Bayforest Capital Ltd Has $441,000 Stake in iRhythm Technologies $IRTC

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 position in iRhythm Technologies (NASDAQ:IRTC - Free Report) by 153.2% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,213 shares of the company's stock after buying 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 large investors also recently made changes to their positions in the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in 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 buying an additional 568,261 shares during the last quarter. Ascent Group LLC boosted its holdings in shares of iRhythm Technologies by 3.5% during the 1st quarter. Ascent Group LLC now owns 8,390 shares of the company's stock worth $878,000 after buying an additional 280 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of iRhythm Technologies by 33.5% during the first quarter. Goldman Sachs Group Inc. now owns 433,780 shares of the company's stock worth $45,408,000 after buying an additional 108,941 shares in the last quarter. Scientech Research LLC acquired a new stake in iRhythm Technologies during the first quarter worth approximately $681,000. Finally, Petrus Trust Company LTA bought a new position in iRhythm Technologies during the 1st quarter worth $571,000.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on IRTC. William Blair upgraded iRhythm Technologies to a "strong-buy" rating in a research report on Friday, August 1st. Morgan Stanley reduced their price objective on iRhythm Technologies from $160.00 to $147.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 15th. Canaccord Genuity Group raised their price target on shares of iRhythm Technologies from $139.00 to $170.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Wells Fargo & Company increased their price objective on shares of iRhythm Technologies from $130.00 to $180.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Finally, Bank of America started coverage on iRhythm Technologies in a research note on Wednesday, August 20th. They issued a "buy" rating and a $200.00 price target for the company. One research 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 stock. According to MarketBeat.com, iRhythm Technologies presently has an average rating of "Buy" and an average price target of $163.82.

Insider Buying and Selling

In related news, insider Chad Patterson sold 2,555 shares of the company's stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $158.97, for a total value of $406,168.35. Following the transaction, the insider owned 43,667 shares in the company, valued at approximately $6,941,742.99. This represents a 5.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 $5,687,427.84. The trade was a 1.88% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 52,425 shares of company stock worth $8,424,869 in the last three months. Insiders own 0.68% of the company's stock.

iRhythm Technologies Trading Down 0.4%

Shares of iRhythm Technologies stock opened at $186.39 on Wednesday. The stock has a fifty day simple moving average of $154.08 and a 200 day simple moving average of $133.27. The company has a market capitalization of $5.99 billion, a P/E ratio of -63.61 and a beta of 1.10. The company has a current ratio of 5.02, a quick ratio of 4.88 and a debt-to-equity ratio of 6.25. iRhythm Technologies has a 12-month low of $55.92 and a 12-month high of $187.57.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported ($0.32) EPS for the quarter, topping the consensus estimate of ($0.53) by $0.21. The firm had revenue of $186.69 million for 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 company's quarterly revenue was up 26.1% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.61) EPS. iRhythm Technologies has set its FY 2025 guidance at EPS. On average, sell-side analysts anticipate that iRhythm Technologies will post -1.98 earnings per share for the current fiscal 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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