Cim Investment Management Inc. Raises Stake in iRhythm Technologies $IRTC

Key Points

• Cim Investment Management Inc. raised its position in iRhythm Technologies by 97.6%, owning a total of 11,530 shares valued at approximately $1.12 million.
• Insider sales included CEO Quentin S. Blackford offloading $4.8 million worth of stock, representing a 14.35% decrease in his ownership.
• Despite a net margin of -14.06%, iRhythm Technologies reported a revenue increase of 26.1% year-over-year, totaling $186.69 million.

Cim Investment Management Inc. lifted its holdings in iRhythm Technologies (NASDAQ:IRTC - Free Report) by 97.6% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 11,530 shares of the company's stock after buying an additional 5,696 shares during the period. Cim Investment Management Inc.'s holdings in iRhythm Technologies were worth $1,122,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Bank Pictet & Cie Europe AG grew its position in shares of iRhythm Technologies by 5.9% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 3,289 shares of the company's stock valued at $297,000 after acquiring an additional 184 shares during the period. Ameriprise Financial Inc. raised its stake in shares of iRhythm Technologies by 13.6% during the 4th quarter. Ameriprise Financial Inc. now owns 71,254 shares of the company's stock valued at $6,425,000 after purchasing an additional 8,528 shares during the period. Captrust Financial Advisors bought a new position in iRhythm Technologies in the 4th quarter worth about $351,000. Laird Norton Wetherby Wealth Management LLC bought a new stake in shares of iRhythm Technologies during the fourth quarter valued at about $607,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of iRhythm Technologies by 5.3% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 34,349 shares of the company's stock valued at $3,097,000 after acquiring an additional 1,743 shares during the period.

Insider Activity at iRhythm Technologies

In other iRhythm Technologies news, CFO Daniel G. Wilson sold 5,000 shares of the company's stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $175.00, for a total value of $875,000.00. Following the completion of the transaction, the chief financial officer directly owned 34,470 shares in the company, valued at approximately $6,032,250. This represents a 12.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Abhijit Y. Talwalkar sold 5,312 shares of the firm's stock in a transaction dated Monday, August 11th. The stock was 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. This represents a 20.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 52,425 shares of company stock worth $8,424,869 over the last ninety days. Insiders own 0.68% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on IRTC shares. William Blair raised shares of iRhythm Technologies to a "strong-buy" rating in a report on Friday, August 1st. 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 research note on Friday, August 1st. JPMorgan Chase & Co. upped their target price on iRhythm Technologies from $145.00 to $190.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Canaccord Genuity Group upped their price objective on shares of iRhythm Technologies from $139.00 to $170.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Finally, Needham & Company LLC lifted their target price on shares of iRhythm Technologies from $180.00 to $193.00 and gave the company a "buy" rating in a research report on Thursday, August 28th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, iRhythm Technologies has an average rating of "Buy" and an average price target of $163.82.

iRhythm Technologies Trading Down 2.0%

NASDAQ IRTC traded down $3.66 during trading on Monday, hitting $176.16. 393,344 shares of the company's stock traded hands, compared to its average volume of 468,399. The stock has a fifty day moving average of $157.12 and a two-hundred day moving average of $135.32. iRhythm Technologies has a 12-month low of $55.92 and a 12-month high of $187.57. The firm has a market cap of $5.66 billion, a P/E ratio of -60.12 and a beta of 1.10. The company has a debt-to-equity ratio of 6.25, a current ratio of 5.02 and a quick ratio of 4.88.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last released its 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 company 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 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 previous year, the company posted ($0.61) EPS. iRhythm Technologies has set its FY 2025 guidance at EPS. As a group, sell-side analysts expect that iRhythm Technologies will post -1.98 EPS for the current year.

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.