Eventide Asset Management LLC Acquires 464,629 Shares of iRhythm Technologies, Inc. (NASDAQ:IRTC)

Eventide Asset Management LLC increased its holdings in shares of iRhythm Technologies, Inc. (NASDAQ:IRTC) by 170.8% during the third quarter, Holdings Channel.com reports. The fund owned 736,721 shares of the company’s stock after purchasing an additional 464,629 shares during the quarter. Eventide Asset Management LLC’s holdings in iRhythm Technologies were worth $54,694,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of IRTC. Nisa Investment Advisors LLC increased its position in iRhythm Technologies by 79.6% during the second quarter. Nisa Investment Advisors LLC now owns 625 shares of the company’s stock worth $67,000 after acquiring an additional 277 shares during the period. nVerses Capital LLC increased its holdings in iRhythm Technologies by 400.0% in the 3rd quarter. nVerses Capital LLC now owns 2,000 shares of the company’s stock valued at $148,000 after buying an additional 1,600 shares during the period. Russell Investments Group Ltd. increased its holdings in iRhythm Technologies by 79,700.0% in the 1st quarter. Russell Investments Group Ltd. now owns 1,596 shares of the company’s stock valued at $185,000 after buying an additional 1,594 shares during the period. SeaCrest Wealth Management LLC increased its holdings in iRhythm Technologies by 7.6% in the 2nd quarter. SeaCrest Wealth Management LLC now owns 2,125 shares of the company’s stock valued at $229,000 after buying an additional 150 shares during the period. Finally, Bank Pictet & Cie Europe AG increased its holdings in iRhythm Technologies by 22.3% in the 3rd quarter. Bank Pictet & Cie Europe AG now owns 3,105 shares of the company’s stock valued at $231,000 after buying an additional 567 shares during the period.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Canaccord Genuity Group raised their target price on shares of iRhythm Technologies from $122.00 to $137.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. Needham & Company LLC decreased their price target on shares of iRhythm Technologies from $119.00 to $96.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. Robert W. Baird decreased their price target on shares of iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating on the stock in a report on Friday, November 1st. The Goldman Sachs Group began coverage on shares of iRhythm Technologies in a report on Friday, October 4th. They set a “neutral” rating and a $78.00 price target on the stock. Finally, JPMorgan Chase & Co. decreased their price target on shares of iRhythm Technologies from $133.00 to $100.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. One analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, iRhythm Technologies presently has an average rating of “Moderate Buy” and an average price target of $108.50.

Insiders Place Their Bets

In other news, Director Abhijit Y. Talwalkar bought 6,664 shares of the business’s stock in a transaction that occurred on Monday, November 4th. The shares were bought at an average cost of $75.16 per share, for a total transaction of $500,866.24. Following the acquisition, the director now directly owns 18,941 shares in the company, valued at approximately $1,423,605.56. This trade represents a 54.28 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Quentin S. Blackford sold 16,145 shares of the stock in a transaction on Monday, November 4th. The shares were sold at an average price of $77.41, for a total value of $1,249,784.45. Following the completion of the sale, the chief executive officer now directly owns 159,929 shares of the company’s stock, valued at $12,380,103.89. The trade was a 9.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.68% of the company’s stock.

iRhythm Technologies Price Performance

Shares of IRTC opened at $89.02 on Friday. The stock’s 50-day moving average price is $73.83 and its two-hundred day moving average price is $81.79. 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.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings data on Wednesday, October 30th. The company reported ($1.26) EPS for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $146.69 million. During the same period in the prior year, the firm earned ($0.89) earnings per share. iRhythm Technologies’s revenue was up 18.4% compared to the same quarter last year. As a group, research analysts expect that iRhythm Technologies, Inc. will post -3.44 EPS for the current year.

About iRhythm Technologies

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.