Fred Alger Management LLC Sells 41,344 Shares of iRhythm Technologies, Inc. (NASDAQ:IRTC)

Fred Alger Management LLC cut its stake in iRhythm Technologies, Inc. (NASDAQ:IRTC - Free Report) by 13.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 272,773 shares of the company's stock after selling 41,344 shares during the quarter. Fred Alger Management LLC owned 0.87% of iRhythm Technologies worth $24,596,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of IRTC. R Squared Ltd bought a new position in shares of iRhythm Technologies during the 4th quarter worth approximately $45,000. Van ECK Associates Corp lifted its position in shares of iRhythm Technologies by 41.3% during the 4th quarter. Van ECK Associates Corp now owns 554 shares of the company's stock worth $50,000 after buying an additional 162 shares in the last quarter. Nisa Investment Advisors LLC lifted its position in shares of iRhythm Technologies by 166.6% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,037 shares of the company's stock worth $94,000 after buying an additional 648 shares in the last quarter. KBC Group NV lifted its position in shares of iRhythm Technologies by 45.1% during the 4th quarter. KBC Group NV now owns 1,319 shares of the company's stock worth $119,000 after buying an additional 410 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB bought a new position in shares of iRhythm Technologies during the 3rd quarter worth approximately $119,000.

Analyst Upgrades and Downgrades

Several equities analysts have commented on IRTC shares. StockNews.com cut shares of iRhythm Technologies from a "hold" rating to a "sell" rating in a research report on Monday, May 5th. Truist Financial lifted their target price on shares of iRhythm Technologies from $111.00 to $145.00 and gave the stock a "buy" rating in a research report on Friday, February 21st. Wells Fargo & Company raised shares of iRhythm Technologies from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $104.00 to $130.00 in a research report on Friday, May 2nd. Needham & Company LLC lifted their target price on shares of iRhythm Technologies from $138.00 to $151.00 and gave the stock a "buy" rating in a research report on Friday, May 2nd. Finally, Canaccord Genuity Group dropped their target price on shares of iRhythm Technologies from $152.00 to $139.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $128.55.

iRhythm Technologies Stock Performance

Shares of IRTC stock traded up $0.70 during trading hours on Friday, hitting $137.70. 493,149 shares of the company were exchanged, compared to its average volume of 469,212. The firm has a fifty day simple moving average of $106.91 and a 200 day simple moving average of $99.21. 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, Inc. has a 52-week low of $55.92 and a 52-week high of $140.73. The stock has a market capitalization of $4.40 billion, a price-to-earnings ratio of -37.83 and a beta of 1.34.

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

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.