Citigroup Inc. Sells 6,247 Shares of iRhythm Technologies, Inc. (NASDAQ:IRTC)

Citigroup Inc. cut its position in shares of iRhythm Technologies, Inc. (NASDAQ:IRTC) by 3.0% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 199,661 shares of the company’s stock after selling 6,247 shares during the quarter. Citigroup Inc. owned 0.64% of iRhythm Technologies worth $14,823,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Harbor Capital Advisors Inc. grew its stake in iRhythm Technologies by 272.0% in the third quarter. Harbor Capital Advisors Inc. now owns 79,938 shares of the company’s stock valued at $5,935,000 after purchasing an additional 58,448 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in iRhythm Technologies by 361.1% in the second quarter. Assenagon Asset Management S.A. now owns 48,962 shares of the company’s stock valued at $5,270,000 after purchasing an additional 38,344 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in iRhythm Technologies by 14.6% in the second quarter. Allspring Global Investments Holdings LLC now owns 475,586 shares of the company’s stock valued at $51,192,000 after purchasing an additional 60,560 shares in the last quarter. Lighthouse Investment Partners LLC bought a new position in iRhythm Technologies in the second quarter valued at approximately $2,071,000. Finally, The Manufacturers Life Insurance Company grew its stake in iRhythm Technologies by 6.4% in the second quarter. The Manufacturers Life Insurance Company now owns 183,046 shares of the company’s stock valued at $19,703,000 after purchasing an additional 11,031 shares in the last quarter.

Insider Buying and Selling at iRhythm Technologies

In related news, Director Abhijit Y. Talwalkar acquired 6,664 shares of the company’s stock in a transaction on Monday, November 4th. The stock was purchased at an average cost of $75.16 per share, with a total value of $500,866.24. Following the acquisition, the director now directly owns 18,941 shares of the company’s stock, valued at approximately $1,423,605.56. The trade was a 54.28 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Quentin S. Blackford sold 16,145 shares of iRhythm Technologies stock in a transaction 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 represents a 9.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.68% of the company’s stock.

iRhythm Technologies Stock Performance

NASDAQ:IRTC opened at $89.02 on Thursday. The stock has a market cap of $2.79 billion, a P/E ratio of -18.32 and a beta of 1.23. The stock has a 50 day simple moving average of $73.51 and a 200 day simple moving average of $81.74. 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 1-year low of $55.92 and a 1-year high of $124.11.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings results on Wednesday, October 30th. The company reported ($1.26) earnings per share 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 analyst estimates of $146.69 million. iRhythm Technologies had a negative return on equity of 120.86% and a negative net margin of 26.90%. The business’s revenue for the quarter was up 18.4% on a year-over-year basis. During the same period in the previous year, the business posted ($0.89) earnings per share. Research analysts anticipate that iRhythm Technologies, Inc. will post -3.44 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have weighed in on IRTC shares. Truist Financial raised their price target on iRhythm Technologies from $80.00 to $95.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Oppenheimer cut their price objective on iRhythm Technologies from $165.00 to $145.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Canaccord Genuity Group raised their price objective on iRhythm Technologies from $122.00 to $137.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. JPMorgan Chase & Co. cut their price objective on iRhythm Technologies from $133.00 to $100.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Finally, StockNews.com cut iRhythm Technologies from a “hold” rating to a “sell” rating in a research report on Friday, September 27th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target 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.