Banque Pictet & Cie SA Trims Holdings in iRhythm Technologies $IRTC

Key Points

• Banque Pictet & Cie SA reduced its stake in iRhythm Technologies by 32.0%, now holding approximately 0.10% of the company worth $4.87 million after selling 14,904 shares in Q2.
• Multiple institutional investors have recently increased their positions in iRhythm Technologies, with CWM LLC raising its stake by 54.3% in Q1.
• iRhythm Technologies reported a 26.1% year-over-year revenue increase, posting $186.69 million for the quarter and beating earnings expectations by $0.21.

Banque Pictet & Cie SA reduced its position in iRhythm Technologies (NASDAQ:IRTC - Free Report) by 32.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 31,641 shares of the company's stock after selling 14,904 shares during the quarter. Banque Pictet & Cie SA owned approximately 0.10% of iRhythm Technologies worth $4,871,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Insider Transactions at iRhythm Technologies

In other news, Director Abhijit Y. Talwalkar sold 5,312 shares of iRhythm Technologies stock in a transaction on Monday, August 11th. The shares were sold at an average price of $158.02, for a total transaction of $839,402.24. Following the completion of the sale, the director directly owned 20,299 shares of the company's stock, valued at approximately $3,207,647.98. The trade was a 20.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Marc Wade Rosenbaum sold 226 shares of the firm's stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $158.93, for a total transaction of $35,918.18. Following the sale, the chief accounting officer directly owned 10,879 shares in the company, valued at approximately $1,728,999.47. The trade was a 2.04% decrease in their position. 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 quarter. Insiders own 1.10% of the company's stock.

Analyst Ratings Changes

IRTC has been the topic of a number of recent research reports. Citigroup increased their price target on iRhythm Technologies from $167.00 to $183.00 and gave the stock a "buy" rating in a research report on Thursday, August 21st. William Blair upgraded iRhythm Technologies to a "strong-buy" rating in a report on Friday, August 1st. Evercore ISI assumed coverage on shares of iRhythm Technologies in a research report on Tuesday. They set an "in-line" rating and a $185.00 target price on the stock. Canaccord Genuity Group increased their price objective on iRhythm Technologies from $139.00 to $170.00 and gave the company a "buy" rating in a report on Friday, August 1st. Finally, Morgan Stanley reduced their target price 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 research 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 company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $165.58.

iRhythm Technologies Stock Down 0.3%

Shares of NASDAQ IRTC opened at $170.81 on Friday. iRhythm Technologies has a 1 year low of $55.92 and a 1 year high of $187.57. The company has a debt-to-equity ratio of 6.25, a current ratio of 5.02 and a quick ratio of 4.88. The company has a market capitalization of $5.49 billion, a P/E ratio of -58.30 and a beta of 1.10. The company has a 50 day simple moving average of $164.21 and a 200-day simple moving average of $139.28.

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 the consensus estimate of ($0.53) by $0.21. The firm had revenue of $186.69 million during the quarter, compared to the consensus estimate 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 last year, the firm earned ($0.61) EPS. iRhythm Technologies has set its FY 2025 guidance at EPS. On average, equities research analysts predict that iRhythm Technologies will post -1.98 earnings per share for the current 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.

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