Partner Fund Management L.P. Sells 254,489 Shares of Irhythm Technologies Inc (IRTC)

Partner Fund Management L.P. cut its holdings in Irhythm Technologies Inc (NASDAQ:IRTC) by 51.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 235,941 shares of the company’s stock after selling 254,489 shares during the quarter. Partner Fund Management L.P.’s holdings in Irhythm Technologies were worth $22,334,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. Eaton Vance Management grew its holdings in shares of Irhythm Technologies by 37.6% in the third quarter. Eaton Vance Management now owns 61,796 shares of the company’s stock valued at $5,850,000 after purchasing an additional 16,884 shares in the last quarter. GSA Capital Partners LLP purchased a new position in shares of Irhythm Technologies in the third quarter valued at $533,000. Bellevue Group AG grew its holdings in shares of Irhythm Technologies by 51.7% in the third quarter. Bellevue Group AG now owns 69,661 shares of the company’s stock valued at $6,594,000 after purchasing an additional 23,740 shares in the last quarter. Quantbot Technologies LP boosted its stake in Irhythm Technologies by 44.3% during the third quarter. Quantbot Technologies LP now owns 8,609 shares of the company’s stock worth $814,000 after buying an additional 2,641 shares during the period. Finally, Credit Suisse AG boosted its stake in Irhythm Technologies by 8.1% during the third quarter. Credit Suisse AG now owns 22,590 shares of the company’s stock worth $2,138,000 after buying an additional 1,699 shares during the period. 99.38% of the stock is owned by hedge funds and other institutional investors.

IRTC has been the subject of several recent analyst reports. BidaskClub raised shares of Irhythm Technologies from a “hold” rating to a “buy” rating in a research note on Friday, August 24th. Chardan Capital initiated coverage on shares of Irhythm Technologies in a research note on Thursday, September 6th. They set a “buy” rating and a $117.00 price objective for the company. Canaccord Genuity lifted their price objective on shares of Irhythm Technologies from $93.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, September 13th. Morgan Stanley lifted their price objective on shares of Irhythm Technologies from $92.00 to $95.00 and gave the stock an “overweight” rating in a research note on Thursday, October 11th. Finally, Zacks Investment Research raised shares of Irhythm Technologies from a “hold” rating to a “buy” rating and set a $86.00 price objective for the company in a research note on Saturday, October 27th. Five analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $93.13.

In other news, CEO Kevin M. King sold 17,168 shares of the business’s stock in a transaction on Thursday, November 15th. The shares were sold at an average price of $70.00, for a total transaction of $1,201,760.00. Following the completion of the sale, the chief executive officer now directly owns 223,064 shares of the company’s stock, valued at $15,614,480. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Derrick Sung sold 10,000 shares of the business’s stock in a transaction 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 sale, the executive vice president now directly owns 29,458 shares of the company’s stock, valued at $2,447,959.80. The disclosure for this sale can be found here. Insiders have sold 80,000 shares of company stock valued at $5,915,812 over the last three months. Insiders own 23.30% of the company’s stock.

NASDAQ IRTC opened at $72.49 on Thursday. The company has a quick ratio of 4.69, a current ratio of 4.79 and a debt-to-equity ratio of 0.51. The firm has a market cap of $1.79 billion, a price-to-earnings ratio of -54.74 and a beta of 1.97. Irhythm Technologies Inc has a 52 week low of $50.37 and a 52 week high of $98.37.

Irhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings data on Tuesday, October 30th. The company reported ($0.43) EPS for the quarter, topping the consensus estimate of ($0.45) by $0.02. The company had revenue of $38.10 million during 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 62.85%. Irhythm Technologies’s quarterly revenue was up 52.2% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.29) earnings per share. Analysts predict that Irhythm Technologies Inc will post -1.86 EPS for the current fiscal year.

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Irhythm Technologies Company 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.

Further Reading: How to Invest in the Dividend Aristocrat Index

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

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