Intech Investment Management LLC Has $1.83 Million Stake in iRhythm Technologies $IRTC

Key Points

• Intech Investment Management LLC increased its holdings in iRhythm Technologies by 17.1%, owning 17,484 shares valued at approximately $1.83 million as of its latest SEC filing.
• iRhythm Technologies reported a quarterly revenue of $186.69 million, exceeding analysts' expectations and showing a 26.1% year-over-year growth, despite posting a loss of ($0.32) earnings per share.
• Analysts have mixed outlooks for iRhythm Technologies, with target prices ranging from $147.00 to $200.00, and a consensus rating of "Buy."

Intech Investment Management LLC raised its holdings in shares of iRhythm Technologies (NASDAQ:IRTC - Free Report) by 17.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 17,484 shares of the company's stock after purchasing an additional 2,557 shares during the period. Intech Investment Management LLC owned 0.05% of iRhythm Technologies worth $1,830,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of iRhythm Technologies by 169.7% in the 1st 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 acquiring an additional 568,261 shares during the period. Fuller & Thaler Asset Management Inc. acquired a new stake in iRhythm Technologies in the 1st quarter valued at about $54,249,000. Millennium Management LLC increased its holdings in shares of iRhythm Technologies by 563.8% during the 1st quarter. Millennium Management LLC now owns 399,746 shares of the company's stock worth $41,845,000 after buying an additional 339,529 shares during the last quarter. Jennison Associates LLC acquired a new stake in iRhythm Technologies in the 1st quarter valued at approximately $29,330,000. Finally, Next Century Growth Investors LLC acquired a new stake in iRhythm Technologies in the 1st quarter valued at approximately $21,796,000.

Analysts Set New Price Targets

IRTC has been the subject of several recent analyst reports. Citigroup lifted their price objective on shares of iRhythm Technologies from $167.00 to $183.00 and gave the stock a "buy" rating in a research report on Thursday, August 21st. William Blair upgraded shares of iRhythm Technologies to a "strong-buy" rating in a research note on Friday, August 1st. Morgan Stanley reduced their price target on shares of iRhythm Technologies from $160.00 to $147.00 and set an "overweight" rating on the stock in a report on Tuesday, July 15th. Canaccord Genuity Group upped their price target on shares of iRhythm Technologies from $139.00 to $170.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Finally, 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 price target on the stock. 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. According to MarketBeat, iRhythm Technologies has an average rating of "Buy" and a consensus price target of $163.82.

Insider Buying and Selling

In other news, insider Chad Patterson sold 2,707 shares of the company's stock in a transaction that occurred 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 in the company, valued at $7,597,047.92. This represents a 5.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Quentin S. Blackford sold 30,000 shares of the business's stock in a transaction 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 sale, the chief executive officer directly owned 179,038 shares in the company, valued at approximately $28,742,760.52. This represents a 14.35% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 52,425 shares of company stock valued at $8,424,869. 1.10% of the stock is owned by corporate insiders.

iRhythm Technologies Price Performance

Shares of NASDAQ:IRTC traded down $1.38 during midday trading on Friday, reaching $175.02. 533,060 shares of the company's stock were exchanged, 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 firm has a market capitalization of $5.62 billion, a PE ratio of -59.73 and a beta of 1.10. The company's 50 day simple moving average is $160.32 and its two-hundred day simple moving average is $136.78. The company has a debt-to-equity ratio of 6.25, a quick ratio of 4.88 and a current ratio of 5.02.

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

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.