Harbor Capital Advisors Inc. Decreases Holdings in iRhythm Technologies, Inc. (NASDAQ:IRTC)

Harbor Capital Advisors Inc. decreased its holdings in shares of iRhythm Technologies, Inc. (NASDAQ:IRTC - Free Report) by 36.2% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 54,233 shares of the company's stock after selling 30,714 shares during the period. Harbor Capital Advisors Inc. owned 0.17% of iRhythm Technologies worth $5,677,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. First Light Asset Management LLC purchased a new position in iRhythm Technologies during the fourth quarter valued at $38,818,000. Bessemer Group Inc. raised its stake in iRhythm Technologies by 111.7% in the 4th quarter. Bessemer Group Inc. now owns 568,007 shares of the company's stock worth $51,217,000 after acquiring an additional 299,726 shares during the last quarter. Frontier Capital Management Co. LLC lifted its position in iRhythm Technologies by 364.8% during the fourth quarter. Frontier Capital Management Co. LLC now owns 355,147 shares of the company's stock valued at $32,024,000 after purchasing an additional 278,743 shares during the period. Deerfield Management Company L.P. Series C purchased a new position in shares of iRhythm Technologies during the 4th quarter valued at approximately $14,068,000. Finally, Raymond James Financial Inc. purchased a new position in shares of iRhythm Technologies during the 4th quarter valued at approximately $9,151,000.

iRhythm Technologies Trading Down 1.1%

Shares of IRTC stock traded down $1.63 during trading hours on Friday, reaching $143.85. The company had a trading volume of 315,736 shares, compared to its average volume of 483,528. The company has a 50 day moving average of $126.80 and a 200 day moving average of $109.74. The company has a debt-to-equity ratio of 9.00, a current ratio of 6.27 and a quick ratio of 6.12. The firm has a market cap of $4.59 billion, a price-to-earnings ratio of -39.52 and a beta of 1.40. iRhythm Technologies, Inc. has a 1-year low of $55.92 and a 1-year high of $150.00.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last released its quarterly earnings data 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 return on equity of 118.83% and a negative net margin of 19.14%. The firm had revenue of $158.68 million for the quarter, compared to analyst estimates of $153.39 million. During the same quarter in the prior year, the firm earned ($1.23) earnings per share. The firm's revenue for the quarter was up 20.3% on a year-over-year basis. On average, equities research analysts anticipate that iRhythm Technologies, Inc. will post -1.98 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on IRTC. Citigroup increased their price objective on shares of iRhythm Technologies from $130.00 to $167.00 and gave the stock a "buy" rating in a research report on Thursday, May 22nd. The Goldman Sachs Group increased their price objective on shares of iRhythm Technologies from $91.00 to $124.00 and gave the company a "neutral" rating in a research note on Monday, February 24th. Morgan Stanley lifted their price target on iRhythm Technologies from $130.00 to $160.00 and gave the company an "overweight" rating in a report on Wednesday. Wall Street Zen cut iRhythm Technologies from a "hold" rating to a "sell" rating in a research note on Monday, May 5th. Finally, Truist Financial boosted their target price on shares of iRhythm Technologies from $111.00 to $145.00 and gave the stock a "buy" rating in a research report on Friday, February 21st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and ten have given a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $136.45.

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.