Harbour Capital Advisors LLC Buys New Position in iRhythm Technologies $IRTC

Key Points

• Harbour Capital Advisors LLC acquired 2,235 shares of iRhythm Technologies, valued at approximately $319,000, enhancing its stake in the company.
• Analysts have varied price targets for iRhythm Technologies, with Wells Fargo raising their target from $130.00 to $180.00, while Needham increased theirs from $180.00 to $193.00.
• iRhythm Technologies reported a revenue of $186.69 million for the last quarter, surpassing expectations and showing a year-over-year increase of 26.1%.

Harbour Capital Advisors LLC acquired a new position in shares of iRhythm Technologies (NASDAQ:IRTC - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 2,235 shares of the company's stock, valued at approximately $319,000.

Other hedge funds have also recently added to or reduced their stakes in the company. MCF Advisors LLC acquired a new stake in iRhythm Technologies in the first quarter worth $25,000. AlphaQuest LLC acquired a new position in shares of iRhythm Technologies in the 1st quarter valued at approximately $30,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in iRhythm Technologies during the 1st quarter worth approximately $50,000. CWM LLC lifted its stake in shares of iRhythm Technologies by 54.3% in the 1st quarter. CWM LLC now owns 517 shares of the company's stock valued at $54,000 after purchasing an additional 182 shares during the period. Finally, US Bancorp DE boosted its stake in 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 acquiring an additional 374 shares in the last quarter.

Analyst Ratings Changes

A number of equities analysts have recently commented on IRTC shares. Evercore ISI initiated coverage on shares of iRhythm Technologies in a research report on Tuesday. They issued an "in-line" rating and a $185.00 price objective for the company. Needham & Company LLC increased their target price on iRhythm Technologies from $180.00 to $193.00 and gave the company a "buy" rating in a research report on Thursday, August 28th. JPMorgan Chase & Co. lifted their target price on iRhythm Technologies from $145.00 to $190.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Canaccord Genuity Group boosted their price target on iRhythm Technologies from $139.00 to $170.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Finally, Bank of America assumed coverage on iRhythm Technologies in a research report on Wednesday, August 20th. They set a "buy" rating and a $200.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, iRhythm Technologies presently has a consensus rating of "Moderate Buy" and an average target price of $165.58.

Insiders Place Their Bets

In other iRhythm Technologies news, CAO Marc Wade Rosenbaum sold 226 shares of the firm's stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $158.93, for a total transaction of $35,918.18. Following the transaction, the chief accounting officer owned 10,879 shares of the company's stock, valued at approximately $1,728,999.47. This trade represents a 2.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Daniel G. Wilson sold 5,000 shares of iRhythm Technologies stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $175.00, for a total transaction of $875,000.00. Following the sale, the chief financial officer owned 34,470 shares of the company's stock, valued at approximately $6,032,250. The trade was a 12.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 48,489 shares of company stock valued at $7,834,469. 0.68% of the stock is currently owned by company insiders.

iRhythm Technologies Trading Down 3.4%

iRhythm Technologies stock traded down $6.20 during mid-day trading on Tuesday, hitting $178.54. 214,171 shares of the company's stock were exchanged, compared to its average volume of 464,931. The firm has a market capitalization of $5.74 billion, a P/E ratio of -61.11 and a beta of 1.10. The company's 50 day simple moving average is $161.24 and its 200-day simple moving average is $137.81. The company has a quick ratio of 4.88, a current ratio of 5.02 and a debt-to-equity ratio of 6.25. iRhythm Technologies has a fifty-two week low of $55.92 and a fifty-two week high of $187.57.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported ($0.32) earnings per share for the quarter, topping the consensus estimate of ($0.53) by $0.21. iRhythm Technologies had a negative net margin of 14.06% and a negative return on equity of 90.03%. The company had revenue of $186.69 million for the quarter, compared to analysts' expectations of $173.94 million. During the same quarter in the previous year, the firm posted ($0.61) earnings per share. iRhythm Technologies's revenue for the quarter was up 26.1% on a year-over-year basis. iRhythm Technologies has set its FY 2025 guidance at EPS. On average, equities analysts anticipate that iRhythm Technologies will post -1.98 earnings per share for the current year.

iRhythm Technologies Profile

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.