iRhythm Technologies $IRTC Position Cut by DLD Asset Management LP

Key Points

• DLD Asset Management LP has reduced its stake in iRhythm Technologies by 35.8%, owning 21,960 shares worth approximately $2.3 million after selling 12,240 shares in the first quarter.
• Several hedge funds have either purchased new stakes or increased their holdings in iRhythm Technologies during the same quarter, indicating changing interest among institutional investors.
• Equities research analysts have upgraded their price targets for iRhythm Technologies, with estimates ranging from $170.00 to $200.00 as they maintain an average rating of "Buy".

DLD Asset Management LP trimmed its stake in iRhythm Technologies (NASDAQ:IRTC - Free Report) by 35.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 21,960 shares of the company's stock after selling 12,240 shares during the quarter. DLD Asset Management LP owned approximately 0.07% of iRhythm Technologies worth $2,299,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the stock. Rhumbline Advisers raised its holdings in shares of iRhythm Technologies by 7.0% in the first quarter. Rhumbline Advisers now owns 45,946 shares of the company's stock worth $4,810,000 after acquiring an additional 2,995 shares during the last quarter. Strs Ohio purchased a new stake in shares of iRhythm Technologies in the first quarter valued at $147,000. Intech Investment Management LLC grew its position in shares of iRhythm Technologies by 17.1% in the first quarter. Intech Investment Management LLC now owns 17,484 shares of the company's stock valued at $1,830,000 after purchasing an additional 2,557 shares during the period. Bayforest Capital Ltd grew its position in shares of iRhythm Technologies by 153.2% in the first quarter. Bayforest Capital Ltd now owns 4,213 shares of the company's stock valued at $441,000 after purchasing an additional 2,549 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of iRhythm Technologies by 169.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 903,084 shares of the company's stock valued at $94,535,000 after purchasing an additional 568,261 shares during the period.

iRhythm Technologies Stock Down 0.7%

Shares of NASDAQ IRTC traded down $1.21 on Friday, hitting $179.82. The company had a trading volume of 232,437 shares, compared to its average volume of 376,581. iRhythm Technologies has a 12-month low of $55.92 and a 12-month high of $187.57. The business has a 50 day moving average of $156.38 and a two-hundred day moving average of $134.86. 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 capitalization of $5.78 billion, a P/E ratio of -61.37 and a beta of 1.10.

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, topping the consensus estimate 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 for the quarter, compared to analysts' expectations of $173.94 million. During the same quarter in the previous year, the firm posted ($0.61) earnings per share. The company's revenue was up 26.1% compared to the same quarter last year. iRhythm Technologies has set its FY 2025 guidance at EPS. As a group, equities research analysts forecast that iRhythm Technologies will post -1.98 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

IRTC has been the subject of a number of recent analyst reports. Wells Fargo & Company lifted their price objective on iRhythm Technologies from $130.00 to $180.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Citigroup boosted their price target on iRhythm Technologies from $167.00 to $183.00 and gave the company a "buy" rating in a research report on Thursday, August 21st. Canaccord Genuity Group boosted their price target on iRhythm Technologies from $139.00 to $170.00 and gave the company a "buy" rating in a research report on Friday, August 1st. JPMorgan Chase & Co. boosted their price target 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, Needham & Company LLC boosted their price target on iRhythm Technologies from $180.00 to $193.00 and gave the company a "buy" rating in a research report on Thursday, August 28th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $163.82.

Insiders Place Their Bets

In related news, insider Chad Patterson sold 2,707 shares of the business's stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $164.36, for a total value of $444,922.52. Following the transaction, the insider owned 46,222 shares in the company, valued at approximately $7,597,047.92. The trade was a 5.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Abhijit Y. Talwalkar sold 5,312 shares of the company's stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $158.02, for a total value of $839,402.24. Following the sale, the director owned 20,299 shares in the company, valued at $3,207,647.98. The trade was a 20.74% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 52,425 shares of company stock valued at $8,424,869. Insiders own 0.68% of the company's stock.

About iRhythm Technologies

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.