Rhumbline Advisers Increases Stock Position in iRhythm Technologies $IRTC

Key Points

• Rhumbline Advisers increased its ownership in iRhythm Technologies by 7.0%, acquiring a total of 45,946 shares valued at approximately $4.81 million.
• Insiders have sold a total of 52,425 shares of iRhythm Technologies stock in the last ninety days, with notable sales from Chad Patterson and Marc Wade Rosenbaum.
• Equities analysts have raised their price targets for iRhythm Technologies, with Wells Fargo increasing its target from $130 to $180 and Needham from $180 to $193, indicating strong investor interest.

Rhumbline Advisers boosted its stake in iRhythm Technologies (NASDAQ:IRTC - Free Report) by 7.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 45,946 shares of the company's stock after buying an additional 2,995 shares during the period. Rhumbline Advisers owned 0.14% of iRhythm Technologies worth $4,810,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Strs Ohio purchased a new position in shares of iRhythm Technologies during the first quarter valued at approximately $147,000. Intech Investment Management LLC lifted its holdings in shares of iRhythm Technologies by 17.1% during 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 last quarter. Bayforest Capital Ltd lifted its holdings in shares of iRhythm Technologies by 153.2% during 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 last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of iRhythm Technologies by 169.7% during 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 last quarter. Finally, Ascent Group LLC lifted its holdings in shares of iRhythm Technologies by 3.5% during the first quarter. Ascent Group LLC now owns 8,390 shares of the company's stock valued at $878,000 after purchasing an additional 280 shares during the last quarter.

iRhythm Technologies Stock Up 2.4%

Shares of IRTC traded up $4.20 on Thursday, hitting $176.40. 454,190 shares of the stock traded hands, compared to its average volume of 366,489. The company has a market capitalization of $5.67 billion, a PE ratio of -60.20 and a beta of 1.10. The company has a debt-to-equity ratio of 6.25, a quick ratio of 4.88 and a current ratio of 5.02. The business has a 50 day simple moving average of $159.54 and a 200 day simple moving average of $136.31. iRhythm Technologies has a one year low of $55.92 and a one year high of $187.57.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last announced its quarterly earnings results 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 company had revenue of $186.69 million during the quarter, compared to the consensus estimate of $173.94 million. iRhythm Technologies had a negative net margin of 14.06% and a negative return on equity of 90.03%. The firm's quarterly revenue was up 26.1% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.61) earnings per share. iRhythm Technologies has set its FY 2025 guidance at EPS. As a group, equities analysts forecast that iRhythm Technologies will post -1.98 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other iRhythm Technologies news, CAO Marc Wade Rosenbaum sold 226 shares of iRhythm Technologies 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 owned 10,879 shares of the company's stock, valued at approximately $1,728,999.47. The trade was a 2.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Chad Patterson sold 2,555 shares of iRhythm Technologies stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $158.97, for a total transaction of $406,168.35. Following the completion of 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 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 90 days. Insiders own 1.10% of the company's stock.

Wall Street Analyst Weigh In

IRTC has been the subject of several recent research reports. JPMorgan Chase & Co. lifted their target price on shares of iRhythm Technologies from $145.00 to $190.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Needham & Company LLC lifted their target price on shares of iRhythm Technologies from $180.00 to $193.00 and gave the company a "buy" rating in a report on Thursday, August 28th. Wells Fargo & Company lifted their target price on shares of iRhythm Technologies from $130.00 to $180.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Morgan Stanley lowered their target price on shares of iRhythm Technologies from $160.00 to $147.00 and set an "overweight" rating for the company in a report on Tuesday, July 15th. Finally, Canaccord Genuity Group lifted their target price on shares of iRhythm Technologies from $139.00 to $170.00 and gave the company a "buy" rating in a report on Friday, August 1st. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, iRhythm Technologies has an average rating of "Buy" and an average price target 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.