Parallel Advisors LLC Buys 167 Shares of iRhythm Technologies, Inc. (NASDAQ:IRTC)

Posted by Defense World Staff on May 4th, 2023

Parallel Advisors LLC raised its position in shares of iRhythm Technologies, Inc. (NASDAQ:IRTC – Get Rating) by 29.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 736 shares of the company’s stock after acquiring an additional 167 shares during the period. Parallel Advisors LLC’s holdings in iRhythm Technologies were worth $69,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in IRTC. SG Americas Securities LLC grew its stake in shares of iRhythm Technologies by 15.3% during the fourth quarter. SG Americas Securities LLC now owns 4,807 shares of the company’s stock valued at $450,000 after buying an additional 639 shares during the last quarter. ProShare Advisors LLC increased its stake in iRhythm Technologies by 18.1% in the fourth quarter. ProShare Advisors LLC now owns 3,884 shares of the company’s stock worth $364,000 after purchasing an additional 594 shares during the period. State of New Jersey Common Pension Fund D lifted its position in shares of iRhythm Technologies by 22.0% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 22,077 shares of the company’s stock worth $2,068,000 after purchasing an additional 3,981 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of iRhythm Technologies by 21.2% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,293 shares of the company’s stock worth $402,000 after purchasing an additional 750 shares during the last quarter. Finally, New York State Common Retirement Fund boosted its stake in shares of iRhythm Technologies by 6.9% during the fourth quarter. New York State Common Retirement Fund now owns 284,277 shares of the company’s stock valued at $26,628,000 after purchasing an additional 18,408 shares during the period. 98.96% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently commented on IRTC. Morgan Stanley raised their price target on shares of iRhythm Technologies from $128.00 to $130.00 and gave the stock an “overweight” rating in a research note on Friday, February 24th. Needham & Company LLC dropped their price objective on iRhythm Technologies from $140.00 to $133.00 and set a “buy” rating on the stock in a research note on Friday, February 24th. BTIG Research lifted their target price on iRhythm Technologies from $168.00 to $170.00 and gave the company a “buy” rating in a research report on Monday, April 17th. StockNews.com upgraded iRhythm Technologies from a “sell” rating to a “hold” rating in a report on Wednesday, March 22nd. Finally, Canaccord Genuity Group raised their price target on iRhythm Technologies from $135.00 to $143.00 and gave the company a “buy” rating in a research note on Friday, February 24th. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $152.10.

Insiders Place Their Bets

In other news, EVP Daniel G. Wilson sold 4,000 shares of the business’s stock in a transaction on Wednesday, March 29th. The shares were sold at an average price of $125.00, for a total transaction of $500,000.00. Following the sale, the executive vice president now directly owns 35,337 shares of the company’s stock, valued at $4,417,125. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, EVP Patrick Michael Murphy sold 571 shares of the stock in a transaction that occurred on Friday, March 3rd. The shares were sold at an average price of $117.23, for a total value of $66,938.33. Following the transaction, the executive vice president now owns 32,437 shares in the company, valued at approximately $3,802,589.51. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Daniel G. Wilson sold 4,000 shares of iRhythm Technologies stock in a transaction that occurred on Wednesday, March 29th. The shares were sold at an average price of $125.00, for a total transaction of $500,000.00. Following the sale, the executive vice president now owns 35,337 shares of the company’s stock, valued at $4,417,125. The disclosure for this sale can be found here. Over the last quarter, insiders sold 15,317 shares of company stock valued at $1,831,058. Insiders own 1.64% of the company’s stock.

iRhythm Technologies Trading Up 2.0 %

NASDAQ:IRTC opened at $133.02 on Thursday. The firm has a 50 day moving average of $123.74 and a 200 day moving average of $111.01. The stock has a market capitalization of $4.05 billion, a price-to-earnings ratio of -34.20 and a beta of 1.42. The company has a quick ratio of 3.07, a current ratio of 3.24 and a debt-to-equity ratio of 0.15. iRhythm Technologies, Inc. has a 52 week low of $85.74 and a 52 week high of $164.69.

iRhythm Technologies (NASDAQ:IRTC – Get Rating) last issued its quarterly earnings results on Thursday, February 23rd. The company reported ($0.67) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.63) by ($0.04). The business had revenue of $112.62 million for the quarter, compared to analysts’ expectations of $110.62 million. iRhythm Technologies had a negative return on equity of 35.85% and a negative net margin of 28.27%. As a group, sell-side analysts anticipate that iRhythm Technologies, Inc. will post -2.82 earnings per share for the current fiscal year.

About iRhythm Technologies

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iRhythm Technologies, Inc is a digital healthcare company, which engages in the design, development, and commercialization of device-based technology to provide ambulatory cardiac monitoring services. It also provides solutions that detect, predict, and prevent disease. The company was founded by Uday N.