Cinctive Capital Management LP Acquires 29,119 Shares of iRhythm Technologies $IRTC

Key Points

• Cinctive Capital Management LP significantly increased its stake in iRhythm Technologies by 357.7%, acquiring an additional 29,119 shares during the first quarter, bringing its total ownership to 37,260 shares valued at approximately $3.9 million.
• Multiple analysts have revised their price targets for iRhythm Technologies, with estimates ranging from $147.00 to $200.00, indicating strong market interest in the stock, which maintains an average rating of "Buy".
• iRhythm Technologies reported a revenue increase of 26.1% year-over-year, with earnings per share surpassing estimates at ($0.32), demonstrating improved financial performance for the quarter.

Cinctive Capital Management LP boosted its holdings in iRhythm Technologies (NASDAQ:IRTC - Free Report) by 357.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 37,260 shares of the company's stock after buying an additional 29,119 shares during the period. Cinctive Capital Management LP owned approximately 0.12% of iRhythm Technologies worth $3,900,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of IRTC. MCF Advisors LLC acquired a new stake in iRhythm Technologies in the 1st quarter worth $25,000. AlphaQuest LLC bought a new stake in shares of iRhythm Technologies in the 1st quarter worth approximately $30,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of iRhythm Technologies during the first quarter valued at approximately $50,000. CWM LLC boosted its stake in iRhythm Technologies by 54.3% during the first quarter. CWM LLC now owns 517 shares of the company's stock worth $54,000 after buying an additional 182 shares in the last quarter. Finally, Raiffeisen Bank International AG bought a new stake in iRhythm Technologies in the 4th quarter valued at $60,000.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on IRTC shares. Wells Fargo & Company lifted their target price on shares of iRhythm Technologies from $130.00 to $180.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Morgan Stanley decreased their price objective on shares of iRhythm Technologies from $160.00 to $147.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 15th. Citigroup lifted their price objective on iRhythm Technologies from $167.00 to $183.00 and gave the company a "buy" rating in a research report on Thursday, August 21st. Bank of America began coverage on iRhythm Technologies in a research report on Wednesday, August 20th. They issued a "buy" rating and a $200.00 price objective on the stock. Finally, Needham & Company LLC increased their price objective on shares of iRhythm Technologies from $180.00 to $193.00 and gave the stock 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 given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, iRhythm Technologies presently has an average rating of "Buy" and a consensus price target of $163.82.

Insider Buying and Selling at iRhythm Technologies

In other news, Director Abhijit Y. Talwalkar sold 5,312 shares of iRhythm Technologies 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 owned 20,299 shares in the company, valued at approximately $3,207,647.98. This trade represents a 20.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Daniel G. Wilson sold 5,000 shares of the company's stock in a transaction 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 completion of the transaction, the chief financial officer owned 34,470 shares of the company's stock, valued at $6,032,250. This trade represents a 12.67% 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 in the last three months. 0.68% of the stock is owned by corporate insiders.

iRhythm Technologies Price Performance

iRhythm Technologies stock traded down $1.07 during trading hours on Tuesday, reaching $186.00. 160,092 shares of the stock were exchanged, compared to its average volume of 470,351. The company has a market cap of $5.98 billion, a P/E ratio of -63.36 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 twelve month low of $55.92 and a twelve month high of $187.57. The stock has a 50 day moving average of $153.27 and a two-hundred day moving average of $132.90.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last posted its quarterly earnings data 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 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 quarterly revenue was up 26.1% on a year-over-year basis. During the same period in the prior year, the business posted ($0.61) earnings per share. iRhythm Technologies has set its FY 2025 guidance at EPS. Equities analysts expect that iRhythm Technologies will post -1.98 EPS for the current fiscal 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.