iRhythm Technologies $IRTC Shares Bought by Rhumbline Advisers

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 grew its position in shares of iRhythm Technologies (NASDAQ:IRTC - Free Report) by 7.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 45,946 shares of the company's stock after acquiring an additional 2,995 shares during the quarter. Rhumbline Advisers owned about 0.14% of iRhythm Technologies worth $4,810,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. MCF Advisors LLC acquired a new position in shares of iRhythm Technologies during the first quarter valued at $25,000. AlphaQuest LLC bought a new position in iRhythm Technologies in the 1st quarter valued at about $30,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in iRhythm Technologies in the 1st quarter valued at about $50,000. CWM LLC raised its holdings in iRhythm Technologies by 54.3% during the 1st quarter. CWM LLC now owns 517 shares of the company's stock worth $54,000 after buying an additional 182 shares during the period. Finally, Raiffeisen Bank International AG acquired a new position in shares of iRhythm Technologies in the 4th quarter valued at about $60,000.

Insider Buying and Selling

In other news, insider Chad Patterson sold 2,555 shares of the 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 completion of the sale, the insider directly owned 43,667 shares of the company's stock, valued at approximately $6,941,742.99. This represents a 5.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Marc Wade Rosenbaum sold 226 shares of the 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 of the company's stock, valued at $1,728,999.47. This represents 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 in the last ninety days. Company insiders own 1.10% of the company's stock.

iRhythm Technologies Trading Down 0.7%

Shares of IRTC stock opened at $179.82 on Friday. iRhythm Technologies has a 12 month low of $55.92 and a 12 month high of $187.57. 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 business's 50 day moving average is $156.38 and its two-hundred day moving average is $134.66. The company has a market cap of $5.78 billion, a PE ratio of -61.37 and a beta of 1.10.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The company reported ($0.32) EPS for the quarter, beating 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 company had revenue of $186.69 million for the quarter, compared to the consensus estimate of $173.94 million. During the same quarter last year, the company 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. Equities analysts predict that iRhythm Technologies will post -1.98 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Wells Fargo & Company increased their price objective on iRhythm Technologies from $130.00 to $180.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Needham & Company LLC increased their price objective on iRhythm Technologies from $180.00 to $193.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. William Blair upgraded iRhythm Technologies to a "strong-buy" rating in a report on Friday, August 1st. Bank of America assumed coverage on iRhythm Technologies in a report on Wednesday, August 20th. They issued a "buy" rating and a $200.00 price objective on the stock. Finally, JPMorgan Chase & Co. increased their price objective on iRhythm Technologies from $145.00 to $190.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock currently 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.

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