Harbor Capital Advisors Inc. Raises Stock Position in iRhythm Technologies, Inc. (NASDAQ:IRTC)

Harbor Capital Advisors Inc. raised its stake in shares of iRhythm Technologies, Inc. (NASDAQ:IRTC) by 377.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,490 shares of the company’s stock after purchasing an additional 16,988 shares during the period. Harbor Capital Advisors Inc. owned 0.07% of iRhythm Technologies worth $2,313,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. Headlands Technologies LLC boosted its stake in iRhythm Technologies by 10,650.0% during the 1st quarter. Headlands Technologies LLC now owns 430 shares of the company’s stock worth $50,000 after purchasing an additional 426 shares during the last quarter. International Assets Investment Management LLC acquired a new position in shares of iRhythm Technologies during the 4th quarter worth approximately $92,000. SG Americas Securities LLC purchased a new stake in shares of iRhythm Technologies in the first quarter valued at approximately $126,000. Russell Investments Group Ltd. increased its holdings in shares of iRhythm Technologies by 79,700.0% in the first quarter. Russell Investments Group Ltd. now owns 1,596 shares of the company’s stock valued at $185,000 after purchasing an additional 1,594 shares during the last quarter. Finally, CHICAGO TRUST Co NA acquired a new stake in shares of iRhythm Technologies in the first quarter valued at approximately $249,000.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on IRTC shares. Oppenheimer dropped their target price on iRhythm Technologies from $165.00 to $145.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Wolfe Research raised shares of iRhythm Technologies from a “peer perform” rating to an “outperform” rating and set a $115.00 target price on the stock in a research note on Thursday, June 20th. Canaccord Genuity Group dropped their price target on shares of iRhythm Technologies from $133.00 to $122.00 and set a “buy” rating for the company in a research note on Friday, May 3rd. Needham & Company LLC reduced their price target on shares of iRhythm Technologies from $138.00 to $119.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Finally, Morgan Stanley cut their target price on iRhythm Technologies from $135.00 to $130.00 and set an “overweight” rating for the company in a research note on Monday, July 15th. One research analyst has rated the stock with a sell rating and nine have assigned a buy rating to the stock. According to MarketBeat, iRhythm Technologies currently has a consensus rating of “Moderate Buy” and a consensus price target of $118.67.

iRhythm Technologies Trading Down 5.8 %

Shares of IRTC traded down $4.22 during midday trading on Wednesday, hitting $68.61. 215,581 shares of the stock were exchanged, compared to its average volume of 422,304. The stock has a fifty day simple moving average of $94.56 and a 200 day simple moving average of $104.44. iRhythm Technologies, Inc. has a 52-week low of $65.54 and a 52-week high of $124.11. The firm has a market cap of $2.13 billion, a P/E ratio of -17.22 and a beta of 1.25. The company has a debt-to-equity ratio of 7.13, a quick ratio of 6.95 and a current ratio of 7.10.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings data on Thursday, August 1st. The company reported ($0.61) 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 75.14%. The business had revenue of $148.05 million during the quarter, compared to analyst estimates of $146.15 million. During the same quarter last year, the firm posted ($0.61) earnings per share. The business’s revenue for the quarter was up 19.3% compared to the same quarter last year. On average, research analysts anticipate that iRhythm Technologies, Inc. will post -3.22 EPS for the current fiscal year.

Insider Transactions at iRhythm Technologies

In related news, insider Chad Patterson sold 3,012 shares of the business’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $74.66, for a total transaction of $224,875.92. Following the completion of the transaction, the insider now directly owns 37,133 shares of the company’s stock, valued at approximately $2,772,349.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CMO Minang Turakhia sold 1,404 shares of the business’s stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $105.65, for a total transaction of $148,332.60. Following the completion of the sale, the chief marketing officer now owns 27,255 shares in the company, valued at $2,879,490.75. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Chad Patterson sold 3,012 shares of the stock in a transaction that occurred 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 completion of the transaction, the insider now owns 37,133 shares in the company, valued at $2,772,349.78. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 6,745 shares of company stock valued at $570,476. 0.68% of the stock is currently owned by company insiders.

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.