First Light Asset Management LLC Has $34.03 Million Stock Position in iRhythm Technologies $IRTC

Key Points

• First Light Asset Management LLC reduced its holdings in iRhythm Technologies by 24.5%, currently owning 325,046 shares valued at approximately $34 million, making it the firm's 10th largest position.
• Several institutional investors have adjusted their stakes in iRhythm Technologies, with notable increases from Bank Pictet & Cie Europe AG and Comerica Bank in the fourth quarter.
• iRhythm Technologies reported a quarterly revenue of $186.69 million, exceeding analysts' expectations, and announced that it expects to post a yearly EPS of -1.98.

First Light Asset Management LLC trimmed its holdings in shares of iRhythm Technologies (NASDAQ:IRTC - Free Report) by 24.5% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 325,046 shares of the company's stock after selling 105,454 shares during the period. iRhythm Technologies makes up approximately 3.9% of First Light Asset Management LLC's holdings, making the stock its 10th largest position. First Light Asset Management LLC owned approximately 1.02% of iRhythm Technologies worth $34,026,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in IRTC. Fuller & Thaler Asset Management Inc. purchased a new position in shares of iRhythm Technologies during the first quarter valued at approximately $54,249,000. Jennison Associates LLC bought a new position in iRhythm Technologies in the 1st quarter valued at approximately $29,330,000. Frontier Capital Management Co. LLC lifted its position in iRhythm Technologies by 364.8% in the 4th quarter. Frontier Capital Management Co. LLC now owns 355,147 shares of the company's stock valued at $32,024,000 after acquiring an additional 278,743 shares in the last quarter. Next Century Growth Investors LLC bought a new position in iRhythm Technologies in the 1st quarter valued at approximately $21,796,000. Finally, Blair William & Co. IL lifted its position in iRhythm Technologies by 30.6% in 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 in the last quarter.

Insider Buying and Selling

In related news, EVP Minang Turakhia sold 1,420 shares of the company's 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 completion of the transaction, the executive vice president owned 41,393 shares of the company's stock, valued at approximately $6,018,956.13. This represents a 3.32% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Abhijit Y. Talwalkar sold 5,312 shares of the company's stock in a transaction on Monday, August 11th. The stock was sold at an average price of $158.02, for a total transaction of $839,402.24. Following the completion of the transaction, the director directly owned 20,299 shares of the company's stock, valued at $3,207,647.98. This represents a 20.74% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 52,425 shares of company stock worth $8,424,869 in the last three months. Corporate insiders own 1.10% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on IRTC. Morgan Stanley lowered their price objective on iRhythm Technologies from $160.00 to $147.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 15th. Canaccord Genuity Group upped their price objective on iRhythm Technologies from $139.00 to $170.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Bank of America initiated coverage on shares of iRhythm Technologies in a research note on Wednesday, August 20th. They set a "buy" rating and a $200.00 target price for the company. William Blair upgraded shares of iRhythm Technologies to a "strong-buy" rating in a research note on Friday, August 1st. Finally, Citigroup boosted their target price on shares of iRhythm Technologies from $167.00 to $183.00 and gave the company a "buy" rating in a research note on Thursday, August 21st. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $163.82.

iRhythm Technologies Stock Performance

Shares of NASDAQ:IRTC traded down $1.12 during midday trading on Friday, hitting $181.05. The company had a trading volume of 350,081 shares, compared to its average volume of 410,081. 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 $5.82 billion, a price-to-earnings ratio of -61.79 and a beta of 1.10. iRhythm Technologies has a 12-month low of $55.92 and a 12-month high of $183.95. The company has a fifty day moving average of $152.61 and a two-hundred day moving average of $132.15.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The company reported ($0.32) EPS for the quarter, topping the consensus estimate of ($0.53) by $0.21. The firm had revenue of $186.69 million during the quarter, compared to analyst estimates of $173.94 million. iRhythm Technologies had a negative return on equity of 90.03% and a negative net margin of 14.06%.iRhythm Technologies's revenue was up 26.1% on a year-over-year basis. During the same period in the prior year, the business posted ($0.61) EPS. iRhythm Technologies has set its FY 2025 guidance at EPS. On average, equities research analysts expect that iRhythm Technologies will post -1.98 EPS for the current fiscal 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.