Fieldview Capital Management LLC Sells 7,325 Shares of iRhythm Technologies $IRTC

Fieldview Capital Management LLC reduced its stake in shares of iRhythm Technologies (NASDAQ:IRTC) by 47.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,182 shares of the company’s stock after selling 7,325 shares during the quarter. Fieldview Capital Management LLC’s holdings in iRhythm Technologies were worth $1,407,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Holocene Advisors LP raised its position in shares of iRhythm Technologies by 2,023.1% during the second quarter. Holocene Advisors LP now owns 313,094 shares of the company’s stock valued at $48,204,000 after buying an additional 298,347 shares during the last quarter. Loomis Sayles & Co. L P bought a new stake in shares of iRhythm Technologies in the second quarter valued at about $39,339,000. Goldman Sachs Group Inc. grew its position in iRhythm Technologies by 33.5% during the first quarter. Goldman Sachs Group Inc. now owns 433,780 shares of the company’s stock worth $45,408,000 after buying an additional 108,941 shares in the last quarter. Assenagon Asset Management S.A. acquired a new stake in iRhythm Technologies during the third quarter worth about $13,394,000. Finally, M&G PLC bought a new position in iRhythm Technologies during the second quarter valued at about $11,457,000.

iRhythm Technologies Stock Up 0.1%

NASDAQ IRTC opened at $123.75 on Tuesday. iRhythm Technologies has a 1-year low of $92.52 and a 1-year high of $212.00. The company has a market capitalization of $4.00 billion, a price-to-earnings ratio of -88.39 and a beta of 1.10. The stock’s 50 day moving average is $155.30 and its two-hundred day moving average is $169.13. The company has a current ratio of 4.63, a quick ratio of 4.48 and a debt-to-equity ratio of 4.25.

iRhythm Technologies (NASDAQ:IRTC) last issued its earnings results on Thursday, February 19th. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.27. The business had revenue of $208.89 million during the quarter, compared to analysts’ expectations of $202.61 million. iRhythm Technologies had a negative return on equity of 28.15% and a negative net margin of 5.96%.iRhythm Technologies’s quarterly revenue was up 27.1% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.04) EPS. Equities analysts forecast that iRhythm Technologies will post -1.98 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of iRhythm Technologies in a report on Thursday, January 22nd. Evercore upgraded iRhythm Technologies from an “in-line” rating to an “outperform” rating and boosted their price objective for the company from $194.00 to $210.00 in a research report on Monday, January 5th. Truist Financial restated a “buy” rating and issued a $200.00 target price (down from $215.00) on shares of iRhythm Technologies in a research note on Friday, February 20th. Needham & Company LLC reaffirmed a “buy” rating and issued a $244.00 target price on shares of iRhythm Technologies in a research report on Monday, January 12th. Finally, Wall Street Zen upgraded shares of iRhythm Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, February 21st. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $211.62.

Insider Activity

In other iRhythm Technologies news, EVP Sumi Shrishrimal sold 6,217 shares of iRhythm Technologies stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $135.42, for a total transaction of $841,906.14. Following the completion of the transaction, the executive vice president directly owned 39,182 shares of the company’s stock, valued at approximately $5,306,026.44. This trade represents a 13.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Chad Patterson sold 8,967 shares of the business’s stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $135.42, for a total transaction of $1,214,311.14. Following the completion of the sale, the insider owned 51,738 shares in the company, valued at $7,006,359.96. This represents a 14.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 94,509 shares of company stock valued at $12,734,195. 0.68% of the stock is owned by company insiders.

About iRhythm Technologies

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.