Fred Alger Management LLC Sells 41,344 Shares of iRhythm Technologies, Inc. (NASDAQ:IRTC)

Fred Alger Management LLC trimmed its holdings in shares of iRhythm Technologies, Inc. (NASDAQ:IRTC) by 13.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 272,773 shares of the company’s stock after selling 41,344 shares during the period. Fred Alger Management LLC’s holdings in iRhythm Technologies were worth $24,596,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Van ECK Associates Corp lifted its holdings in iRhythm Technologies by 41.3% during the 4th quarter. Van ECK Associates Corp now owns 554 shares of the company’s stock worth $50,000 after purchasing an additional 162 shares during the last quarter. Bank Pictet & Cie Europe AG lifted its holdings in shares of iRhythm Technologies by 5.9% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 3,289 shares of the company’s stock worth $297,000 after purchasing an additional 184 shares during the period. Invesco Ltd. boosted its stake in shares of iRhythm Technologies by 1.1% in the 4th quarter. Invesco Ltd. now owns 19,200 shares of the company’s stock valued at $1,731,000 after purchasing an additional 207 shares during the last quarter. Summit Investment Advisors Inc. grew its position in shares of iRhythm Technologies by 6.9% during the 4th quarter. Summit Investment Advisors Inc. now owns 3,271 shares of the company’s stock worth $295,000 after buying an additional 210 shares during the period. Finally, KBC Group NV grew its stake in iRhythm Technologies by 45.1% in the fourth quarter. KBC Group NV now owns 1,319 shares of the company’s stock valued at $119,000 after acquiring an additional 410 shares during the period.

iRhythm Technologies Stock Performance

iRhythm Technologies stock opened at $137.04 on Friday. iRhythm Technologies, Inc. has a twelve month low of $55.92 and a twelve month high of $140.73. 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 has a market capitalization of $4.38 billion, a P/E ratio of -37.65 and a beta of 1.34. The stock’s 50 day moving average is $106.30 and its 200 day moving average is $98.47.

iRhythm Technologies (NASDAQ:IRTC) last released its earnings results on Thursday, May 1st. The company reported ($0.95) EPS for the quarter, missing analysts’ consensus estimates of ($0.89) by ($0.06). The company had revenue of $158.68 million during the quarter, compared to analysts’ expectations of $153.39 million. iRhythm Technologies had a negative return on equity of 118.83% and a negative net margin of 19.14%. The company’s revenue was up 20.3% on a year-over-year basis. During the same period in the prior year, the company posted ($1.23) earnings per share. On average, equities research analysts predict that iRhythm Technologies, Inc. will post -1.98 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

IRTC has been the subject of several analyst reports. Wells Fargo & Company upgraded shares of iRhythm Technologies from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $104.00 to $130.00 in a research note on Friday, May 2nd. The Goldman Sachs Group increased their price target on shares of iRhythm Technologies from $91.00 to $124.00 and gave the stock a “neutral” rating in a report on Monday, February 24th. Robert W. Baird boosted their price objective on iRhythm Technologies from $133.00 to $150.00 and gave the stock an “outperform” rating in a report on Friday, May 2nd. StockNews.com downgraded iRhythm Technologies from a “hold” rating to a “sell” rating in a research report on Monday. Finally, Truist Financial boosted their price objective on iRhythm Technologies from $111.00 to $145.00 and gave the company a “buy” rating in a research report on Friday, February 21st. One analyst has rated the stock with a sell rating, one has assigned a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $128.55.

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.