Russell Investments Group Ltd. Invests $876,000 in Irhythm Tech (IRTC) Stock
Russell Investments Group Ltd. acquired a new stake in shares of Irhythm Tech (NASDAQ:IRTC) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 20,632 shares of the company’s stock, valued at approximately $876,000. Russell Investments Group Ltd. owned 0.09% of Irhythm Tech at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in IRTC. Teachers Advisors LLC bought a new stake in shares of Irhythm Tech during the fourth quarter valued at approximately $373,000. Nationwide Fund Advisors increased its position in shares of Irhythm Tech by 30.2% during the first quarter. Nationwide Fund Advisors now owns 4,069 shares of the company’s stock valued at $153,000 after purchasing an additional 945 shares during the period. Wells Fargo & Company MN increased its position in shares of Irhythm Tech by 15.2% during the first quarter. Wells Fargo & Company MN now owns 350,973 shares of the company’s stock valued at $13,197,000 after purchasing an additional 46,349 shares during the period. Bank of New York Mellon Corp increased its position in shares of Irhythm Tech by 20.9% during the first quarter. Bank of New York Mellon Corp now owns 21,664 shares of the company’s stock valued at $814,000 after purchasing an additional 3,743 shares during the period. Finally, Ameriprise Financial Inc. increased its position in shares of Irhythm Tech by 9.9% during the first quarter. Ameriprise Financial Inc. now owns 141,088 shares of the company’s stock valued at $5,304,000 after purchasing an additional 12,715 shares during the period. Institutional investors and hedge funds own 93.25% of the company’s stock.
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Several analysts recently commented on IRTC shares. Morgan Stanley boosted their price target on Irhythm Tech from $43.00 to $47.00 and gave the company an “overweight” rating in a research note on Tuesday, June 6th. Canaccord Genuity reaffirmed a “buy” rating and issued a $42.00 price target on shares of Irhythm Tech in a research note on Tuesday, June 6th. Finally, Zacks Investment Research lowered Irhythm Tech from a “hold” rating to a “sell” rating in a research note on Wednesday, July 5th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $37.75.
Shares of Irhythm Tech (IRTC) traded down 0.479% during trading on Friday, hitting $48.855. The stock had a trading volume of 91,591 shares. The stock’s market capitalization is $1.11 billion. Irhythm Tech has a one year low of $22.16 and a one year high of $50.51. The stock has a 50 day moving average price of $49.19 and a 200-day moving average price of $43.37.
Irhythm Tech (NASDAQ:IRTC) last released its quarterly earnings data on Wednesday, August 2nd. The company reported ($0.29) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.31) by $0.02. The company had revenue of $23.85 million for the quarter, compared to the consensus estimate of $22.10 million. Irhythm Tech had a negative return on equity of 57.23% and a negative net margin of 27.34%. The business’s revenue for the quarter was up 51.6% on a year-over-year basis. On average, equities research analysts predict that Irhythm Tech will post ($1.13) earnings per share for the current year.
In other Irhythm Tech news, insider Kevin M. King sold 110,000 shares of Irhythm Tech stock in a transaction dated Tuesday, July 11th. The stock was sold at an average price of $42.08, for a total transaction of $4,628,800.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Matthew C. Garrett sold 25,086 shares of Irhythm Tech stock in a transaction dated Monday, July 10th. The stock was sold at an average price of $42.06, for a total value of $1,055,117.16. The disclosure for this sale can be found here. Insiders have sold a total of 218,487 shares of company stock worth $9,423,334 over the last ninety days. Company insiders own 23.30% of the company’s stock.
Irhythm Tech Company Profile
iRhythm Technologies, Inc is a United States-based digital health company. The Company develops and commercializes solutions that integrate biosensor technology, patient data, analytics and medical expertise. The Company offers flagship solution, the ZIO Service. Its ZIO Service consists of the ZIO XT Patch, algorithms and the ZIO Report.
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