Cwm LLC Reduces Position in iRhythm Technologies, Inc. (NASDAQ:IRTC)

Cwm LLC lowered its stake in iRhythm Technologies, Inc. (NASDAQ:IRTC) by 11.5% in the third quarter, HoldingsChannel reports. The institutional investor owned 1,599 shares of the company’s stock after selling 208 shares during the period. Cwm LLC’s holdings in iRhythm Technologies were worth $119,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Handelsbanken Fonder AB increased its position in shares of iRhythm Technologies by 34.0% in the 3rd quarter. Handelsbanken Fonder AB now owns 10,239 shares of the company’s stock valued at $760,000 after acquiring an additional 2,600 shares during the period. SG Americas Securities LLC purchased a new stake in iRhythm Technologies during the 3rd quarter valued at about $1,199,000. Creative Planning acquired a new position in shares of iRhythm Technologies in the second quarter valued at about $385,000. Ascent Group LLC raised its stake in shares of iRhythm Technologies by 33.4% in the second quarter. Ascent Group LLC now owns 5,310 shares of the company’s stock worth $572,000 after purchasing an additional 1,330 shares during the last quarter. Finally, Cim Investment Management Inc. lifted its holdings in shares of iRhythm Technologies by 23.2% during the second quarter. Cim Investment Management Inc. now owns 5,834 shares of the company’s stock worth $628,000 after purchasing an additional 1,099 shares during the period.

Insiders Place Their Bets

In other news, insider Chad Patterson sold 3,012 shares of iRhythm Technologies stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $74.66, for a total value of $224,875.92. Following the sale, the insider now directly owns 37,133 shares of the company’s stock, valued at $2,772,349.78. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other iRhythm Technologies news, insider Chad Patterson sold 3,012 shares of iRhythm Technologies stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $74.66, for a total transaction of $224,875.92. Following the sale, the insider now owns 37,133 shares of the company’s stock, valued at $2,772,349.78. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Brice Bobzien sold 1,372 shares of the stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $70.34, for a total transaction of $96,506.48. Following the completion of the sale, the chief financial officer now owns 24,428 shares of the company’s stock, valued at $1,718,265.52. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 5,072 shares of company stock worth $372,748. Corporate insiders own 0.68% of the company’s stock.

iRhythm Technologies Price Performance

iRhythm Technologies stock opened at $75.68 on Friday. The stock has a market capitalization of $2.36 billion, a P/E ratio of -17.72 and a beta of 1.22. The company’s fifty day moving average price is $68.51 and its 200 day moving average price is $86.78. The company has a debt-to-equity ratio of 6.50, a quick ratio of 6.76 and a current ratio of 6.92. iRhythm Technologies, Inc. has a 1 year low of $55.92 and a 1 year high of $124.11.

iRhythm Technologies (NASDAQ:IRTC) last announced its earnings results on Thursday, August 1st. The company reported ($0.61) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.89) by $0.28. iRhythm Technologies had a negative net margin of 24.50% and a negative return on equity of 84.14%. The business had revenue of $148.05 million for the quarter, compared to analyst estimates of $146.15 million. During the same quarter last year, the business earned ($0.61) earnings per share. The company’s revenue for the quarter was up 19.3% compared to the same quarter last year. As a group, equities research analysts anticipate that iRhythm Technologies, Inc. will post -2.66 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have issued reports on IRTC. StockNews.com lowered shares of iRhythm Technologies from a “hold” rating to a “sell” rating in a research report on Friday, September 27th. Truist Financial lifted their price objective on iRhythm Technologies from $80.00 to $95.00 and gave the company a “buy” rating in a research note on Tuesday. Citigroup dropped their target price on iRhythm Technologies from $135.00 to $110.00 and set a “buy” rating on the stock in a report on Thursday, August 22nd. Oppenheimer lowered their price objective on iRhythm Technologies from $165.00 to $145.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Finally, Canaccord Genuity Group lifted their target price on shares of iRhythm Technologies from $122.00 to $137.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. One analyst has rated the stock with a sell rating, one has given a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $113.90.

About iRhythm Technologies

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.