Cim Investment Management Inc. Sells 5,929 Shares of iRhythm Technologies $IRTC

Cim Investment Management Inc. lowered its position in shares of iRhythm Technologies (NASDAQ:IRTC) by 51.4% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,601 shares of the company’s stock after selling 5,929 shares during the quarter. Cim Investment Management Inc.’s holdings in iRhythm Technologies were worth $862,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. US Bancorp DE increased its holdings in shares of iRhythm Technologies by 61.9% during the first quarter. US Bancorp DE now owns 978 shares of the company’s stock worth $102,000 after buying an additional 374 shares in the last quarter. Nuveen LLC bought a new stake in iRhythm Technologies during the 1st quarter worth approximately $9,707,000. Raymond James Financial Inc. increased its holdings in iRhythm Technologies by 8.5% during the 1st quarter. Raymond James Financial Inc. now owns 110,126 shares of the company’s stock valued at $11,528,000 after purchasing an additional 8,639 shares in the last quarter. Northern Trust Corp raised its position in iRhythm Technologies by 1.6% in the 1st quarter. Northern Trust Corp now owns 292,009 shares of the company’s stock valued at $30,568,000 after purchasing an additional 4,675 shares during the last quarter. Finally, Fuller & Thaler Asset Management Inc. acquired a new position in iRhythm Technologies in the first quarter worth $54,249,000.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on IRTC shares. Bank of America started coverage on iRhythm Technologies in a report on Wednesday, August 20th. They issued a “buy” rating and a $200.00 price target for the company. BTIG Research boosted their target price on shares of iRhythm Technologies from $195.00 to $215.00 and gave the stock a “buy” rating in a research note on Friday, October 31st. Robert W. Baird upped their target price on shares of iRhythm Technologies from $180.00 to $220.00 and gave the stock an “outperform” rating in a research report on Friday, October 10th. Morgan Stanley raised their price target on shares of iRhythm Technologies from $195.00 to $205.00 and gave the company an “overweight” rating in a report on Tuesday, December 2nd. Finally, JPMorgan Chase & Co. upped their price objective on iRhythm Technologies from $190.00 to $240.00 and gave the stock an “overweight” rating in a report on Friday, October 31st. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, iRhythm Technologies presently has a consensus rating of “Moderate Buy” and an average target price of $205.71.

iRhythm Technologies Trading Down 0.2%

IRTC opened at $168.83 on Friday. The firm has a 50 day simple moving average of $178.38 and a 200 day simple moving average of $163.94. iRhythm Technologies has a fifty-two week low of $84.17 and a fifty-two week high of $212.00. The company has a market cap of $5.44 billion, a price-to-earnings ratio of -104.86 and a beta of 1.10. The company has a debt-to-equity ratio of 5.32, a current ratio of 4.63 and a quick ratio of 4.50.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings data on Thursday, October 30th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.30. The firm had revenue of $192.88 million for the quarter, compared to analysts’ expectations of $184.75 million. iRhythm Technologies had a negative net margin of 7.32% and a negative return on equity of 41.86%. The business’s revenue for the quarter was up 30.8% on a year-over-year basis. During the same period last year, the firm earned ($1.26) earnings per share. On average, sell-side analysts anticipate that iRhythm Technologies will post -1.98 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Chad Patterson sold 280 shares of the company’s stock in a transaction dated Tuesday, December 2nd. The stock was sold at an average price of $184.83, for a total value of $51,752.40. Following the completion of the sale, the insider owned 43,387 shares in the company, valued at approximately $8,019,219.21. This represents a 0.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Daniel G. Wilson sold 8,000 shares of the stock in a transaction dated Friday, October 31st. The shares were sold at an average price of $207.44, for a total value of $1,659,520.00. Following the completion of the transaction, the chief financial officer directly owned 26,470 shares in the company, valued at $5,490,936.80. The trade was a 23.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 24,817 shares of company stock valued at $4,741,235 in the last three months. 1.10% of the stock is currently owned by company insiders.

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.