Comerica Bank Has $6.51 Million Position in iRhythm Technologies $IRTC

Key Points

• Comerica Bank reduced its stake in iRhythm Technologies by 16.1%, holding 62,228 shares worth approximately $6.51 million as of its latest SEC filing.
• iRhythm Technologies reported a quarterly revenue increase of 26.1% year-over-year, with earnings per share of ($0.32), outperforming consensus estimates.
• Several analysts have upgraded iRhythm Technologies, with Wells Fargo raising their price target from $130 to $180 and maintaining an "overweight" rating.

Comerica Bank cut its stake in shares of iRhythm Technologies (NASDAQ:IRTC - Free Report) by 16.1% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 62,228 shares of the company's stock after selling 11,982 shares during the period. Comerica Bank owned about 0.19% of iRhythm Technologies worth $6,514,000 at the end of the most recent reporting period.

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

iRhythm Technologies Price Performance

Shares of IRTC traded up $0.07 during trading hours on Tuesday, hitting $170.05. The stock had a trading volume of 176,608 shares, compared to its average volume of 469,670. iRhythm Technologies has a 52 week low of $55.92 and a 52 week high of $172.59. The company's fifty day moving average is $150.64 and its two-hundred day moving average is $130.60. 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 stock has a market capitalization of $5.46 billion, a price-to-earnings ratio of -57.97 and a beta of 1.10.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported ($0.32) EPS for the quarter, topping analysts' consensus estimates of ($0.53) by $0.21. iRhythm Technologies had a negative net margin of 14.06% and a negative return on equity of 90.03%. The firm had revenue of $186.69 million for the quarter, compared to analyst estimates of $173.94 million. During the same quarter in the prior year, the firm earned ($0.61) EPS. The company's revenue was up 26.1% on a year-over-year basis. iRhythm Technologies has set its FY 2025 guidance at EPS. On average, analysts anticipate that iRhythm Technologies will post -1.98 EPS for the current year.

Insider Buying and Selling

In related news, Director Abhijit Y. Talwalkar sold 5,312 shares of iRhythm Technologies stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $158.02, for a total transaction of $839,402.24. Following the transaction, the director owned 20,299 shares of the company's stock, valued at $3,207,647.98. This trade represents a 20.74% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Chad Patterson sold 2,707 shares of iRhythm Technologies stock in a transaction on Monday, August 4th. The stock was sold at an average price of $164.36, for a total transaction of $444,922.52. Following the transaction, the insider directly owned 46,222 shares in the company, valued at approximately $7,597,047.92. This represents a 5.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 47,425 shares of company stock worth $7,549,869. 0.68% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms recently commented on IRTC. Canaccord Genuity Group upped their target price 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 upped their target price 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. Wall Street Zen cut shares of iRhythm Technologies from a "hold" rating to a "sell" rating in a research note on Monday, May 5th. Citigroup increased their price objective on shares of iRhythm Technologies from $167.00 to $183.00 and gave the company a "buy" rating in a research note on Thursday, August 21st. Finally, Morgan Stanley dropped their price objective on shares of iRhythm Technologies from $160.00 to $147.00 and set an "overweight" rating for the company in a research note on Tuesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, iRhythm Technologies currently has an average rating of "Buy" and an average target price of $163.82.

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.