in the previous year, the company earned ($1.23) earnings per share. The company's revenue for the quarter was up 20.3% compared to the same quarter last year. On average, research analysts expect that iRhythm Technologies will post -1.98 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have commented on IRTC shares. The Goldman Sachs Group raised their price objective on shares of iRhythm Technologies from $91.00 to $124.00 and gave the stock a "neutral" rating in a report on Monday, February 24th. Robert W. Baird raised their price objective on iRhythm Technologies from $133.00 to $150.00 and gave the company an "outperform" rating in a research report on Friday, May 2nd. Canaccord Genuity Group reduced their target price on shares of iRhythm Technologies from $152.00 to $139.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. Needham & Company LLC lifted their price target on shares of iRhythm Technologies from $138.00 to $151.00 and gave the company a "buy" rating in a research report on Friday, May 2nd. Finally, Wall Street Zen cut shares of iRhythm Technologies from a "hold" rating to a "sell" rating in a report on Monday, May 5th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $138.60.

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.