Brophy Wealth Management LLC Takes $274,000 Position in iRhythm Technologies, Inc. (NASDAQ:IRTC)

Brophy Wealth Management LLC bought a new stake in iRhythm Technologies, Inc. (NASDAQ:IRTC) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 3,695 shares of the company’s stock, valued at approximately $274,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Harbor Capital Advisors Inc. boosted its position in shares of iRhythm Technologies by 272.0% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 79,938 shares of the company’s stock worth $5,935,000 after purchasing an additional 58,448 shares during the last quarter. Assenagon Asset Management S.A. boosted its position in shares of iRhythm Technologies by 361.1% in the 2nd quarter. Assenagon Asset Management S.A. now owns 48,962 shares of the company’s stock worth $5,270,000 after purchasing an additional 38,344 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of iRhythm Technologies by 14.6% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 475,586 shares of the company’s stock worth $51,192,000 after purchasing an additional 60,560 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new position in shares of iRhythm Technologies in the 3rd quarter worth $1,497,000. Finally, Eagle Asset Management Inc. boosted its position in shares of iRhythm Technologies by 44.9% in the 3rd quarter. Eagle Asset Management Inc. now owns 100,655 shares of the company’s stock worth $7,473,000 after purchasing an additional 31,193 shares during the last quarter.

Analyst Ratings Changes

Several research analysts have recently issued reports on IRTC shares. Truist Financial raised their price target on iRhythm Technologies from $80.00 to $95.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. The Goldman Sachs Group began coverage on iRhythm Technologies in a research report on Friday, October 4th. They issued a “neutral” rating and a $78.00 price target on the stock. Wells Fargo & Company reiterated an “equal weight” rating and set a $86.00 target price on shares of iRhythm Technologies in a report on Tuesday, December 3rd. Needham & Company LLC lowered their price target on iRhythm Technologies from $119.00 to $96.00 and set a “buy” rating for the company in a report on Thursday, October 31st. Finally, StockNews.com cut iRhythm Technologies from a “hold” rating to a “sell” rating in a report on Friday, September 27th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, iRhythm Technologies currently has an average rating of “Moderate Buy” and an average target price of $107.82.

Insider Activity at iRhythm Technologies

In related news, insider Patrick Michael Murphy sold 2,492 shares of the firm’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $85.89, for a total value of $214,037.88. Following the completion of the transaction, the insider now owns 35,327 shares of the company’s stock, valued at approximately $3,034,236.03. This trade represents a 6.59 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Abhijit Y. Talwalkar bought 6,664 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The stock was acquired at an average cost of $75.16 per share, with a total value of $500,866.24. Following the transaction, the director now owns 18,941 shares of the company’s stock, valued at $1,423,605.56. This represents a 54.28 % increase in their position. The disclosure for this purchase can be found here. 0.68% of the stock is owned by insiders.

iRhythm Technologies Stock Up 5.0 %

Shares of IRTC stock opened at $86.90 on Wednesday. The firm has a fifty day moving average of $75.74 and a 200-day moving average of $81.13. The company has a quick ratio of 6.12, a current ratio of 6.27 and a debt-to-equity ratio of 9.00. iRhythm Technologies, Inc. has a 12-month low of $55.92 and a 12-month high of $124.11. The company has a market capitalization of $2.72 billion, a price-to-earnings ratio of -17.88 and a beta of 1.26.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings data on Wednesday, October 30th. The company reported ($1.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.55) by ($0.71). iRhythm Technologies had a negative return on equity of 120.86% and a negative net margin of 26.90%. The company had revenue of $147.54 million for the quarter, compared to the consensus estimate of $146.69 million. During the same period in the prior year, the company earned ($0.89) EPS. The firm’s revenue was up 18.4% on a year-over-year basis. As a group, equities research analysts predict that iRhythm Technologies, Inc. will post -3.44 earnings per share for the current fiscal year.

iRhythm Technologies Company 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.