Scientech Research LLC Purchases Shares of 6,505 iRhythm Technologies $IRTC

Key Points

• Scientech Research LLC acquired a new stake in iRhythm Technologies, purchasing 6,505 shares, valued at approximately $681,000.
• The company's stock recently opened at $187.07 with a market cap of $6.01 billion, while analysts project a consensus target price of $163.82.
• iRhythm Technologies reported quarterly earnings with an EPS of (0.32), outperforming analysts' expectations and showing a 26.1% year-over-year revenue increase.

Scientech Research LLC bought a new position in iRhythm Technologies (NASDAQ:IRTC - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 6,505 shares of the company's stock, valued at approximately $681,000.

A number of other hedge funds also recently made changes to their positions in IRTC. Bank Pictet & Cie Europe AG raised its holdings in shares of iRhythm Technologies by 5.9% during the fourth 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. Northern Trust Corp increased its stake in shares of iRhythm Technologies by 7.0% during the fourth quarter. Northern Trust Corp now owns 287,334 shares of the company's stock valued at $25,909,000 after acquiring an additional 18,816 shares during the period. Ameriprise Financial Inc. increased its stake in shares of iRhythm Technologies by 13.6% during the fourth quarter. Ameriprise Financial Inc. now owns 71,254 shares of the company's stock valued at $6,425,000 after acquiring an additional 8,528 shares during the period. Captrust Financial Advisors acquired a new position in shares of iRhythm Technologies during the fourth quarter valued at approximately $351,000. Finally, Laird Norton Wetherby Wealth Management LLC acquired a new position in shares of iRhythm Technologies during the fourth quarter valued at approximately $607,000.

Analyst Upgrades and Downgrades

IRTC has been the topic of several recent research reports. Canaccord Genuity Group lifted their price target 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. Needham & Company LLC raised their price objective on shares of iRhythm Technologies from $180.00 to $193.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. William Blair raised shares of iRhythm Technologies to a "strong-buy" rating in a research note on Friday, August 1st. Wells Fargo & Company raised their price objective on shares of iRhythm Technologies from $130.00 to $180.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Finally, JPMorgan Chase & Co. raised their price objective on shares of iRhythm Technologies from $145.00 to $190.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, iRhythm Technologies has an average rating of "Buy" and a consensus price target of $163.82.

Insiders Place Their Bets

In related news, CAO Marc Wade Rosenbaum sold 226 shares of the company's stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $158.93, for a total value of $35,918.18. Following the sale, the chief accounting officer owned 10,879 shares of the company's stock, valued at $1,728,999.47. The trade was a 2.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Chad Patterson sold 2,555 shares of the business's stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $158.97, for a total transaction of $406,168.35. Following the completion of the transaction, the insider owned 43,667 shares in the company, valued at approximately $6,941,742.99. This trade represents a 5.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 52,425 shares of company stock valued at $8,424,869 over the last 90 days. Company insiders own 0.68% of the company's stock.

iRhythm Technologies Stock Performance

Shares of NASDAQ:IRTC traded down $1.21 on Friday, hitting $179.82. 232,437 shares of the company were exchanged, compared to its average volume of 376,581. The company's 50 day moving average price is $156.38 and its two-hundred day moving average price is $134.86. iRhythm Technologies has a one year low of $55.92 and a one year high of $187.57. The company has a debt-to-equity ratio of 6.25, a quick ratio of 4.88 and a current ratio of 5.02. The firm has a market capitalization of $5.78 billion, a price-to-earnings ratio of -61.37 and a beta of 1.10.

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