iRhythm Technologies (NASDAQ:IRTC) Shares Purchased by Bayforest Capital Ltd

Key Points

• Bayforest Capital Ltd increased its stake in iRhythm Technologies by 153.2%, acquiring an additional 2,549 shares to own a total of 4,213 shares valued at $441,000.
• iRhythm Technologies reported a net loss per share of ($0.95), missing expectations, but revenue increased by 20.3% year-over-year to $158.68 million.
• Analysts have mixed opinions on iRhythm Technologies, with a consensus rating of "Moderate Buy" and a target price of $137.30, following recent reductions in price targets by several firms.

Bayforest Capital Ltd raised its holdings in shares of iRhythm Technologies (NASDAQ:IRTC - Free Report) by 153.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,213 shares of the company's stock after purchasing an additional 2,549 shares during the quarter. Bayforest Capital Ltd's holdings in iRhythm Technologies were worth $441,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in IRTC. MCF Advisors LLC bought a new stake in shares of iRhythm Technologies during the first quarter worth $25,000. CWM LLC lifted its position in shares of iRhythm Technologies by 54.3% during the first quarter. CWM LLC now owns 517 shares of the company's stock worth $54,000 after purchasing an additional 182 shares during the last quarter. Raiffeisen Bank International AG bought a new stake in shares of iRhythm Technologies during the fourth quarter worth $60,000. Avanza Fonder AB bought a new stake in shares of iRhythm Technologies during the first quarter worth $123,000. Finally, SeaCrest Wealth Management LLC bought a new stake in shares of iRhythm Technologies during the first quarter worth $212,000.

Insider Transactions at iRhythm Technologies

In other news, EVP Minang Turakhia sold 1,420 shares of the company's stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $145.41, for a total transaction of $206,482.20. Following the completion of the transaction, the executive vice president directly owned 41,393 shares of the company's stock, valued at $6,018,956.13. This represents a 3.32% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Chad Patterson sold 936 shares of the company's stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $150.00, for a total value of $140,400.00. Following the transaction, the insider directly owned 48,929 shares of the company's stock, valued at approximately $7,339,350. The trade was a 1.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,356 shares of company stock valued at $796,882 in the last three months. 0.68% of the stock is currently owned by company insiders.

iRhythm Technologies Stock Performance

NASDAQ IRTC traded up $0.34 during trading hours on Monday, reaching $165.31. The stock had a trading volume of 332,538 shares, compared to its average volume of 471,820. The stock has a fifty day moving average of $142.68 and a 200 day moving average of $122.67. The stock has a market cap of $5.31 billion, a P/E ratio of -56.49 and a beta of 1.41. iRhythm Technologies has a 52-week low of $55.92 and a 52-week high of $168.32. 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 announced its quarterly earnings results on Thursday, July 31st. The company reported ($0.32) earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 the consensus estimate of $173.94 million. During the same period in the previous year, the company posted ($0.61) earnings per share. iRhythm Technologies's revenue for the quarter was up 26.1% on a year-over-year basis. Sell-side analysts predict that iRhythm Technologies will post -1.98 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Morgan Stanley decreased their target price on iRhythm Technologies from $160.00 to $147.00 and set an "overweight" rating for the company in a research report on Tuesday, July 15th. Citigroup lifted their price objective on iRhythm Technologies from $130.00 to $167.00 and gave the company a "buy" rating in a report on Thursday, May 22nd. Wells Fargo & Company lifted their price objective on iRhythm Technologies from $130.00 to $180.00 and gave the company an "overweight" rating in a report on Friday. Wall Street Zen downgraded iRhythm Technologies from a "hold" rating to a "sell" rating in a report on Monday, May 5th. Finally, Needham & Company LLC lifted their price objective on iRhythm Technologies from $151.00 to $180.00 and gave the company a "buy" rating in a report on Friday. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $157.30.

iRhythm Technologies 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.