Assetmark Inc. Increases Position in iRhythm Technologies, Inc. (NASDAQ:IRTC)

Assetmark Inc. boosted its holdings in shares of iRhythm Technologies, Inc. (NASDAQ:IRTC) by 8.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,645 shares of the company’s stock after acquiring an additional 937 shares during the period. Assetmark Inc.’s holdings in iRhythm Technologies were worth $939,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of IRTC. SG Americas Securities LLC purchased a new stake in iRhythm Technologies during the 1st quarter valued at about $126,000. Swiss National Bank grew its stake in shares of iRhythm Technologies by 0.3% in the 1st quarter. Swiss National Bank now owns 60,500 shares of the company’s stock valued at $7,018,000 after buying an additional 200 shares during the period. Headlands Technologies LLC grew its stake in shares of iRhythm Technologies by 10,650.0% in the 1st quarter. Headlands Technologies LLC now owns 430 shares of the company’s stock valued at $50,000 after buying an additional 426 shares during the period. Russell Investments Group Ltd. grew its stake in shares of iRhythm Technologies by 79,700.0% in the 1st quarter. Russell Investments Group Ltd. now owns 1,596 shares of the company’s stock valued at $185,000 after buying an additional 1,594 shares during the period. Finally, ProShare Advisors LLC grew its stake in shares of iRhythm Technologies by 8.5% in the 1st quarter. ProShare Advisors LLC now owns 5,514 shares of the company’s stock valued at $640,000 after buying an additional 433 shares during the period.

iRhythm Technologies Price Performance

iRhythm Technologies stock opened at $80.45 on Friday. The firm has a market cap of $2.52 billion, a PE ratio of -16.55 and a beta of 1.23. iRhythm Technologies, Inc. has a 52-week low of $55.92 and a 52-week high of $124.11. The company has a quick ratio of 6.12, a current ratio of 6.27 and a debt-to-equity ratio of 9.00. The company’s 50 day moving average is $72.38 and its two-hundred day moving average is $83.58.

iRhythm Technologies (NASDAQ:IRTC) last released its earnings results on Wednesday, October 30th. The company reported ($1.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.71). The business 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%. iRhythm Technologies’s quarterly revenue was up 18.4% compared to the same quarter last year. During the same quarter last year, the company earned ($0.89) earnings per share. On average, research analysts expect that iRhythm Technologies, Inc. will post -3.44 EPS for the current fiscal year.

Wall Street Analyst Weigh In

IRTC has been the subject of several analyst reports. Oppenheimer dropped their price target on shares of iRhythm Technologies from $165.00 to $145.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. The Goldman Sachs Group initiated coverage on shares of iRhythm Technologies in a research note on Friday, October 4th. They issued a “neutral” rating and a $78.00 price target for the company. Robert W. Baird dropped their price target on shares of iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating for the company in a research note on Friday, November 1st. 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 report on Wednesday, September 25th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of iRhythm Technologies from $133.00 to $100.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, one has given a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, iRhythm Technologies presently has an average rating of “Moderate Buy” and an average price target of $108.50.

Insider Buying and Selling at iRhythm Technologies

In related news, CEO Quentin S. Blackford sold 16,145 shares of the 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 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 transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Abhijit Y. Talwalkar bought 6,664 shares of the company’s stock in a transaction that occurred on Monday, November 4th. The stock was bought at an average cost of $75.16 per share, for a total transaction of $500,866.24. Following the completion of the transaction, the director now directly owns 18,941 shares in the company, valued at approximately $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. Insiders own 0.68% of the company’s stock.

iRhythm Technologies Company 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.