Hennion & Walsh Asset Management Inc. Sells 4,382 Shares of iRhythm Technologies $IRTC

Hennion & Walsh Asset Management Inc. lowered its holdings in iRhythm Technologies (NASDAQ:IRTC) by 55.4% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 3,521 shares of the company’s stock after selling 4,382 shares during the quarter. Hennion & Walsh Asset Management Inc.’s holdings in iRhythm Technologies were worth $419,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of IRTC. Royal Bank of Canada raised its holdings in iRhythm Technologies by 423.0% during the first quarter. Royal Bank of Canada now owns 7,573 shares of the company’s stock worth $793,000 after buying an additional 6,125 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of iRhythm Technologies by 33.5% during the first quarter. Goldman Sachs Group Inc. now owns 433,780 shares of the company’s stock valued at $45,408,000 after buying an additional 108,941 shares during the last quarter. Strs Ohio acquired a new position in shares of iRhythm Technologies during the first quarter valued at about $147,000. Arrowstreet Capital Limited Partnership bought a new stake in shares of iRhythm Technologies during the second quarter worth about $1,278,000. Finally, First Trust Advisors LP increased its position in shares of iRhythm Technologies by 66.0% during the second quarter. First Trust Advisors LP now owns 56,197 shares of the company’s stock worth $8,652,000 after acquiring an additional 22,337 shares in the last quarter.

iRhythm Technologies Stock Performance

Shares of IRTC stock opened at $126.44 on Friday. The firm has a 50-day moving average of $116.77 and a 200-day moving average of $123.18. The company has a market cap of $4.17 billion, a P/E ratio of -294.05 and a beta of 1.30. The company has a debt-to-equity ratio of 3.50, a current ratio of 3.86 and a quick ratio of 3.74. iRhythm Technologies has a one year low of $100.85 and a one year high of $212.00.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.62. iRhythm Technologies had a negative net margin of 1.69% and a positive return on equity of 10.11%. The company had revenue of $224.17 million for the quarter, compared to analyst estimates of $219.30 million. During the same period last year, the firm earned ($0.32) earnings per share. The firm’s revenue was up 20.1% on a year-over-year basis. Equities research analysts forecast that iRhythm Technologies will post 0.43 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts recently weighed in on IRTC shares. Stephens began coverage on shares of iRhythm Technologies in a research report on Thursday, July 23rd. They issued an “overweight” rating and a $160.00 price target on the stock. Bank of America decreased their price objective on iRhythm Technologies from $225.00 to $180.00 and set a “buy” rating for the company in a report on Monday, May 18th. HC Wainwright reissued a “buy” rating on shares of iRhythm Technologies in a research note on Monday, June 1st. Citigroup raised their target price on iRhythm Technologies from $155.00 to $157.00 and gave the company a “buy” rating in a report on Monday, May 4th. Finally, Wall Street Zen cut iRhythm Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $179.93.

iRhythm Technologies Profile

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.