Bank of America Corp DE Trims Stake in iRhythm Technologies, Inc. (NASDAQ:IRTC)

Bank of America Corp DE reduced its position in iRhythm Technologies, Inc. (NASDAQ:IRTC - Free Report) by 38.7% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 252,468 shares of the company's stock after selling 159,083 shares during the period. Bank of America Corp DE owned about 0.81% of iRhythm Technologies worth $22,765,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. Barclays PLC grew its position in shares of iRhythm Technologies by 34.3% during the 3rd quarter. Barclays PLC now owns 209,247 shares of the company's stock valued at $15,534,000 after buying an additional 53,498 shares during the last quarter. Hennion & Walsh Asset Management Inc. lifted its position in shares of iRhythm Technologies by 28.3% in the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 4,506 shares of the company's stock valued at $406,000 after acquiring an additional 994 shares in the last quarter. Nisa Investment Advisors LLC lifted its position in iRhythm Technologies by 166.6% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,037 shares of the company's stock worth $94,000 after buying an additional 648 shares in the last quarter. KBC Group NV increased its stake in shares of iRhythm Technologies by 45.1% during the 4th quarter. KBC Group NV now owns 1,319 shares of the company's stock worth $119,000 after purchasing an additional 410 shares during the last quarter. Finally, R Squared Ltd acquired a new position in shares of iRhythm Technologies during the 4th quarter worth $45,000.

iRhythm Technologies Stock Performance

Shares of IRTC stock traded up $0.25 during trading on Friday, reaching $142.69. 346,959 shares of the company's stock were exchanged, compared to its average volume of 476,703. The company has a quick ratio of 6.12, a current ratio of 6.27 and a debt-to-equity ratio of 9.00. The stock has a market capitalization of $4.56 billion, a PE ratio of -39.20 and a beta of 1.34. iRhythm Technologies, Inc. has a twelve month low of $55.92 and a twelve month high of $144.25. The firm's fifty day moving average price is $114.71 and its 200-day moving average price is $103.37.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last posted its earnings results on Thursday, May 1st. The company reported ($0.95) earnings per share for the quarter, missing analysts' consensus estimates of ($0.89) by ($0.06). The business had revenue of $158.68 million for the quarter, compared to analyst estimates of $153.39 million. iRhythm Technologies had a negative return on equity of 118.83% and a negative net margin of 19.14%. The firm's revenue was up 20.3% compared to the same quarter last year. During the same period in the previous year, the firm posted ($1.23) earnings per share. As a group, sell-side analysts anticipate that iRhythm Technologies, Inc. will post -1.98 EPS for the current year.

Analyst Upgrades and Downgrades

IRTC has been the topic of several recent analyst reports. The Goldman Sachs Group lifted their price target on iRhythm Technologies from $91.00 to $124.00 and gave the stock a "neutral" rating in a research report on Monday, February 24th. Citigroup lifted their price target on iRhythm Technologies from $130.00 to $167.00 and gave the stock a "buy" rating in a research report on Thursday. Needham & Company LLC boosted their price objective on iRhythm Technologies from $138.00 to $151.00 and gave the company a "buy" rating in a research report on Friday, May 2nd. Wells Fargo & Company upgraded iRhythm Technologies from an "equal weight" rating to an "overweight" rating and boosted their price objective for the company from $104.00 to $130.00 in a research report on Friday, May 2nd. Finally, Wall Street Zen cut iRhythm Technologies from a "hold" rating to a "sell" rating in a research report on Monday, May 5th. One analyst has rated the stock with a sell rating, one has given a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $133.73.

iRhythm Technologies Company 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.