Fred Alger Management LLC Sells 23,059 Shares of iRhythm Technologies $IRTC

Key Points

• Fred Alger Management LLC has reduced its holdings in iRhythm Technologies by 8.5%, owning 249,714 shares valued at approximately $26.14 million as of the latest SEC filing.
• iRhythm Technologies reported a quarterly revenue increase of 26.1% year-over-year, with earnings per share of ($0.32), surpassing estimates by $0.21.
• Several hedge funds have increased their stakes in iRhythm, with Goldman Sachs raising its holding by 33.5% and Millennium Management increasing its stake by a remarkable 563.8%.

Fred Alger Management LLC cut its position in shares of iRhythm Technologies (NASDAQ:IRTC - Free Report) by 8.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 249,714 shares of the company's stock after selling 23,059 shares during the period. Fred Alger Management LLC owned 0.78% of iRhythm Technologies worth $26,140,000 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 the company. Champlain Investment Partners LLC raised its stake in shares of iRhythm Technologies by 13.3% during the 1st quarter. Champlain Investment Partners LLC now owns 822,791 shares of the company's stock worth $86,130,000 after purchasing an additional 96,529 shares in the last quarter. Blair William & Co. IL raised its stake in shares of 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. Bessemer Group Inc. grew its holdings in iRhythm Technologies by 1.1% in the 1st quarter. Bessemer Group Inc. now owns 574,053 shares of the company's stock valued at $60,092,000 after buying an additional 6,046 shares during the last quarter. Stephens Investment Management Group LLC grew its holdings in iRhythm Technologies by 3.5% in the 1st quarter. Stephens Investment Management Group LLC now owns 520,582 shares of the company's stock valued at $54,495,000 after buying an additional 17,657 shares during the last quarter. Finally, Fuller & Thaler Asset Management Inc. acquired a new stake in iRhythm Technologies in the 1st quarter valued at approximately $54,249,000.

iRhythm Technologies Price Performance

Shares of iRhythm Technologies stock traded down $1.21 during midday trading on Friday, hitting $179.82. 232,437 shares of the company were exchanged, compared to its average volume of 385,324. 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 firm has a market cap of $5.78 billion, a P/E ratio of -61.37 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 firm has a 50 day simple moving average of $156.38 and a 200-day simple moving average of $134.66.

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. The business 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%.iRhythm Technologies's revenue was up 26.1% on a year-over-year basis. During the same quarter last year, the company earned ($0.61) EPS. iRhythm Technologies has set its FY 2025 guidance at EPS. Research analysts forecast that iRhythm Technologies will post -1.98 earnings per share for the current year.

Insider Buying and Selling at iRhythm Technologies

In other iRhythm Technologies news, Director Abhijit Y. Talwalkar sold 5,312 shares of iRhythm Technologies 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 completion of the transaction, the director owned 20,299 shares in the company, valued at approximately $3,207,647.98. The trade was a 20.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Chad Patterson sold 2,707 shares of iRhythm Technologies stock in a transaction on Monday, August 4th. The shares were sold at an average price of $164.36, for a total value of $444,922.52. Following the completion of the transaction, the insider owned 46,222 shares of the company's stock, valued at approximately $7,597,047.92. The trade was a 5.53% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 52,425 shares of company stock worth $8,424,869 over the last three months. 1.10% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Morgan Stanley lowered their target price on iRhythm Technologies from $160.00 to $147.00 and set an "overweight" rating on the stock in a report on Tuesday, July 15th. Wells Fargo & Company raised their target price on iRhythm Technologies from $130.00 to $180.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Canaccord Genuity Group lifted their price objective on iRhythm Technologies from $139.00 to $170.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Citigroup lifted their price objective on iRhythm Technologies from $167.00 to $183.00 and gave the stock a "buy" rating in a report on Thursday, August 21st. Finally, Bank of America initiated coverage on iRhythm Technologies in a report on Wednesday, August 20th. They set a "buy" rating and a $200.00 price objective on the stock. One equities research 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. Based on data from MarketBeat.com, iRhythm Technologies presently has a consensus rating of "Buy" and a consensus target price of $163.82.

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.