Quantbot Technologies LP Trims Stock Holdings in iRhythm Technologies $IRTC

Key Points

• Quantbot Technologies LP cut its iRhythm stake by 63.9% in Q3, selling 14,857 shares and retaining 8,385 shares worth about $1.442 million per its 13F filing.
• Notable insider and institutional selling: Two executives sold a combined 8,471 shares on March 2, and insiders have sold 94,509 shares worth $12.7 million in the past three months, though insiders still own 1.10% of the company.
• Analysts have an average rating of "Moderate Buy" with a mean price target of $211.62, and iRhythm recently beat quarterly EPS estimates ($0.29 vs. $0.02) with revenue up 27.1% year‑over‑year.

Quantbot Technologies LP reduced its holdings in shares of iRhythm Technologies (NASDAQ:IRTC - Free Report) by 63.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,385 shares of the company's stock after selling 14,857 shares during the quarter. Quantbot Technologies LP's holdings in iRhythm Technologies were worth $1,442,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the company. Root Financial Partners LLC acquired a new position in shares of iRhythm Technologies in the 3rd quarter worth approximately $30,000. Smartleaf Asset Management LLC raised its stake in shares of iRhythm Technologies by 100.0% during the third quarter. Smartleaf Asset Management LLC now owns 198 shares of the company's stock valued at $34,000 after purchasing an additional 99 shares in the last quarter. Optiver Holding B.V. acquired a new stake in shares of iRhythm Technologies in the 3rd quarter worth approximately $35,000. Assetmark Inc. lifted its position in iRhythm Technologies by 273.9% in the third quarter. Assetmark Inc. now owns 415 shares of the company's stock worth $71,000 after purchasing an additional 304 shares during the period. Finally, Lazard Asset Management LLC acquired a new position in iRhythm Technologies during the second quarter worth about $72,000.

Analysts Set New Price Targets

Several research firms have issued reports on IRTC. Needham & Company LLC restated a "buy" rating and issued a $244.00 price target on shares of iRhythm Technologies in a research report on Monday, January 12th. Evercore upgraded shares of iRhythm Technologies from an "in-line" rating to an "outperform" rating and raised their price target for the stock from $194.00 to $210.00 in a report on Monday, January 5th. Wells Fargo & Company lowered their target price on iRhythm Technologies from $225.00 to $200.00 and set an "overweight" rating on the stock in a research note on Friday, February 20th. JPMorgan Chase & Co. dropped their price target on shares of iRhythm Technologies from $240.00 to $215.00 and set an "overweight" rating on the stock in a research note on Friday, February 20th. Finally, Canaccord Genuity Group decreased their price target on iRhythm Technologies from $212.00 to $198.00 and set a "buy" rating for the company in a research note on Friday, February 20th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $211.62.

Insider Buying and Selling

In related news, EVP Minang Turakhia sold 4,027 shares of the stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $128.45, for a total transaction of $517,268.15. Following the completion of the sale, the executive vice president owned 54,906 shares in the company, valued at $7,052,675.70. This trade represents a 6.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Chad Patterson sold 4,444 shares of iRhythm Technologies stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $128.44, for a total transaction of $570,787.36. Following the completion of the transaction, the insider owned 58,164 shares of the company's stock, valued at $7,470,584.16. This trade represents a 7.10% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 94,509 shares of company stock worth $12,734,195 in the last three months. Company insiders own 1.10% of the company's stock.

iRhythm Technologies Stock Down 0.8%

Shares of IRTC stock opened at $126.95 on Friday. The stock has a fifty day moving average price of $157.46 and a 200 day moving average price of $169.55. The stock has a market cap of $4.10 billion, a P/E ratio of -90.68 and a beta of 1.09. iRhythm Technologies has a one year low of $92.52 and a one year high of $212.00. The company has a debt-to-equity ratio of 4.25, a current ratio of 4.63 and a quick ratio of 4.48.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last posted its earnings results on Thursday, February 19th. The company reported $0.29 earnings per share for the quarter, beating analysts' consensus estimates of $0.02 by $0.27. iRhythm Technologies had a negative net margin of 5.96% and a negative return on equity of 28.15%. The business had revenue of $208.89 million for the quarter, compared to analysts' expectations of $202.61 million. During the same quarter in the previous year, the firm posted ($0.04) earnings per share. The firm's revenue for the quarter was up 27.1% on a year-over-year basis. Analysts predict that iRhythm Technologies will post -1.98 earnings per share for the current year.

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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