iRhythm Technologies $IRTC Shares Sold by Bank of America Corp DE

Key Points

• Bank of America cut its iRhythm Technologies stake by 41.7% in the first quarter, selling 309,231 shares and retaining 432,539 shares valued at approximately $51 million.
• iRhythm reported quarterly revenue of $224.17 million, up 20.1% year over year, and earnings of $0.58 per share, exceeding analysts’ expectations of a $0.04-per-share loss.
• Analysts remain broadly positive, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $179.93, despite several firms lowering their targets.

Bank of America Corp DE trimmed its holdings in iRhythm Technologies (NASDAQ:IRTC - Free Report) by 41.7% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 432,539 shares of the company's stock after selling 309,231 shares during the period. Bank of America Corp DE owned approximately 1.32% of iRhythm Technologies worth $51,048,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Measured Wealth Private Client Group LLC purchased a new position in shares of iRhythm Technologies during the 3rd quarter worth $30,000. Employees Retirement System of Texas purchased a new stake in iRhythm Technologies in the 3rd quarter valued at about $36,000. Torren Management LLC purchased a new stake in iRhythm Technologies in the 4th quarter valued at about $53,000. Smartleaf Asset Management LLC raised its holdings in iRhythm Technologies by 63.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 323 shares of the company's stock valued at $58,000 after buying an additional 125 shares during the period. Finally, Harvest Fund Management Co. Ltd acquired a new position in iRhythm Technologies in the third quarter valued at about $69,000.

iRhythm Technologies Price Performance

Shares of IRTC opened at $121.87 on Wednesday. The company has a market cap of $4.02 billion, a P/E ratio of -283.42 and a beta of 1.30. iRhythm Technologies has a fifty-two week low of $100.85 and a fifty-two week high of $212.00. The company has a quick ratio of 3.74, a current ratio of 3.86 and a debt-to-equity ratio of 3.50. The firm's 50 day moving average price is $115.67 and its 200 day moving average price is $123.69.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported $0.58 earnings per share for the quarter, topping analysts' consensus estimates of ($0.04) by $0.62. The business had revenue of $224.17 million for the quarter, compared to analyst estimates of $219.30 million. iRhythm Technologies had a positive return on equity of 10.11% and a negative net margin of 1.69%.The company's revenue was up 20.1% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.32) earnings per share. On average, research analysts forecast that iRhythm Technologies will post 0.32 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

IRTC has been the subject of several research analyst reports. Canaccord Genuity Group lowered their target price on shares of iRhythm Technologies from $180.00 to $152.00 and set a "buy" rating for the company in a research note on Monday, June 1st. Citigroup boosted their price target on shares of iRhythm Technologies from $155.00 to $157.00 and gave the company a "buy" rating in a research note on Monday, May 4th. Stephens started coverage on shares of iRhythm Technologies in a report on Thursday, July 23rd. They issued an "overweight" rating and a $160.00 price objective on the stock. Wells Fargo & Company dropped their target price on shares of iRhythm Technologies from $180.00 to $168.00 and set an "overweight" rating for the company in a report on Friday, August 7th. Finally, HC Wainwright reissued a "buy" rating on shares of iRhythm Technologies in a research report on Monday, June 1st. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $179.93.

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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