Algert Global LLC Has $1.37 Million Stock Position in iRhythm Technologies $IRTC

Key Points

• Algert Global LLC reduced its stake in iRhythm Technologies by 33.6%, selling 6,600 shares and now holding 13,043 shares valued at $1,365,000.
• Multiple institutional investors, including MCF Advisors and US Bancorp, made significant changes to their positions in iRhythm Technologies during the 1st quarter of the year.
• Analysts have mixed ratings on iRhythm Technologies, with Bank of America issuing a "buy" rating and a target price of $200, while Morgan Stanley has reduced their target from $160 to $147.

Algert Global LLC lessened its holdings in iRhythm Technologies (NASDAQ:IRTC - Free Report) by 33.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 13,043 shares of the company's stock after selling 6,600 shares during the period. Algert Global LLC's holdings in iRhythm Technologies were worth $1,365,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of IRTC. Raymond James Financial Inc. raised its holdings in iRhythm Technologies by 8.5% during the first quarter. Raymond James Financial Inc. now owns 110,126 shares of the company's stock valued at $11,528,000 after buying an additional 8,639 shares in the last quarter. Nuveen LLC bought a new stake in shares of iRhythm Technologies during the 1st quarter worth about $9,707,000. Frank Rimerman Advisors LLC acquired a new position in shares of iRhythm Technologies during the 1st quarter valued at about $214,000. Blair William & Co. IL raised its stake in shares of iRhythm Technologies by 30.6% in the 1st quarter. Blair William & Co. IL now owns 789,999 shares of the company's stock valued at $82,697,000 after acquiring an additional 185,262 shares in the last quarter. Finally, Jefferies Financial Group Inc. acquired a new stake in iRhythm Technologies in the 1st quarter worth approximately $2,287,000.

Wall Street Analysts Forecast Growth

Several brokerages have commented on IRTC. JPMorgan Chase & Co. increased their price target on iRhythm Technologies from $145.00 to $190.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Needham & Company LLC raised their target price on shares of iRhythm Technologies from $180.00 to $193.00 and gave the company a "buy" rating in a research note on Thursday. Canaccord Genuity Group boosted their target price 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. Robert W. Baird upped their price target on shares of iRhythm Technologies from $133.00 to $150.00 and gave the company an "outperform" rating in a report on Friday, May 2nd. Finally, Bank of America began coverage on iRhythm Technologies in a research note on Wednesday, August 20th. They issued a "buy" rating and a $200.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, iRhythm Technologies currently has an average rating of "Buy" and a consensus target price of $163.82.

Insider Buying and Selling

In related news, CEO Quentin S. Blackford sold 30,000 shares of the company's stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $160.54, for a total value of $4,816,200.00. Following the completion of the transaction, the chief executive officer directly owned 179,038 shares in the company, valued at approximately $28,742,760.52. This represents a 14.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Marc Wade Rosenbaum sold 226 shares of the firm's stock in a transaction on Monday, August 11th. The stock was sold at an average price of $158.93, for a total value of $35,918.18. Following the completion of the transaction, the chief accounting officer directly 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 ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 47,425 shares of company stock worth $7,549,869. 1.10% of the stock is currently owned by corporate insiders.

iRhythm Technologies Stock Performance

NASDAQ IRTC traded down $0.75 during midday trading on Thursday, hitting $169.04. The company had a trading volume of 54,335 shares, compared to its average volume of 471,291. The firm has a fifty day simple moving average of $149.25 and a two-hundred day simple moving average of $129.08. iRhythm Technologies has a fifty-two week low of $55.92 and a fifty-two week high of $172.59. The company has a quick ratio of 4.88, a current ratio of 5.02 and a debt-to-equity ratio of 6.25. The stock has a market cap of $5.43 billion, a price-to-earnings ratio of -57.64 and a beta of 1.41.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported ($0.32) EPS for the quarter, beating analysts' consensus estimates 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 business had revenue of $186.69 million during the quarter, compared to analyst estimates of $173.94 million. During the same quarter in the prior year, the business earned ($0.61) earnings per share. The firm'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. Equities analysts forecast that iRhythm Technologies will post -1.98 earnings per share for the current fiscal year.

About iRhythm Technologies

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.