Redmile Group LLC Purchases New Shares in iRhythm Technologies $IRTC

Key Points

• Redmile Group LLC acquired 56,844 shares of iRhythm Technologies, valuing approximately $5.95 million, giving them a 0.18% ownership in the company.
• Institutional interest in iRhythm has surged, with several investors significantly increasing their positions, including Cubist Systematic Strategies LLC, which raised its stake by 43,617.0% during the same period.
• iRhythm reported a quarterly revenue of $186.69 million, which exceeded analyst estimates, and shares have received multiple "buy" ratings from equity analysts with a consensus target price of $163.82.

Redmile Group LLC bought a new position in shares of iRhythm Technologies (NASDAQ:IRTC - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 56,844 shares of the company's stock, valued at approximately $5,950,000. Redmile Group LLC owned about 0.18% of iRhythm Technologies at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Xponance Inc. grew its position in iRhythm Technologies by 6.1% in the 1st quarter. Xponance Inc. now owns 2,390 shares of the company's stock valued at $250,000 after buying an additional 137 shares during the last quarter. Hsbc Holdings PLC grew its position in iRhythm Technologies by 3.1% in the 1st quarter. Hsbc Holdings PLC now owns 4,590 shares of the company's stock valued at $474,000 after buying an additional 138 shares during the last quarter. CWM LLC grew its position in 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 buying an additional 182 shares during the last quarter. Bank Pictet & Cie Europe AG grew its position in iRhythm Technologies by 5.9% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 3,289 shares of the company's stock valued at $297,000 after buying an additional 184 shares during the last quarter. Finally, MCF Advisors LLC purchased a new position in iRhythm Technologies in the 1st quarter valued at $25,000.

Insider Activity

In related news, CFO Daniel G. Wilson sold 5,000 shares of the business's stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $175.00, for a total transaction of $875,000.00. Following the transaction, the chief financial officer directly owned 34,470 shares of the company's stock, valued at approximately $6,032,250. The trade was a 12.67% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Minang Turakhia sold 1,420 shares of the company's stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $145.41, for a total value of $206,482.20. Following the completion of the transaction, the executive vice president directly owned 41,393 shares in the company, valued at approximately $6,018,956.13. The trade was a 3.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 52,425 shares of company stock worth $8,424,869 in the last ninety days. 1.10% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms have commented on IRTC. Needham & Company LLC raised their target price on iRhythm Technologies from $180.00 to $193.00 and gave the company a "buy" rating in a report on Thursday, August 28th. William Blair raised iRhythm Technologies to a "strong-buy" rating in a report on Friday, August 1st. Canaccord Genuity Group raised their target price on iRhythm Technologies from $139.00 to $170.00 and gave the company a "buy" rating in a report on Friday, August 1st. Morgan Stanley reduced their target price on iRhythm Technologies from $160.00 to $147.00 and set an "overweight" rating for the company in a report on Tuesday, July 15th. Finally, JPMorgan Chase & Co. lifted their price target on iRhythm Technologies from $145.00 to $190.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $163.82.

iRhythm Technologies Price Performance

IRTC stock traded down $1.12 during trading on Friday, hitting $181.05. The stock had a trading volume of 350,081 shares, compared to its average volume of 410,081. The company's 50 day moving average price is $152.61 and its two-hundred day moving average price is $132.15. iRhythm Technologies has a 1-year low of $55.92 and a 1-year high of $183.95. The stock has a market cap of $5.82 billion, a price-to-earnings ratio of -61.79 and a beta of 1.10. The company has a debt-to-equity ratio of 6.25, a quick ratio of 4.88 and a current ratio of 5.02.

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

iRhythm Technologies Company 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.