Mitsubishi UFJ Asset Management Co. Ltd. Decreases Stock Position in iRhythm Technologies (NASDAQ:IRTC)

Mitsubishi UFJ Asset Management Co. Ltd. trimmed its holdings in shares of iRhythm Technologies (NASDAQ:IRTC) by 1.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,165 shares of the company’s stock after selling 130 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in iRhythm Technologies were worth $750,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. MCF Advisors LLC purchased a new stake in shares of iRhythm Technologies during the 1st quarter valued at about $25,000. CWM LLC raised its position in shares of iRhythm Technologies by 54.3% during the 1st quarter. CWM LLC now owns 517 shares of the company’s stock valued at $54,000 after buying an additional 182 shares in the last quarter. Raiffeisen Bank International AG purchased a new stake in shares of iRhythm Technologies during the 4th quarter valued at about $60,000. US Bancorp DE raised its position in shares of iRhythm Technologies by 61.9% during the 1st quarter. US Bancorp DE now owns 978 shares of the company’s stock valued at $102,000 after buying an additional 374 shares in the last quarter. Finally, Avanza Fonder AB purchased a new stake in shares of iRhythm Technologies during the 1st quarter valued at about $123,000.

iRhythm Technologies Price Performance

Shares of IRTC stock opened at $166.86 on Thursday. The company has a debt-to-equity ratio of 6.25, a current ratio of 5.02 and a quick ratio of 4.88. The company has a market capitalization of $5.36 billion, a P/E ratio of -56.95 and a beta of 1.41. The company’s 50-day simple moving average is $145.62 and its two-hundred day simple moving average is $125.34. iRhythm Technologies has a one year low of $55.92 and a one year high of $168.32.

iRhythm Technologies (NASDAQ:IRTC) last issued its earnings results on Thursday, July 31st. The company reported ($0.32) EPS for the quarter, topping analysts’ consensus estimates of ($0.53) by $0.21. The business had revenue of $186.69 million for the quarter, compared to the consensus estimate of $173.94 million. iRhythm Technologies had a negative net margin of 14.06% and a negative return on equity of 90.03%. The company’s revenue for the quarter was up 26.1% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.61) EPS. As a group, equities analysts anticipate that iRhythm Technologies will post -1.98 EPS for the current year.

Insiders Place Their Bets

In other iRhythm Technologies news, Director Abhijit Y. Talwalkar sold 5,312 shares of the company’s stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $158.02, for a total value of $839,402.24. Following the transaction, the director directly owned 20,299 shares in the company, valued at $3,207,647.98. This represents a 20.74% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Minang Turakhia sold 1,420 shares of the company’s stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $145.41, for a total transaction of $206,482.20. Following the completion of the transaction, the executive vice president owned 41,393 shares in the company, valued at $6,018,956.13. This represents a 3.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 46,772 shares of company stock worth $7,440,739. 1.10% of the stock is owned by company insiders.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Citigroup upped their target price on shares of iRhythm Technologies from $130.00 to $167.00 and gave the company a “buy” rating in a research report on Thursday, May 22nd. Wall Street Zen cut shares of iRhythm Technologies from a “hold” rating to a “sell” rating in a research report on Monday, May 5th. Robert W. Baird increased their price objective on shares of iRhythm Technologies from $133.00 to $150.00 and gave the stock an “outperform” rating in a research report on Friday, May 2nd. JPMorgan Chase & Co. increased their price objective on shares of iRhythm Technologies from $145.00 to $190.00 and gave the stock an “overweight” rating in a research report on Friday, August 1st. Finally, Canaccord Genuity Group increased their price objective on shares of iRhythm Technologies from $139.00 to $170.00 and gave the stock a “buy” rating in a research report on Friday, August 1st. One investment analyst has rated the stock with a sell rating, one has given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $157.30.

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.