Diversified Trust Co Sells 1,449 Shares of iRhythm Technologies $IRTC

Key Points

• Diversified Trust Co reduced its stake in iRhythm Technologies by 16.2%, owning 7,495 shares worth approximately $1.15 million after selling 1,449 shares in Q2.
• Insider Sumi Shrishrimal and another executive sold a total of 3,208 shares recently, reflecting a decrease in their stock positions by 1.88% and 5.53%, respectively.
• iRhythm Technologies reported a 26.1% increase in quarterly revenue year-over-year, totaling $186.69 million, while also beating earnings expectations.

Diversified Trust Co cut its stake in shares of iRhythm Technologies (NASDAQ:IRTC - Free Report) by 16.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,495 shares of the company's stock after selling 1,449 shares during the quarter. Diversified Trust Co's holdings in iRhythm Technologies were worth $1,154,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in IRTC. Moody National Bank Trust Division bought a new stake in shares of iRhythm Technologies in the second quarter valued at about $247,000. MRA Advisory Group acquired a new stake in iRhythm Technologies in the second quarter valued at approximately $512,000. Cim Investment Management Inc. raised its holdings in shares of iRhythm Technologies by 97.6% in the first quarter. Cim Investment Management Inc. now owns 11,530 shares of the company's stock valued at $1,122,000 after purchasing an additional 5,696 shares during the last quarter. Rhumbline Advisers raised its stake in shares of iRhythm Technologies by 7.0% in the first quarter. Rhumbline Advisers now owns 45,946 shares of the company's stock valued at $4,810,000 after buying an additional 2,995 shares during the period. Finally, Strs Ohio bought a new stake in iRhythm Technologies during the 1st quarter worth approximately $147,000.

Analysts Set New Price Targets

A number of analysts have recently commented on IRTC shares. 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 target on the stock. Wells Fargo & Company boosted their price objective on shares of iRhythm Technologies from $130.00 to $180.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Morgan Stanley dropped their target price on shares of iRhythm Technologies from $160.00 to $147.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 15th. JPMorgan Chase & Co. boosted their target price on iRhythm Technologies from $145.00 to $190.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Finally, William Blair raised iRhythm Technologies to a "strong-buy" rating in a report on Friday, August 1st. 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 company. According to MarketBeat, the company has an average rating of "Buy" and a consensus target price of $163.82.

Insider Activity

In other iRhythm Technologies news, EVP Minang Turakhia sold 1,420 shares of iRhythm Technologies stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $145.41, for a total value of $206,482.20. Following the transaction, the executive vice president directly owned 41,393 shares in the company, valued at approximately $6,018,956.13. The trade was a 3.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Abhijit Y. Talwalkar sold 5,312 shares of the stock in a transaction on Monday, August 11th. The stock was sold at an average price of $158.02, for a total value of $839,402.24. Following the transaction, the director directly owned 20,299 shares in the company, valued at approximately $3,207,647.98. This represents a 20.74% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 48,489 shares of company stock valued at $7,834,469. 0.68% of the stock is currently owned by corporate insiders.

iRhythm Technologies Stock Performance

Shares of iRhythm Technologies stock traded up $9.71 during trading on Monday, reaching $184.73. The company's stock had a trading volume of 396,299 shares, compared to its average volume of 367,807. The company has a quick ratio of 4.88, a current ratio of 5.02 and a debt-to-equity ratio of 6.25. The firm has a market cap of $5.94 billion, a PE ratio of -63.05 and a beta of 1.10. iRhythm Technologies has a 52 week low of $55.92 and a 52 week high of $187.57. The business's 50-day moving average price is $161.24 and its 200-day moving average price is $137.81.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported ($0.32) EPS for the quarter, beating 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 business had revenue of $186.69 million during the quarter, compared to analyst estimates of $173.94 million. During the same period in the prior year, the firm posted ($0.61) EPS. iRhythm Technologies's quarterly revenue was up 26.1% compared to the same quarter last year. iRhythm Technologies has set its FY 2025 guidance at EPS. Equities analysts forecast that iRhythm Technologies will post -1.98 earnings per share for the current year.

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.