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

Other institutional investors also recently modified their holdings of the company. MCF Advisors LLC bought a new position in shares of iRhythm Technologies in the 1st quarter worth about $25,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of iRhythm Technologies in the 1st quarter worth about $50,000. CWM LLC increased its stake in 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 purchasing an additional 182 shares in the last quarter. Raiffeisen Bank International AG bought a new stake in iRhythm Technologies during the 4th quarter valued at about $60,000. Finally, US Bancorp DE increased its stake in iRhythm Technologies by 61.9% during the 1st quarter. US Bancorp DE now owns 978 shares of the company's stock valued at $102,000 after purchasing an additional 374 shares in the last quarter.

Analyst Ratings Changes

A number of analysts have weighed in on IRTC shares. Bank of America started coverage on shares of iRhythm Technologies in a research note on Wednesday, August 20th. They set a "buy" rating and a $200.00 price objective for the company. Citigroup raised 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. Morgan Stanley reduced their price objective on iRhythm Technologies from $160.00 to $147.00 and set an "overweight" rating for the company in a report on Tuesday, July 15th. Needham & Company LLC lifted their price target on shares of iRhythm Technologies from $151.00 to $180.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Finally, JPMorgan Chase & Co. lifted their price target on shares of iRhythm Technologies from $145.00 to $190.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. One investment 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 stock. According to MarketBeat.com, iRhythm Technologies presently has an average rating of "Buy" and an average price target of $162.64.

Insiders Place Their Bets

In other iRhythm Technologies news, EVP Minang Turakhia sold 1,420 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the executive vice president directly owned 41,393 shares in the company, valued at $6,018,956.13. This represents a 3.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Quentin S. Blackford sold 30,000 shares of the company's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $160.54, for a total transaction 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. The trade was a 14.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 47,425 shares of company stock valued at $7,549,869. Insiders own 1.10% of the company's stock.

iRhythm Technologies Stock Performance

NASDAQ IRTC traded down $2.5470 during trading hours on Monday, hitting $166.5730. 77,063 shares of the company's stock traded hands, compared to its average volume of 473,764. The business's fifty day moving average price is $147.89 and its two-hundred day moving average price is $128.13. The company has a current ratio of 5.02, a quick ratio of 4.88 and a debt-to-equity ratio of 6.25. The firm has a market capitalization of $5.35 billion, a P/E ratio of -57.27 and a beta of 1.41. iRhythm Technologies has a 52 week low of $55.92 and a 52 week high of $172.59.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported ($0.32) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.53) by $0.21. The company 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%.The firm's revenue was up 26.1% on a year-over-year basis. During the same period in the previous year, the company posted ($0.61) EPS. iRhythm Technologies has set its FY 2025 guidance at EPS. Equities research analysts predict that iRhythm Technologies will post -1.98 EPS 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.