Bayforest Capital Ltd Has $441,000 Stake in iRhythm Technologies (NASDAQ:IRTC)

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

Several other hedge funds have also modified their holdings of the stock. MCF Advisors LLC acquired a new position in shares of iRhythm Technologies in the 1st quarter valued at about $25,000. CWM LLC increased its position in shares of iRhythm Technologies by 54.3% in the first quarter. CWM LLC now owns 517 shares of the company's stock worth $54,000 after acquiring an additional 182 shares in the last quarter. Raiffeisen Bank International AG purchased a new position in shares of iRhythm Technologies in the 4th quarter valued at $60,000. Avanza Fonder AB acquired a new position in shares of iRhythm Technologies during the 1st quarter valued at $123,000. Finally, SeaCrest Wealth Management LLC acquired a new position in shares of iRhythm Technologies during the 1st quarter valued at $212,000.

iRhythm Technologies Price Performance

NASDAQ:IRTC traded up $24.79 during trading hours on Friday, reaching $164.97. 1,883,787 shares of the company's stock were exchanged, compared to its average volume of 416,173. The company has a quick ratio of 5.58, a current ratio of 5.71 and a debt-to-equity ratio of 7.47. The company has a market capitalization of $5.27 billion, a P/E ratio of -56.30 and a beta of 1.41. The business's 50-day simple moving average is $142.68 and its two-hundred day simple moving average is $122.56. iRhythm Technologies has a 12 month low of $55.92 and a 12 month high of $168.32.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last released its quarterly 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 during the quarter, compared to analyst estimates of $173.94 million. iRhythm Technologies had a negative return on equity of 95.60% and a negative net margin of 14.06%. iRhythm Technologies's revenue for the quarter was up 26.1% on a year-over-year basis. During the same quarter last year, the company posted ($0.61) EPS. Sell-side analysts expect that iRhythm Technologies will post -1.98 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Chad Patterson sold 936 shares of the business's stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $150.00, for a total transaction 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 sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Daniel G. Wilson sold 3,000 shares of the company's stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $150.00, for a total transaction of $450,000.00. Following the completion of the transaction, the chief financial officer owned 40,307 shares in the company, valued at approximately $6,046,050. This represents a 6.93% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,356 shares of company stock worth $796,882 over the last ninety days. 1.10% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages have issued reports on IRTC. Wall Street Zen downgraded shares of iRhythm Technologies from a "hold" rating to a "sell" rating in a research report on Monday, May 5th. Morgan Stanley dropped their target price on shares of iRhythm Technologies from $160.00 to $147.00 and set an "overweight" rating on the stock in a report on Tuesday, July 15th. JPMorgan Chase & Co. raised their price target on iRhythm Technologies from $145.00 to $190.00 and gave the stock an "overweight" rating in a report on Friday. Canaccord Genuity Group lifted their price objective on shares of iRhythm Technologies from $139.00 to $170.00 and gave the company a "buy" rating in a research report on Friday. Finally, Robert W. Baird boosted their price target on iRhythm Technologies from $133.00 to $150.00 and gave the stock an "outperform" rating in a research report on Friday, May 2nd. One analyst has rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus 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.