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Peregrine Capital Management LLC Lowers Stake in iRhythm Technologies (NASDAQ:IRTC)

iRhythm Technologies logo with Medical background

Peregrine Capital Management LLC lowered its position in shares of iRhythm Technologies (NASDAQ:IRTC - Free Report) by 16.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 83,055 shares of the company's stock after selling 16,098 shares during the period. Peregrine Capital Management LLC owned 0.26% of iRhythm Technologies worth $8,694,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Bank Pictet & Cie Europe AG lifted its holdings in iRhythm Technologies by 5.9% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 3,289 shares of the company's stock worth $297,000 after buying an additional 184 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in iRhythm Technologies by 23.2% during the fourth quarter. Bank of New York Mellon Corp now owns 491,485 shares of the company's stock worth $44,317,000 after purchasing an additional 92,591 shares during the last quarter. Versor Investments LP purchased a new stake in iRhythm Technologies during the fourth quarter worth approximately $251,000. Charles Schwab Investment Management Inc. boosted its holdings in iRhythm Technologies by 1.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 259,494 shares of the company's stock valued at $23,399,000 after purchasing an additional 3,791 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new position in iRhythm Technologies in the fourth quarter valued at approximately $9,151,000.

iRhythm Technologies Stock Performance

iRhythm Technologies stock traded down $0.42 during mid-day trading on Thursday, reaching $142.37. 206,877 shares of the company were exchanged, compared to its average volume of 482,165. The firm's 50-day simple moving average is $139.23 and its two-hundred day simple moving average is $115.30. iRhythm Technologies has a twelve month low of $55.92 and a twelve month high of $157.13. The firm has a market cap of $4.54 billion, a PE ratio of -45.34 and a beta of 1.41. The company has a debt-to-equity ratio of 7.47, a quick ratio of 5.58 and a current ratio of 5.71.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last issued its quarterly earnings results 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). The company 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 101.04% and a negative net margin of 15.90%. iRhythm Technologies's revenue for the quarter was up 20.3% compared to the same quarter last year. During the same period in the prior year, the business earned ($1.23) earnings per share. Equities analysts predict that iRhythm Technologies will post -1.98 earnings per share for the current fiscal year.

Insider Transactions at iRhythm Technologies

In other iRhythm Technologies news, CFO Daniel G. Wilson sold 3,000 shares of the business's stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $150.00, for a total transaction of $450,000.00. Following the sale, the chief financial officer directly owned 40,307 shares in the company, valued at approximately $6,046,050. The trade was a 6.93% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Chad Patterson sold 936 shares of the 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 completion of the transaction, the insider owned 48,929 shares of the company's stock, valued at $7,339,350. This represents a 1.88% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 5,356 shares of company stock valued at $796,882. Corporate insiders own 1.10% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Canaccord Genuity Group lowered their target price on shares of iRhythm Technologies from $152.00 to $139.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Morgan Stanley upped their price objective on shares of iRhythm Technologies from $130.00 to $160.00 and gave the company an "overweight" rating in a research note on Wednesday, June 11th. Wall Street Zen cut iRhythm Technologies from a "hold" rating to a "sell" rating in a research report on Monday, May 5th. Wells Fargo & Company raised iRhythm Technologies from an "equal weight" rating to an "overweight" rating and upped their target price for the company from $104.00 to $130.00 in a research report on Friday, May 2nd. Finally, Citigroup raised their price target on iRhythm Technologies from $130.00 to $167.00 and gave the stock a "buy" rating in a research note on Thursday, May 22nd. One equities 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 company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $138.60.

Read Our Latest Stock Analysis on iRhythm Technologies

About iRhythm Technologies

(Free Report)

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.

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