Columbus Circle Investors Trims Stake in Irhythm Technologies Inc (IRTC)

Columbus Circle Investors cut its stake in shares of Irhythm Technologies Inc (NASDAQ:IRTC) by 48.8% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 58,316 shares of the company’s stock after selling 55,568 shares during the quarter. Columbus Circle Investors owned approximately 0.24% of Irhythm Technologies worth $5,520,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the company. Mutual of America Capital Management LLC increased its position in shares of Irhythm Technologies by 1.7% during the second quarter. Mutual of America Capital Management LLC now owns 42,997 shares of the company’s stock worth $3,488,000 after acquiring an additional 700 shares during the period. Great West Life Assurance Co. Can increased its position in shares of Irhythm Technologies by 119.9% during the second quarter. Great West Life Assurance Co. Can now owns 1,979 shares of the company’s stock worth $161,000 after acquiring an additional 1,079 shares during the period. Legal & General Group Plc increased its position in shares of Irhythm Technologies by 47.1% during the second quarter. Legal & General Group Plc now owns 3,718 shares of the company’s stock worth $302,000 after acquiring an additional 1,191 shares during the period. Cubist Systematic Strategies LLC purchased a new position in shares of Irhythm Technologies during the second quarter worth approximately $101,000. Finally, Mitsubishi UFJ Securities Holdings Co. Ltd. purchased a new position in shares of Irhythm Technologies during the second quarter worth approximately $140,000.

A number of brokerages have recently commented on IRTC. Zacks Investment Research raised shares of Irhythm Technologies from a “hold” rating to a “buy” rating and set a $86.00 target price on the stock in a research report on Saturday, October 27th. BidaskClub lowered shares of Irhythm Technologies from a “buy” rating to a “hold” rating in a research report on Friday, October 19th. Morgan Stanley raised their target price on shares of Irhythm Technologies from $92.00 to $95.00 and gave the stock an “overweight” rating in a research report on Thursday, October 11th. Canaccord Genuity raised their target price on shares of Irhythm Technologies from $93.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, September 13th. Finally, Chardan Capital began coverage on shares of Irhythm Technologies in a research report on Thursday, September 6th. They set a “buy” rating and a $117.00 target price on the stock. Four research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Irhythm Technologies has an average rating of “Buy” and a consensus price target of $93.13.

Shares of IRTC stock opened at $77.26 on Thursday. The company has a current ratio of 5.58, a quick ratio of 5.47 and a debt-to-equity ratio of 0.48. Irhythm Technologies Inc has a 52-week low of $46.95 and a 52-week high of $98.37.

Irhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings data on Tuesday, October 30th. The company reported ($0.43) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.45) by $0.02. The company had revenue of $38.10 million for the quarter, compared to analyst estimates of $35.87 million. Irhythm Technologies had a negative net margin of 33.79% and a negative return on equity of 60.80%. Irhythm Technologies’s revenue was up 52.2% compared to the same quarter last year. During the same period last year, the company posted ($0.29) earnings per share. On average, research analysts forecast that Irhythm Technologies Inc will post -1.91 earnings per share for the current fiscal year.

In related news, EVP Derrick Sung sold 10,000 shares of Irhythm Technologies stock in a transaction that occurred on Tuesday, October 9th. The shares were sold at an average price of $83.10, for a total transaction of $831,000.00. Following the transaction, the executive vice president now directly owns 29,458 shares of the company’s stock, valued at $2,447,959.80. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Kevin M. King sold 60,000 shares of Irhythm Technologies stock in a transaction that occurred on Monday, August 6th. The shares were sold at an average price of $82.90, for a total transaction of $4,974,000.00. Following the transaction, the insider now directly owns 282,367 shares in the company, valued at $23,408,224.30. The disclosure for this sale can be found here. Over the last three months, insiders have sold 80,000 shares of company stock worth $6,685,100. 23.30% of the stock is currently owned by corporate insiders.

Irhythm Technologies Profile

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.

Read More: Understanding the different types of bonds

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

Receive News & Ratings for Irhythm Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Irhythm Technologies and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply