Loomis Sayles & Co. L P Sells 251,988 Shares of iRhythm Technologies, Inc. (NASDAQ:IRTC)

Loomis Sayles & Co. L P trimmed its holdings in shares of iRhythm Technologies, Inc. (NASDAQ:IRTC) by 68.0% in the 3rd quarter, Holdings Channel reports. The firm owned 118,502 shares of the company’s stock after selling 251,988 shares during the quarter. Loomis Sayles & Co. L P’s holdings in iRhythm Technologies were worth $8,797,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the business. SeaCrest Wealth Management LLC lifted its position in shares of iRhythm Technologies by 7.6% during the second quarter. SeaCrest Wealth Management LLC now owns 2,125 shares of the company’s stock worth $229,000 after purchasing an additional 150 shares during the last quarter. Nisa Investment Advisors LLC lifted its position in shares of iRhythm Technologies by 79.6% during the second quarter. Nisa Investment Advisors LLC now owns 625 shares of the company’s stock worth $67,000 after purchasing an additional 277 shares during the last quarter. Arizona State Retirement System lifted its position in shares of iRhythm Technologies by 3.4% during the second quarter. Arizona State Retirement System now owns 8,711 shares of the company’s stock worth $938,000 after purchasing an additional 287 shares during the last quarter. Oppenheimer Asset Management Inc. lifted its position in shares of iRhythm Technologies by 6.5% during the second quarter. Oppenheimer Asset Management Inc. now owns 7,909 shares of the company’s stock worth $851,000 after purchasing an additional 482 shares during the last quarter. Finally, Bank Pictet & Cie Europe AG lifted its position in shares of iRhythm Technologies by 22.3% during the third quarter. Bank Pictet & Cie Europe AG now owns 3,105 shares of the company’s stock worth $231,000 after purchasing an additional 567 shares during the last quarter.

Insider Activity at iRhythm Technologies

In related news, CEO Quentin S. Blackford sold 16,145 shares of the stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $77.41, for a total value of $1,249,784.45. Following the completion of the transaction, the chief executive officer now directly owns 159,929 shares of the company’s stock, valued at $12,380,103.89. This trade represents a 9.17 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Abhijit Y. Talwalkar acquired 6,664 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The stock was bought at an average cost of $75.16 per share, with a total value of $500,866.24. Following the completion of the transaction, the director now directly owns 18,941 shares in the company, valued at $1,423,605.56. The trade was a 54.28 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.68% of the stock is currently owned by insiders.

iRhythm Technologies Stock Performance

IRTC stock opened at $89.02 on Thursday. The firm has a market cap of $2.79 billion, a price-to-earnings ratio of -18.32 and a beta of 1.23. The firm has a 50-day simple moving average of $73.51 and a two-hundred day simple moving average of $81.74. iRhythm Technologies, Inc. has a one year low of $55.92 and a one year high of $124.11. The company has a debt-to-equity ratio of 9.00, a quick ratio of 6.12 and a current ratio of 6.27.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings results on Wednesday, October 30th. The company reported ($1.26) EPS for the quarter, missing the consensus estimate of ($0.55) by ($0.71). The firm had revenue of $147.54 million for the quarter, compared to analysts’ expectations of $146.69 million. iRhythm Technologies had a negative net margin of 26.90% and a negative return on equity of 120.86%. The business’s quarterly revenue was up 18.4% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.89) earnings per share. On average, equities analysts forecast that iRhythm Technologies, Inc. will post -3.44 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Truist Financial lifted their target price on iRhythm Technologies from $80.00 to $95.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Citigroup lowered their price objective on shares of iRhythm Technologies from $135.00 to $110.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. Canaccord Genuity Group upped their price objective on shares of iRhythm Technologies from $122.00 to $137.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. The Goldman Sachs Group began coverage on shares of iRhythm Technologies in a research note on Friday, October 4th. They issued a “neutral” rating and a $78.00 price objective for the company. Finally, StockNews.com lowered shares of iRhythm Technologies from a “hold” rating to a “sell” rating in a research note on Friday, September 27th. One analyst has rated the stock with a sell rating, one has issued a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, iRhythm Technologies presently has an average rating of “Moderate Buy” and a consensus target price of $108.50.

iRhythm Technologies 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.