Fred Alger Management LLC Sells 9,517 Shares of iRhythm Technologies $IRTC

Key Points

• Fred Alger Management cut its iRhythm Technologies stake by 3.0% in the fourth quarter, selling 9,517 shares and leaving it with 310,582 shares valued at about $55.1 million.
• iRhythm reported quarterly earnings of ($0.35) per share, beating expectations, on revenue of $199.39 million, which was up 25.6% year over year.
• Analysts remain generally positive on the stock, with a Moderate Buy consensus and an average price target of $187.38, even as several firms recently trimmed their targets.

Fred Alger Management LLC lowered its holdings in iRhythm Technologies (NASDAQ:IRTC - Free Report) by 3.0% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 310,582 shares of the company's stock after selling 9,517 shares during the period. Fred Alger Management LLC owned approximately 0.96% of iRhythm Technologies worth $55,110,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Graham Capital Management L.P. raised its holdings in shares of iRhythm Technologies by 44.6% in the 4th quarter. Graham Capital Management L.P. now owns 2,832 shares of the company's stock valued at $503,000 after acquiring an additional 874 shares in the last quarter. Vanguard Personalized Indexing Management LLC raised its holdings in shares of iRhythm Technologies by 4.3% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 2,472 shares of the company's stock valued at $439,000 after acquiring an additional 102 shares in the last quarter. Entropy Technologies LP raised its holdings in shares of iRhythm Technologies by 123.8% in the 4th quarter. Entropy Technologies LP now owns 6,689 shares of the company's stock valued at $1,187,000 after acquiring an additional 3,700 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in shares of iRhythm Technologies by 12.2% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 606,969 shares of the company's stock valued at $107,701,000 after acquiring an additional 65,930 shares in the last quarter. Finally, Kestra Advisory Services LLC purchased a new stake in shares of iRhythm Technologies in the 4th quarter valued at about $71,000.

iRhythm Technologies Stock Performance

Shares of NASDAQ IRTC opened at $108.84 on Wednesday. The stock has a market cap of $3.58 billion, a price-to-earnings ratio of -126.56 and a beta of 1.27. The company has a current ratio of 5.17, a quick ratio of 4.98 and a debt-to-equity ratio of 4.03. iRhythm Technologies has a 1-year low of $101.75 and a 1-year high of $212.00. The stock's 50-day moving average is $116.85 and its 200 day moving average is $140.09.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last announced its quarterly earnings data on Thursday, April 30th. The company reported ($0.35) earnings per share for the quarter, beating analysts' consensus estimates of ($0.56) by $0.21. The company had revenue of $199.39 million for the quarter, compared to analysts' expectations of $194.11 million. iRhythm Technologies had a negative return on equity of 10.26% and a negative net margin of 3.53%.iRhythm Technologies's revenue for the quarter was up 25.6% compared to the same quarter last year. During the same period last year, the firm posted ($0.97) EPS. On average, sell-side analysts anticipate that iRhythm Technologies will post 0.13 EPS for the current fiscal year.

Insider Buying and Selling at iRhythm Technologies

In other news, Director Abhijit Y. Talwalkar acquired 5,312 shares of the firm's stock in a transaction that occurred on Monday, May 11th. The shares were bought at an average cost of $10.71 per share, with a total value of $56,891.52. Following the acquisition, the director owned 25,611 shares in the company, valued at approximately $274,293.81. This represents a 26.17% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.98% of the company's stock.

Analyst Ratings Changes

Several analysts have weighed in on the company. Canaccord Genuity Group lowered their price target on iRhythm Technologies from $180.00 to $152.00 and set a "buy" rating on the stock in a report on Monday, June 1st. Bank of America lowered their price target on iRhythm Technologies from $225.00 to $180.00 and set a "buy" rating on the stock in a report on Monday, May 18th. Citigroup raised their price target on iRhythm Technologies from $155.00 to $157.00 and gave the company a "buy" rating in a report on Monday, May 4th. Needham & Company LLC raised their price target on iRhythm Technologies from $254.00 to $255.00 and gave the company a "buy" rating in a report on Friday, May 1st. Finally, Truist Financial lowered their price target on iRhythm Technologies from $200.00 to $170.00 and set a "buy" rating on the stock in a report on Wednesday, April 15th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned 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 currently has a consensus rating of "Moderate Buy" and an average target price of $187.38.

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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