DLD Asset Management LP Trims Stake in iRhythm Technologies $IRTC

Key Points

• DLD Asset Management LP has reduced its stake in iRhythm Technologies by 35.8%, bringing its total ownership to 21,960 shares valued at approximately $2.3 million.
• Institutional investments are shifting, with several firms like Xponance Inc. and CWM LLC increasing their positions in iRhythm Technologies, indicating growing confidence in the company.
• Analysts are optimistic about iRhythm Technologies, with multiple firms raising their price targets, and a consensus rating of “Buy” reflecting positive market sentiment.

DLD Asset Management LP reduced its stake in iRhythm Technologies (NASDAQ:IRTC - Free Report) by 35.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 21,960 shares of the company's stock after selling 12,240 shares during the period. DLD Asset Management LP owned approximately 0.07% of iRhythm Technologies worth $2,299,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently modified their holdings of the stock. Blair William & Co. IL lifted its position in shares of iRhythm Technologies by 30.6% during the 1st quarter. Blair William & Co. IL now owns 789,999 shares of the company's stock valued at $82,697,000 after acquiring an additional 185,262 shares during the period. Bessemer Group Inc. raised its position in iRhythm Technologies by 1.1% in the first quarter. Bessemer Group Inc. now owns 574,053 shares of the company's stock valued at $60,092,000 after purchasing an additional 6,046 shares during the last quarter. Stephens Investment Management Group LLC raised its position in iRhythm Technologies by 3.5% in the first quarter. Stephens Investment Management Group LLC now owns 520,582 shares of the company's stock valued at $54,495,000 after purchasing an additional 17,657 shares during the last quarter. Fuller & Thaler Asset Management Inc. bought a new position in iRhythm Technologies in the first quarter valued at about $54,249,000. Finally, First Light Asset Management LLC bought a new position in iRhythm Technologies in the fourth quarter valued at about $38,818,000.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on IRTC shares. Needham & Company LLC increased their target price on iRhythm Technologies from $151.00 to $180.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Citigroup increased their price target on iRhythm Technologies from $167.00 to $183.00 and gave the company a "buy" rating in a research note on Thursday. Wells Fargo & Company raised 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. Robert W. Baird raised their price objective on iRhythm Technologies from $133.00 to $150.00 and gave the company an "outperform" rating in a research note on Friday, May 2nd. Finally, Canaccord Genuity Group raised their price objective on iRhythm Technologies from $139.00 to $170.00 and gave the company a "buy" rating in a research note on Friday, August 1st. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $162.64.

Insider Transactions at iRhythm Technologies

In other iRhythm Technologies news, CAO Marc Wade Rosenbaum sold 226 shares of the business's stock in a transaction on Monday, August 11th. The stock was sold at an average price of $158.93, for a total value of $35,918.18. Following the sale, the chief accounting officer directly owned 10,879 shares in the company, valued at $1,728,999.47. The trade was a 2.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, 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 completion of the transaction, the chief executive officer owned 179,038 shares of the company's stock, valued at approximately $28,742,760.52. This trade represents a 14.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 47,425 shares of company stock valued at $7,549,869. 1.10% of the stock is currently owned by insiders.

iRhythm Technologies Stock Up 1.5%

Shares of IRTC stock traded up $2.44 during trading hours on Friday, reaching $169.12. The company had a trading volume of 532,031 shares, compared to its average volume of 561,057. iRhythm Technologies has a 12 month low of $55.92 and a 12 month high of $172.59. 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 company has a market cap of $5.43 billion, a price-to-earnings ratio of -57.72 and a beta of 1.41. The business has a fifty day simple moving average of $147.89 and a 200-day simple moving average of $128.00.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported ($0.32) EPS for the quarter, topping the consensus estimate 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 analysts' expectations of $173.94 million. During the same quarter last year, the firm earned ($0.61) EPS. The company's quarterly revenue was up 26.1% compared to the same quarter last year. iRhythm Technologies has set its FY 2025 guidance at EPS. On average, research analysts expect that iRhythm Technologies will post -1.98 earnings per share 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.