Mackenzie Financial Corp Sells 225,988 Shares of iRhythm Technologies (NASDAQ:IRTC)

Key Points

• Mackenzie Financial Corp has reduced its stake in iRhythm Technologies by 16.4%, selling 225,988 shares, and now holds approximately 1.16 million shares worth $121 million.
• Several research firms have recently changed their ratings and price targets for iRhythm Technologies, with Citigroup raising its target to $167.00, while Wall Street Zen downgraded the stock to a "sell" rating.
• iRhythm Technologies reported a negative earnings per share of ($0.95) for the last quarter, missing estimates, despite experiencing a year-over-year revenue increase of 20.3% to $158.68 million.

Mackenzie Financial Corp reduced its stake in shares of iRhythm Technologies (NASDAQ:IRTC - Free Report) by 16.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,155,954 shares of the company's stock after selling 225,988 shares during the quarter. Mackenzie Financial Corp owned 3.62% of iRhythm Technologies worth $121,005,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Homestead Advisers Corp grew its stake in shares of iRhythm Technologies by 15.3% during the first quarter. Homestead Advisers Corp now owns 32,400 shares of the company's stock valued at $3,392,000 after buying an additional 4,300 shares during the last quarter. MCF Advisors LLC bought a new position in shares of iRhythm Technologies during the first quarter valued at about $25,000. Jennison Associates LLC bought a new position in shares of iRhythm Technologies during the first quarter valued at about $29,330,000. CWM LLC grew its stake in shares of iRhythm Technologies by 54.3% during the first quarter. CWM LLC now owns 517 shares of the company's stock valued at $54,000 after buying an additional 182 shares during the last quarter. Finally, Stephens Investment Management Group LLC grew its stake in shares of iRhythm Technologies by 3.5% during the first quarter. Stephens Investment Management Group LLC now owns 520,582 shares of the company's stock valued at $54,495,000 after buying an additional 17,657 shares during the last quarter.

iRhythm Technologies Stock Up 18.2%

IRTC traded up $25.55 on Friday, hitting $165.73. The company had a trading volume of 1,158,835 shares, compared to its average volume of 467,531. The company has a debt-to-equity ratio of 7.47, a current ratio of 5.71 and a quick ratio of 5.58. iRhythm Technologies has a 52-week low of $55.92 and a 52-week high of $168.32. The stock has a fifty day simple moving average of $142.23 and a 200-day simple moving average of $121.97. The firm has a market capitalization of $5.29 billion, a P/E ratio of -52.78 and a beta of 1.41.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported ($0.32) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.53) by $0.21. The firm had revenue of $186.69 million during the quarter, compared to analyst estimates of $173.94 million. iRhythm Technologies had a negative net margin of 15.90% and a negative return on equity of 101.04%. The business's revenue was up 26.1% on a year-over-year basis. During the same period last year, the business earned ($0.61) earnings per share. As a group, equities analysts expect that iRhythm Technologies will post -1.98 EPS for the current fiscal year.

Insider Transactions at iRhythm Technologies

In related news, CFO Daniel G. Wilson sold 3,000 shares of iRhythm Technologies stock in a transaction dated Monday, June 23rd. The stock was 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 owned 40,307 shares in the company, valued at approximately $6,046,050. This trade represents a 6.93% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Chad Patterson sold 936 shares of the company's stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $150.00, for a total transaction of $140,400.00. Following the transaction, the insider owned 48,929 shares in the company, valued at $7,339,350. The trade was a 1.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,356 shares of company stock worth $796,882 in the last 90 days. 1.10% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on IRTC shares. 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 note on Friday, May 2nd. Citigroup increased their target price on shares of iRhythm Technologies from $130.00 to $167.00 and gave the stock a "buy" rating in a report on Thursday, May 22nd. Wells Fargo & Company increased their target price on shares of iRhythm Technologies from $130.00 to $180.00 and gave the stock an "overweight" rating in a report on Friday. JPMorgan Chase & Co. increased their target price on shares of iRhythm Technologies from $145.00 to $190.00 and gave the stock an "overweight" rating in a report on Friday. Finally, Wall Street Zen lowered shares of iRhythm Technologies from a "hold" rating to a "sell" rating in a report on Monday, May 5th. One research analyst has rated the stock with a sell rating, one has given a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $157.30.

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.