Cubist Systematic Strategies LLC Acquires 43,617 Shares of iRhythm Technologies $IRTC

Key Points

• Cubist Systematic Strategies LLC significantly increased its holdings in iRhythm Technologies by 43,617.0%, now owning approximately 0.14% of the company valued at $4.58 million.
• Several large investors, including Fuller & Thaler Asset Management Inc. and Principal Financial Group Inc., also made substantial increases to their positions in iRhythm Technologies during the first quarter.
• iRhythm Technologies' stock has garnered multiple analyst upgrades, with a current consensus rating of "Buy" and a target price raised to $193.00 by Needham & Company LLC.

Cubist Systematic Strategies LLC grew its holdings in iRhythm Technologies (NASDAQ:IRTC - Free Report) by 43,617.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 43,717 shares of the company's stock after purchasing an additional 43,617 shares during the period. Cubist Systematic Strategies LLC owned about 0.14% of iRhythm Technologies worth $4,576,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. MCF Advisors LLC purchased a new position in iRhythm Technologies during the first quarter valued at approximately $25,000. AlphaQuest LLC acquired a new stake in shares of iRhythm Technologies during the 1st quarter valued at $30,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of iRhythm Technologies during the 1st quarter valued at $50,000. CWM LLC grew 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 valued at $54,000 after acquiring an additional 182 shares in the last quarter. Finally, Raiffeisen Bank International AG acquired a new position in shares of iRhythm Technologies in the fourth quarter worth $60,000.

Analysts Set New Price Targets

A number of analysts recently issued reports on IRTC shares. 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. Needham & Company LLC raised their price target on iRhythm Technologies from $180.00 to $193.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. Wells Fargo & Company boosted their price target on iRhythm Technologies from $130.00 to $180.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Bank of America assumed coverage on iRhythm Technologies in a report on Wednesday, August 20th. They issued a "buy" rating and a $200.00 price objective on the stock. Finally, Morgan Stanley reduced their target price 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 assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, iRhythm Technologies has a consensus rating of "Buy" and an average target price of $163.82.

iRhythm Technologies Stock Performance

Shares of IRTC stock traded down $4.34 during trading on Wednesday, reaching $182.05. The company had a trading volume of 387,254 shares, compared to its average volume of 416,037. The firm's 50 day simple moving average is $154.86 and its two-hundred day simple moving average is $133.61. 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 has a one year low of $55.92 and a one year high of $187.57. The company has a market capitalization of $5.85 billion, a PE ratio of -62.13 and a beta of 1.10.

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

Insiders Place Their Bets

In related news, CEO Quentin S. Blackford sold 30,000 shares of iRhythm Technologies stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $160.54, for a total value of $4,816,200.00. Following the transaction, the chief executive officer owned 179,038 shares in the company, valued at $28,742,760.52. This trade represents a 14.35% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Chad Patterson sold 2,707 shares of the business's 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 of the company's stock, valued at approximately $7,597,047.92. This represents a 5.53% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 52,425 shares of company stock worth $8,424,869 in the last ninety days. 1.10% of the stock is owned by insiders.

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.