Atle Fund Management AB Boosts Stake in iRhythm Technologies $IRTC

Key Points

• Atle Fund Management AB increased its stake in iRhythm Technologies by 23.1%, acquiring an additional 4,755 shares, which now represent approximately 1.7% of its total holdings.
• iRhythm Technologies reported earnings that surpassed analysts' estimates, with an EPS of ($0.32) against a consensus of ($0.53), and its revenue increased by 26.1% year-over-year.
• Multiple research analysts have upgraded their ratings and target prices for iRhythm Technologies, with JPMorgan raising its target from $145.00 to $190.00, designating it as "overweight."

Atle Fund Management AB raised its stake in iRhythm Technologies (NASDAQ:IRTC - Free Report) by 23.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 25,302 shares of the company's stock after acquiring an additional 4,755 shares during the quarter. iRhythm Technologies makes up approximately 1.7% of Atle Fund Management AB's investment portfolio, making the stock its 23rd largest position. Atle Fund Management AB owned approximately 0.08% of iRhythm Technologies worth $3,895,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Bank Pictet & Cie Europe AG lifted its stake in shares of 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 purchasing an additional 184 shares during the period. ProShare Advisors LLC increased its holdings in iRhythm Technologies by 52.1% in the fourth quarter. ProShare Advisors LLC now owns 8,988 shares of the company's stock valued at $810,000 after buying an additional 3,079 shares in the last quarter. Ascent Group LLC increased its holdings in iRhythm Technologies by 13.0% in the fourth quarter. Ascent Group LLC now owns 8,110 shares of the company's stock valued at $731,000 after buying an additional 935 shares in the last quarter. Wellington Management Group LLP raised its position in shares of iRhythm Technologies by 9.3% in the fourth quarter. Wellington Management Group LLP now owns 233,840 shares of the company's stock worth $21,085,000 after acquiring an additional 19,891 shares during the period. Finally, GAMMA Investing LLC boosted its stake in shares of iRhythm Technologies by 30,928.6% during the 1st quarter. GAMMA Investing LLC now owns 8,688 shares of the company's stock worth $909,000 after acquiring an additional 8,660 shares in the last quarter.

iRhythm Technologies Trading Down 4.1%

IRTC stock traded down $7.53 during trading on Tuesday, reaching $177.20. 264,121 shares of the stock were exchanged, compared to its average volume of 465,209. The company has a current ratio of 5.02, a quick ratio of 4.88 and a debt-to-equity ratio of 6.25. The firm has a market capitalization of $5.69 billion, a price-to-earnings ratio of -60.47 and a beta of 1.10. The business has a 50 day moving average price of $161.24 and a 200-day moving average price of $137.81. iRhythm Technologies has a 1 year low of $55.92 and a 1 year high of $187.57.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The company reported ($0.32) earnings per share for the quarter, beating the consensus estimate of ($0.53) by $0.21. The business had revenue of $186.69 million during 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 business's revenue for the quarter was up 26.1% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.61) EPS. iRhythm Technologies has set its FY 2025 guidance at EPS. On average, research analysts predict that iRhythm Technologies will post -1.98 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts recently weighed in on IRTC shares. William Blair upgraded iRhythm Technologies to a "strong-buy" rating in a research note on Friday, August 1st. Wells Fargo & Company boosted their price objective on iRhythm Technologies from $130.00 to $180.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Bank of America began coverage on iRhythm Technologies in a research note on Wednesday, August 20th. They set a "buy" rating and a $200.00 target price for the company. Evercore ISI began coverage on shares of iRhythm Technologies in a research note on Tuesday. They issued an "in-line" rating and a $185.00 price target on the stock. Finally, Morgan Stanley cut their price target on shares of iRhythm Technologies from $160.00 to $147.00 and set an "overweight" rating for the company in a report on Tuesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $165.58.

Insider Activity at iRhythm Technologies

In other iRhythm Technologies news, Director Abhijit Y. Talwalkar sold 5,312 shares of iRhythm Technologies stock in a transaction on Monday, August 11th. The stock was sold at an average price of $158.02, for a total value of $839,402.24. Following the sale, the director owned 20,299 shares in the company, valued at $3,207,647.98. The trade was a 20.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Sumi Shrishrimal sold 653 shares of the stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $167.12, for a total value of $109,129.36. Following the transaction, the executive vice president owned 34,032 shares of the company's stock, valued at approximately $5,687,427.84. This represents a 1.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 48,489 shares of company stock valued at $7,834,469 over the last 90 days. Corporate insiders own 0.68% of the company's stock.

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.