SG Americas Securities LLC Decreases Stake in iRhythm Technologies $IRTC

SG Americas Securities LLC cut its holdings in shares of iRhythm Technologies (NASDAQ:IRTC) by 47.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,870 shares of the company’s stock after selling 5,335 shares during the quarter. SG Americas Securities LLC’s holdings in iRhythm Technologies were worth $693,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of IRTC. Royal Bank of Canada lifted its position 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 in the last quarter. Goldman Sachs Group Inc. lifted its holdings in iRhythm Technologies by 33.5% in the first quarter. Goldman Sachs Group Inc. now owns 433,780 shares of the company’s stock valued at $45,408,000 after acquiring an additional 108,941 shares during the last quarter. Strs Ohio purchased a new position in iRhythm Technologies in the first quarter worth approximately $147,000. Arrowstreet Capital Limited Partnership acquired a new stake in iRhythm Technologies during the second quarter worth $1,278,000. Finally, First Trust Advisors LP lifted its stake in shares of iRhythm Technologies by 66.0% in the 2nd quarter. First Trust Advisors LP now owns 56,197 shares of the company’s stock valued at $8,652,000 after purchasing an additional 22,337 shares during the last quarter.

iRhythm Technologies Stock Up 0.7%

NASDAQ:IRTC traded up $0.93 during midday trading on Tuesday, reaching $126.96. The company had a trading volume of 6,766 shares, compared to its average volume of 609,693. iRhythm Technologies has a 12-month low of $100.85 and a 12-month high of $212.00. The firm has a market capitalization of $4.17 billion, a price-to-earnings ratio of -146.96 and a beta of 1.27. The company has a current ratio of 5.17, a quick ratio of 4.98 and a debt-to-equity ratio of 4.03. The stock’s fifty day simple moving average is $115.28 and its 200-day simple moving average is $134.02.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings results on Thursday, April 30th. The company reported ($0.35) earnings per share for the quarter, topping the consensus estimate of ($0.56) by $0.21. The company had revenue of $199.39 million for the quarter, compared to the consensus estimate of $194.11 million. iRhythm Technologies had a negative return on equity of 10.26% and a negative net margin of 3.53%.iRhythm Technologies’s revenue was up 25.6% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.97) EPS. On average, sell-side analysts anticipate that iRhythm Technologies will post 0.13 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently issued reports on IRTC. BTIG Research restated a “buy” rating and issued a $185.00 price objective on shares of iRhythm Technologies in a report on Monday, June 22nd. Wall Street Zen lowered shares of iRhythm Technologies from a “buy” rating to a “hold” rating in a report on Saturday, May 30th. Citigroup lifted their target price on shares of iRhythm Technologies from $155.00 to $157.00 and gave the company a “buy” rating in a report on Monday, May 4th. The Goldman Sachs Group decreased their price target on iRhythm Technologies from $184.00 to $147.00 and set a “neutral” rating on the stock in a research note on Thursday, April 9th. Finally, JPMorgan Chase & Co. lowered their price target on iRhythm Technologies from $215.00 to $175.00 and set an “overweight” rating for the company in a research report on Friday, May 1st. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, iRhythm Technologies has a consensus rating of “Moderate Buy” and a consensus target price of $187.38.

Insider Buying and Selling

In other news, Director Abhijit Y. Talwalkar acquired 5,312 shares of the company’s stock in a transaction on Monday, May 11th. The shares were bought at an average cost of $10.71 per share, with a total value of $56,891.52. Following the transaction, the director owned 25,611 shares in the company, valued at approximately $274,293.81. This trade represents a 26.17% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.98% of the stock is owned by company insiders.

iRhythm Technologies Company 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.