Victory Capital Management Inc. decreased its position in shares of iRhythm Technologies, Inc. (NASDAQ:IRTC) by 98.8% during the 2nd quarter, HoldingsChannel reports. The fund owned 3,094 shares of the company’s stock after selling 248,615 shares during the quarter. Victory Capital Management Inc.’s holdings in iRhythm Technologies were worth $205,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in the company. Oppenheimer Asset Management Inc. lifted its position in iRhythm Technologies by 65.4% in the second quarter. Oppenheimer Asset Management Inc. now owns 8,411 shares of the company’s stock valued at $558,000 after buying an additional 3,325 shares during the last quarter. Exchange Traded Concepts LLC lifted its position in iRhythm Technologies by 144.3% in the second quarter. Exchange Traded Concepts LLC now owns 49,925 shares of the company’s stock valued at $3,313,000 after buying an additional 29,493 shares during the last quarter. Versor Investments LP acquired a new position in iRhythm Technologies in the second quarter valued at about $239,000. IFP Advisors Inc lifted its position in iRhythm Technologies by 73.3% in the second quarter. IFP Advisors Inc now owns 1,731 shares of the company’s stock valued at $116,000 after buying an additional 732 shares during the last quarter. Finally, Squarepoint Ops LLC lifted its position in iRhythm Technologies by 1,540.0% in the first quarter. Squarepoint Ops LLC now owns 67,353 shares of the company’s stock valued at $9,353,000 after buying an additional 63,246 shares during the last quarter. 96.92% of the stock is currently owned by hedge funds and other institutional investors.
A number of research firms have commented on IRTC. Citigroup decreased their target price on shares of iRhythm Technologies from $74.00 to $55.00 and set a “neutral” rating on the stock in a research report on Friday, August 6th. Needham & Company LLC reiterated a “hold” rating on shares of iRhythm Technologies in a research note on Wednesday, June 2nd. Zacks Investment Research lowered shares of iRhythm Technologies from a “hold” rating to a “sell” rating in a research note on Wednesday, August 4th. Morgan Stanley cut their price target on shares of iRhythm Technologies from $94.00 to $85.00 and set an “equal weight” rating on the stock in a research note on Thursday, June 3rd. Finally, lowered shares of iRhythm Technologies from a “buy” rating to a “neutral” rating and cut their price target for the stock from $105.00 to $78.00 in a research note on Wednesday, June 2nd. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $149.50.
iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings results on Thursday, August 5th. The company reported ($0.59) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.97) by $0.38. The company had revenue of $81.28 million for the quarter, compared to analyst estimates of $72.95 million. iRhythm Technologies had a negative net margin of 19.41% and a negative return on equity of 18.41%. As a group, research analysts expect that iRhythm Technologies, Inc. will post -3.51 earnings per share for the current fiscal year.
About iRhythm Technologies
iRhythm Technologies, Inc engages in the development of monitoring and diagnostic solutions for detection of cardiac arrhythmias. It offers Zio XT, is a wearable patch-based biosensor, continuously records, and stores ECG data from every patient heartbeat for up to 14 consecutive days; and Zio AT, also provides ECG data but also provides physicians with actionable notifications during the wear period.
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