iRhythm Technologies $IRTC Shares Sold by Harbor Capital Advisors Inc.

Key Points

• Harbor Capital Advisors Inc. reduced its stake in iRhythm Technologies by 47.8%, owning 28,336 shares valued at approximately $4.36 million at the end of the last quarter.
• Several institutional investors, including UBS AM and Champlain Investment Partners, increased their holdings in iRhythm Technologies, with UBS AM's stake ballooning by 169.7%.
• iRhythm Technologies reported a revenue increase of 26.1% year-over-year and exceeded earnings expectations for the last quarter, signaling positive growth despite a negative return on equity.

Harbor Capital Advisors Inc. decreased its position in shares of iRhythm Technologies (NASDAQ:IRTC - Free Report) by 47.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 28,336 shares of the company's stock after selling 25,897 shares during the quarter. Harbor Capital Advisors Inc. owned approximately 0.09% of iRhythm Technologies worth $4,363,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in IRTC. MCF Advisors LLC bought a new stake in iRhythm Technologies during the first quarter valued at about $25,000. AlphaQuest LLC bought a new stake in iRhythm Technologies during the first quarter valued at about $30,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in iRhythm Technologies during the first quarter valued at about $50,000. CWM LLC boosted its position in iRhythm Technologies by 54.3% during the first 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. Finally, US Bancorp DE boosted its position in iRhythm Technologies by 61.9% during the first 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.

iRhythm Technologies Stock Performance

Shares of NASDAQ:IRTC traded down $1.38 during trading on Friday, hitting $175.02. The stock had a trading volume of 533,060 shares, compared to its average volume of 367,756. iRhythm Technologies has a 12-month low of $55.92 and a 12-month high of $187.57. The stock has a market capitalization of $5.62 billion, a price-to-earnings ratio of -59.73 and a beta of 1.10. 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 stock has a 50-day simple moving average of $160.32 and a two-hundred day simple moving average of $136.78.

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, 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 firm had revenue of $186.69 million during the quarter, compared to analysts' expectations of $173.94 million. During the same period last year, the business posted ($0.61) earnings per share. The company's revenue for the quarter was up 26.1% compared to the same quarter last year. iRhythm Technologies has set its FY 2025 guidance at EPS. On average, equities research analysts expect that iRhythm Technologies will post -1.98 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Bank of America assumed coverage on iRhythm Technologies in a research report on Wednesday, August 20th. They set a "buy" rating and a $200.00 price objective on the stock. Canaccord Genuity Group increased their price target on iRhythm Technologies from $139.00 to $170.00 and gave the company a "buy" rating in a research note on Friday, August 1st. JPMorgan Chase & Co. increased their price target on iRhythm Technologies from $145.00 to $190.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. William Blair upgraded iRhythm Technologies to a "strong-buy" rating in a research note on Friday, August 1st. Finally, Morgan Stanley decreased their price target on iRhythm Technologies from $160.00 to $147.00 and set an "overweight" rating for the company in a research note on Tuesday, July 15th. 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 company's stock. According to MarketBeat, the company has a consensus rating of "Buy" and an average price target of $163.82.

Insider Activity

In other iRhythm Technologies news, insider Chad Patterson sold 2,555 shares of the firm's stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $158.97, for a total value of $406,168.35. Following the sale, the insider directly owned 43,667 shares of the company's stock, valued at approximately $6,941,742.99. This trade represents a 5.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Marc Wade Rosenbaum sold 226 shares of the firm's stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $158.93, for a total value of $35,918.18. Following the completion of the sale, the chief accounting officer directly owned 10,879 shares in the company, valued at approximately $1,728,999.47. The trade was a 2.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 52,425 shares of company stock valued at $8,424,869 over the last 90 days. Company insiders own 1.10% of the company's stock.

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.