iRhythm Technologies $IRTC Shares Acquired by Bayforest Capital Ltd

Key Points

• Bayforest Capital Ltd increased its stake in iRhythm Technologies (NASDAQ: IRTC) by 153.2%, bringing its total holdings to $441,000 as of the latest SEC filing.
• Several large investors, including UBS AM and Goldman Sachs, have significantly raised their positions in iRhythm Technologies during the first quarter, indicating strong institutional interest.
• Wall Street analysts have a mostly buy rating for iRhythm Technologies, with price targets ranging from $147 to $200, reflecting positive outlook on the company's growth potential.

Bayforest Capital Ltd lifted its holdings in shares of iRhythm Technologies (NASDAQ:IRTC - Free Report) by 153.2% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor 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 at the end of the most recent reporting period.

Several other institutional investors also recently added to or reduced their stakes in IRTC. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of iRhythm Technologies by 169.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 903,084 shares of the company's stock valued at $94,535,000 after purchasing an additional 568,261 shares during the last quarter. Fuller & Thaler Asset Management Inc. purchased a new stake in iRhythm Technologies during the first quarter worth $54,249,000. Millennium Management LLC boosted its position in iRhythm Technologies by 563.8% during the first quarter. Millennium Management LLC now owns 399,746 shares of the company's stock worth $41,845,000 after purchasing an additional 339,529 shares in the last quarter. Jennison Associates LLC purchased a new stake in iRhythm Technologies during the first quarter worth $29,330,000. Finally, Next Century Growth Investors LLC purchased a new stake in iRhythm Technologies during the first quarter worth $21,796,000.

iRhythm Technologies Stock Down 0.6%

IRTC traded down $1.04 on Monday, reaching $178.78. The company's stock had a trading volume of 193,298 shares, compared to its average volume of 467,182. The stock has a market cap of $5.74 billion, a price-to-earnings ratio of -61.06 and a beta of 1.10. 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 business's 50 day moving average is $156.38 and its 200 day moving average is $134.86.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported ($0.32) EPS for the quarter, beating analysts' consensus estimates 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 return on equity of 90.03% 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 in the prior year, the business posted ($0.61) earnings per share. iRhythm Technologies has set its FY 2025 guidance at EPS. As a group, research analysts forecast that iRhythm Technologies will post -1.98 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have commented on IRTC shares. Citigroup boosted their target price 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 raised iRhythm Technologies to a "strong-buy" rating in a report on Friday, August 1st. Bank of America started coverage on iRhythm Technologies in a report on Wednesday, August 20th. They issued a "buy" rating and a $200.00 price target for the company. Canaccord Genuity Group boosted their price target on iRhythm Technologies from $139.00 to $170.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Finally, Needham & Company LLC boosted their price target on iRhythm Technologies from $180.00 to $193.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, iRhythm Technologies currently has an average rating of "Buy" and an average target price of $163.82.

Insider Activity

In other iRhythm Technologies news, CFO Daniel G. Wilson sold 5,000 shares of the company's stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $175.00, for a total transaction of $875,000.00. Following the sale, the chief financial officer owned 34,470 shares in the company, valued at $6,032,250. This represents a 12.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Abhijit Y. Talwalkar sold 5,312 shares of the stock in a transaction that occurred 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 disclosure for this sale can be found here. Insiders have sold a total of 52,425 shares of company stock valued at $8,424,869 over the last three months. Company insiders own 0.68% of the company's stock.

iRhythm Technologies Company 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.