Vanguard Group Inc. Boosts Stock Position in iRhythm Technologies $IRTC

Key Points

• Vanguard Group Inc. increased its Q4 stake in iRhythm by 2.2% to 3,310,519 shares, now owning roughly 10.27% of the company worth about $587.4 million.
• Insiders sold a total of 94,509 shares valued at $12.73 million in the last 90 days, including two EVPs who each reduced their holdings by ~13.7% after sales on Feb. 25 at about $135.42 per share.
• iRhythm's most recent quarter beat estimates with EPS of ($0.35) vs. ($0.56) expected and revenue of $199.4M (up 25.6% YoY), but the company remains unprofitable; analysts' consensus is a Moderate Buy with a $193.38 target.

Vanguard Group Inc. grew its stake in iRhythm Technologies (NASDAQ:IRTC - Free Report) by 2.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,310,519 shares of the company's stock after purchasing an additional 70,420 shares during the period. Vanguard Group Inc. owned approximately 10.27% of iRhythm Technologies worth $587,418,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in the stock. M&T Bank Corp purchased a new stake in shares of iRhythm Technologies in the fourth quarter valued at approximately $3,933,000. CWM LLC grew its position in iRhythm Technologies by 12.5% in the fourth quarter. CWM LLC now owns 1,101 shares of the company's stock worth $195,000 after acquiring an additional 122 shares during the period. Assetmark Inc. grew its position in iRhythm Technologies by 52.0% in the fourth quarter. Assetmark Inc. now owns 631 shares of the company's stock worth $112,000 after acquiring an additional 216 shares during the period. Sumitomo Mitsui Trust Group Inc. purchased a new position in iRhythm Technologies in the fourth quarter worth approximately $417,000. Finally, Ascent Group LLC grew its position in iRhythm Technologies by 0.7% in the fourth quarter. Ascent Group LLC now owns 9,587 shares of the company's stock worth $1,701,000 after acquiring an additional 70 shares during the period.

Insider Transactions at iRhythm Technologies

In related news, EVP Minang Turakhia sold 7,804 shares of iRhythm Technologies stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $135.42, for a total value of $1,056,817.68. Following the completion of the transaction, the executive vice president directly owned 48,899 shares in the company, valued at approximately $6,621,902.58. This trade represents a 13.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Sumi Shrishrimal sold 6,217 shares of iRhythm Technologies stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $135.42, for a total value of $841,906.14. Following the completion of the transaction, the executive vice president owned 39,182 shares of the company's stock, valued at approximately $5,306,026.44. This trade represents a 13.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 94,509 shares of company stock valued at $12,734,195 in the last 90 days. Insiders own 1.10% of the company's stock.

iRhythm Technologies Trading Down 1.3%

IRTC opened at $119.18 on Tuesday. iRhythm Technologies has a 52 week low of $112.31 and a 52 week high of $212.00. The business has a fifty day simple moving average of $122.93 and a 200-day simple moving average of $154.28. The firm has a market cap of $3.92 billion, a P/E ratio of -138.58 and a beta of 1.33. The company has a quick ratio of 4.98, a current ratio of 5.17 and a debt-to-equity ratio of 4.03.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The company reported ($0.35) EPS for the quarter, topping the consensus estimate of ($0.56) by $0.21. The business had revenue of $199.39 million during the quarter, compared to analyst estimates of $194.11 million. iRhythm Technologies had a negative return on equity of 10.26% and a negative net margin of 3.53%.The company's quarterly revenue was up 25.6% on a year-over-year basis. During the same period last year, the business posted ($0.97) earnings per share. On average, equities analysts expect that iRhythm Technologies will post -0.16 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on IRTC shares. Needham & Company LLC increased their price objective on iRhythm Technologies from $254.00 to $255.00 and gave the stock a "buy" rating in a research report on Friday. Evercore upgraded iRhythm Technologies from an "in-line" rating to an "outperform" rating and increased their price objective for the stock from $194.00 to $210.00 in a research report on Monday, January 5th. Wall Street Zen upgraded iRhythm Technologies from a "hold" rating to a "buy" rating in a research report on Sunday. Robert W. Baird lowered their price objective on iRhythm Technologies from $220.00 to $200.00 and set an "outperform" rating for the company in a research report on Friday, February 20th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of iRhythm Technologies in a research report on Tuesday, April 21st. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, iRhythm Technologies presently has a consensus rating of "Moderate Buy" and a consensus target price of $193.38.

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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