Renaissance Technologies LLC Lowers Holdings in iRhythm Technologies $IRTC

Renaissance Technologies LLC decreased its holdings in iRhythm Technologies (NASDAQ:IRTC) by 48.2% in the first quarter, HoldingsChannel.com reports. The fund owned 53,800 shares of the company’s stock after selling 50,100 shares during the quarter. Renaissance Technologies LLC’s holdings in iRhythm Technologies were worth $6,349,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Measured Wealth Private Client Group LLC bought a new stake in iRhythm Technologies during the 3rd quarter valued at approximately $30,000. Employees Retirement System of Texas bought a new position in iRhythm Technologies in the 3rd quarter worth approximately $36,000. Torren Management LLC bought a new position in iRhythm Technologies in the 4th quarter worth approximately $53,000. Smartleaf Asset Management LLC grew its holdings in iRhythm Technologies by 63.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 323 shares of the company’s stock valued at $58,000 after buying an additional 125 shares in the last quarter. Finally, Harvest Fund Management Co. Ltd bought a new stake in shares of iRhythm Technologies during the third quarter valued at approximately $69,000.

Insider Buying and Selling at iRhythm Technologies

In other iRhythm Technologies news, Director Abhijit Y. Talwalkar bought 5,312 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The stock was purchased at an average cost of $10.71 per share, with a total value of $56,891.52. Following the completion of the acquisition, the director owned 25,611 shares in the company, valued at $274,293.81. This trade represents a 26.17% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.98% of the company’s stock.

iRhythm Technologies Stock Performance

NASDAQ:IRTC opened at $127.13 on Wednesday. The company has a market cap of $4.18 billion, a price-to-earnings ratio of -147.82 and a beta of 1.30. iRhythm Technologies has a 1 year low of $100.85 and a 1 year high of $212.00. The stock’s 50 day simple moving average is $114.24 and its two-hundred day simple moving average is $125.16. The company has a debt-to-equity ratio of 4.03, a current ratio of 5.17 and a quick ratio of 4.98.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Truist Financial lowered their target price on shares of iRhythm Technologies from $174.00 to $160.00 and set a “buy” rating on the stock in a report on Thursday, July 16th. JPMorgan Chase & Co. cut their target price on shares of iRhythm Technologies from $215.00 to $175.00 and set an “overweight” rating for the company in a research note on Friday, May 1st. Wall Street Zen upgraded shares of iRhythm Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, July 18th. HC Wainwright reiterated a “buy” rating on shares of iRhythm Technologies in a research note on Monday, June 1st. Finally, Stephens assumed coverage on shares of iRhythm Technologies in a report on Thursday, July 23rd. They set an “overweight” rating and a $160.00 price objective for the company. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $184.71.

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.