Fulton Bank N.A. Sells 107 Shares of iRhythm Technologies, Inc. (NASDAQ:IRTC)

Fulton Bank N.A. reduced its stake in shares of iRhythm Technologies, Inc. (NASDAQ:IRTCGet Rating) by 4.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,249 shares of the company’s stock after selling 107 shares during the quarter. Fulton Bank N.A.’s holdings in iRhythm Technologies were worth $243,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in shares of iRhythm Technologies by 1.3% during the first quarter. Vanguard Group Inc. now owns 2,714,221 shares of the company’s stock worth $427,409,000 after purchasing an additional 33,521 shares during the period. BlackRock Inc. boosted its holdings in shares of iRhythm Technologies by 0.4% during the first quarter. BlackRock Inc. now owns 2,093,147 shares of the company’s stock worth $329,607,000 after purchasing an additional 8,440 shares during the period. Capital Research Global Investors lifted its holdings in iRhythm Technologies by 60.9% in the first quarter. Capital Research Global Investors now owns 1,411,300 shares of the company’s stock worth $222,237,000 after buying an additional 534,300 shares during the period. Invesco Ltd. lifted its holdings in iRhythm Technologies by 8.6% in the first quarter. Invesco Ltd. now owns 805,511 shares of the company’s stock worth $126,844,000 after buying an additional 63,816 shares during the period. Finally, LTS One Management LP purchased a new stake in iRhythm Technologies in the fourth quarter worth about $94,152,000. 98.98% of the stock is owned by institutional investors.

Insider Activity

In other news, EVP Daniel G. Wilson sold 1,428 shares of the stock in a transaction that occurred on Tuesday, July 5th. The shares were sold at an average price of $108.93, for a total transaction of $155,552.04. Following the transaction, the executive vice president now directly owns 37,562 shares in the company, valued at $4,091,628.66. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other iRhythm Technologies news, CFO Douglas Devine sold 10,109 shares of the firm’s stock in a transaction that occurred on Thursday, July 7th. The shares were sold at an average price of $114.22, for a total value of $1,154,649.98. Following the completion of the sale, the chief financial officer now directly owns 29,702 shares in the company, valued at $3,392,562.44. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Daniel G. Wilson sold 1,428 shares of iRhythm Technologies stock in a transaction on Tuesday, July 5th. The stock was sold at an average price of $108.93, for a total transaction of $155,552.04. Following the sale, the executive vice president now owns 37,562 shares of the company’s stock, valued at $4,091,628.66. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 12,866 shares of company stock worth $1,459,508. Corporate insiders own 1.64% of the company’s stock.

iRhythm Technologies Stock Performance

iRhythm Technologies stock opened at $150.01 on Monday. The company has a debt-to-equity ratio of 0.14, a current ratio of 4.04 and a quick ratio of 3.84. iRhythm Technologies, Inc. has a 1-year low of $56.49 and a 1-year high of $169.54. The firm has a market capitalization of $4.50 billion, a P/E ratio of -33.94 and a beta of 1.51. The company’s 50-day moving average is $149.87 and its 200 day moving average is $138.50.

iRhythm Technologies (NASDAQ:IRTCGet Rating) last posted its quarterly earnings data on Thursday, August 4th. The company reported ($0.79) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.94) by $0.15. iRhythm Technologies had a negative net margin of 36.15% and a negative return on equity of 38.95%. The company had revenue of $102.10 million for the quarter, compared to analyst estimates of $100.51 million. During the same period in the prior year, the company posted ($0.59) EPS. The firm’s revenue for the quarter was up 25.6% on a year-over-year basis. Research analysts forecast that iRhythm Technologies, Inc. will post -3.06 EPS for the current year.

Analyst Upgrades and Downgrades

IRTC has been the subject of several research analyst reports. Truist Financial lowered their price objective on shares of iRhythm Technologies from $200.00 to $165.00 and set a “buy” rating for the company in a report on Thursday, June 16th. Canaccord Genuity Group lifted their target price on shares of iRhythm Technologies from $185.00 to $198.00 and gave the company a “buy” rating in a report on Friday, September 2nd. Canaccord Genuity Group raised their price target on shares of iRhythm Technologies from $185.00 to $198.00 and gave the company a “buy” rating in a research report on Friday, September 2nd. JPMorgan Chase & Co. reissued an “overweight” rating and set a $135.00 price target (down previously from $183.00) on shares of iRhythm Technologies in a research report on Wednesday, June 22nd. Finally, Citigroup lifted their target price on shares of iRhythm Technologies to $157.00 in a research report on Tuesday, August 9th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, iRhythm Technologies has a consensus rating of “Moderate Buy” and an average target price of $155.36.

About iRhythm Technologies

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iRhythm Technologies, Inc, a digital healthcare company, provides ambulatory electrocardiogram (ECG) monitoring products for patients at risk for arrhythmias in the United States. It 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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