Millennium Management LLC Reduces Holdings in iRhythm Technologies, Inc. (NASDAQ:IRTC)

Millennium Management LLC reduced its stake in shares of iRhythm Technologies, Inc. (NASDAQ:IRTC - Free Report) by 90.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 60,217 shares of the company's stock after selling 581,883 shares during the period. Millennium Management LLC owned approximately 0.19% of iRhythm Technologies worth $5,430,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of iRhythm Technologies by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 3,136,370 shares of the company's stock worth $282,806,000 after buying an additional 18,442 shares during the period. Champlain Investment Partners LLC raised its holdings in shares of iRhythm Technologies by 8.9% during the fourth quarter. Champlain Investment Partners LLC now owns 726,262 shares of the company's stock worth $65,487,000 after purchasing an additional 59,161 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of iRhythm Technologies by 9.6% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 570,048 shares of the company's stock worth $50,991,000 after purchasing an additional 50,075 shares during the last quarter. Bessemer Group Inc. raised its holdings in shares of iRhythm Technologies by 111.7% during the fourth quarter. Bessemer Group Inc. now owns 568,007 shares of the company's stock worth $51,217,000 after purchasing an additional 299,726 shares during the last quarter. Finally, Stephens Investment Management Group LLC raised its holdings in shares of iRhythm Technologies by 25.6% during the fourth quarter. Stephens Investment Management Group LLC now owns 502,925 shares of the company's stock worth $45,349,000 after purchasing an additional 102,600 shares during the last quarter.

iRhythm Technologies Stock Up 0.1%

IRTC traded up $0.15 during trading hours on Monday, hitting $140.65. 722,059 shares of the company's stock were exchanged, compared to its average volume of 482,360. iRhythm Technologies, Inc. has a 12-month low of $55.92 and a 12-month high of $146.58. The firm has a 50 day moving average of $119.22 and a 200 day moving average of $105.86. The firm has a market cap of $4.49 billion, a P/E ratio of -38.64 and a beta of 1.34. The company has a current ratio of 6.27, a quick ratio of 6.12 and a debt-to-equity ratio of 9.00.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The company reported ($0.95) EPS for the quarter, missing analysts' consensus estimates of ($0.89) by ($0.06). The firm had revenue of $158.68 million during the quarter, compared to analysts' expectations of $153.39 million. iRhythm Technologies had a negative net margin of 19.14% and a negative return on equity of 118.83%. The company's revenue for the quarter was up 20.3% on a year-over-year basis. During the same period in the prior year, the company posted ($1.23) earnings per share. Analysts predict that iRhythm Technologies, Inc. will post -1.98 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts recently issued reports on IRTC shares. Needham & Company LLC raised their target price on shares of iRhythm Technologies from $138.00 to $151.00 and gave the stock a "buy" rating in a report on Friday, May 2nd. Wells Fargo & Company raised shares of iRhythm Technologies from an "equal weight" rating to an "overweight" rating and boosted their target price for the stock from $104.00 to $130.00 in a research note on Friday, May 2nd. The Goldman Sachs Group boosted their price target on shares of iRhythm Technologies from $91.00 to $124.00 and gave the stock a "neutral" rating in a research report on Monday, February 24th. Robert W. Baird increased their price target on shares of iRhythm Technologies from $133.00 to $150.00 and gave the company an "outperform" rating in a research note on Friday, May 2nd. Finally, Canaccord Genuity Group dropped their price target on shares of iRhythm Technologies from $152.00 to $139.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. One analyst has rated the stock with a sell rating, one has issued a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $133.73.

About iRhythm Technologies

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.