Royal Bank of Canada Trims Position in Irhythm Technologies Inc (NASDAQ:IRTC)

Royal Bank of Canada lessened its stake in shares of Irhythm Technologies Inc (NASDAQ:IRTC) by 57.8% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 29,639 shares of the company’s stock after selling 40,525 shares during the period. Royal Bank of Canada owned 0.11% of Irhythm Technologies worth $2,412,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of IRTC. Cornerstone Advisors Inc. increased its stake in Irhythm Technologies by 53.8% during the first quarter. Cornerstone Advisors Inc. now owns 426 shares of the company’s stock worth $35,000 after purchasing an additional 149 shares during the period. Panagora Asset Management Inc. acquired a new position in shares of Irhythm Technologies during the fourth quarter worth about $90,000. Great West Life Assurance Co. Can grew its position in shares of Irhythm Technologies by 16.4% during the fourth quarter. Great West Life Assurance Co. Can now owns 1,653 shares of the company’s stock worth $112,000 after buying an additional 233 shares in the last quarter. Strs Ohio acquired a new position in shares of Irhythm Technologies during the first quarter worth about $113,000. Finally, Exchange Traded Concepts LLC grew its position in shares of Irhythm Technologies by 23.8% during the first quarter. Exchange Traded Concepts LLC now owns 1,543 shares of the company’s stock worth $126,000 after buying an additional 297 shares in the last quarter.

A number of equities analysts recently issued reports on the company. Morgan Stanley upped their price target on Irhythm Technologies from $114.00 to $142.00 and gave the company an “overweight” rating in a report on Friday, May 8th. Citigroup lowered their price target on Irhythm Technologies from $120.00 to $112.00 and set a “buy” rating for the company in a report on Friday, March 27th. Zacks Investment Research downgraded Irhythm Technologies from a “buy” rating to a “hold” rating in a report on Wednesday, June 24th. SunTrust Banks upped their price target on Irhythm Technologies from $102.00 to $130.00 and gave the company a “buy” rating in a report on Friday, May 8th. Finally, ValuEngine downgraded Irhythm Technologies from a “buy” rating to a “hold” rating in a report on Thursday, July 2nd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $132.43.

Irhythm Technologies stock opened at $112.29 on Thursday. The company has a debt-to-equity ratio of 0.92, a current ratio of 3.60 and a quick ratio of 3.51. Irhythm Technologies Inc has a fifty-two week low of $56.24 and a fifty-two week high of $136.55. The stock’s fifty day moving average is $119.84 and its two-hundred day moving average is $95.14.

Irhythm Technologies (NASDAQ:IRTC) last posted its earnings results on Thursday, May 7th. The company reported ($0.34) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.57) by $0.23. The company had revenue of $63.50 million for the quarter, compared to analyst estimates of $61.40 million. Irhythm Technologies had a negative return on equity of 49.99% and a negative net margin of 24.34%. Irhythm Technologies’s revenue was up 35.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.33) earnings per share. Research analysts anticipate that Irhythm Technologies Inc will post -2.24 earnings per share for the current fiscal year.

In other Irhythm Technologies news, CEO Kevin M. King sold 72,000 shares of the firm’s stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $125.62, for a total value of $9,044,640.00. Following the sale, the chief executive officer now directly owns 240,674 shares of the company’s stock, valued at approximately $30,233,467.88. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP David A. Vort sold 11,264 shares of the firm’s stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $114.34, for a total value of $1,287,925.76. Following the completion of the sale, the executive vice president now directly owns 27,267 shares in the company, valued at $3,117,708.78. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 164,390 shares of company stock worth $20,189,938. Corporate insiders own 3.10% of the company’s stock.

About Irhythm Technologies

iRhythm Technologies, Inc, a digital healthcare company, provides ambulatory electrocardiogram (ECG) monitoring products for patients at risk for arrhythmias in the United States. The company offers Zio service, an ambulatory cardiac monitoring solution that combines a wire-free, patch-based, and wearable biosensor with a cloud-based data analytic platform to help physicians to monitor patients and diagnose arrhythmias.

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Institutional Ownership by Quarter for Irhythm Technologies (NASDAQ:IRTC)

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