iRhythm Technologies $IRTC Shares Sold by WCM Investment Management LLC

Key Points

• WCM Investment Management LLC significantly reduced its stake in iRhythm Technologies by 44.3%, owning 77,170 shares worth approximately $11.9 million after selling 61,267 shares in Q2.
• Analysts have raised price targets for iRhythm Technologies, with estimates ranging from $193.00 to $205.00, reflecting a generally positive outlook on the company's performance and potential.
• Director Abhijit Y. Talwalkar sold over 5,000 shares of the company's stock for over $839,000, reducing his ownership by 20.74% amid other insider transactions in the past quarter.

WCM Investment Management LLC lowered its position in shares of iRhythm Technologies (NASDAQ:IRTC - Free Report) by 44.3% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 77,170 shares of the company's stock after selling 61,267 shares during the period. WCM Investment Management LLC owned approximately 0.24% of iRhythm Technologies worth $11,939,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Personalized Indexing Management LLC increased its holdings in shares of iRhythm Technologies by 13.8% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 2,410 shares of the company's stock worth $371,000 after buying an additional 293 shares during the last quarter. KLP Kapitalforvaltning AS increased its holdings in iRhythm Technologies by 10.0% in the 2nd quarter. KLP Kapitalforvaltning AS now owns 6,600 shares of the company's stock valued at $1,016,000 after purchasing an additional 600 shares during the last quarter. Ascent Group LLC increased its holdings in iRhythm Technologies by 6.6% in the 2nd quarter. Ascent Group LLC now owns 8,946 shares of the company's stock valued at $1,377,000 after purchasing an additional 556 shares during the last quarter. Atle Fund Management AB increased its holdings in iRhythm Technologies by 23.1% in the 2nd quarter. Atle Fund Management AB now owns 25,302 shares of the company's stock valued at $3,895,000 after purchasing an additional 4,755 shares during the last quarter. Finally, Harbour Capital Advisors LLC acquired a new stake in iRhythm Technologies in the 2nd quarter valued at approximately $319,000.

Analysts Set New Price Targets

IRTC has been the subject of several research reports. 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. Bank of America initiated coverage on shares of iRhythm Technologies in a report on Wednesday, August 20th. They issued a "buy" rating and a $200.00 target price for the company. Truist Financial lifted their target price on shares of iRhythm Technologies from $175.00 to $205.00 and gave the company a "buy" rating in a report on Wednesday. William Blair upgraded shares of iRhythm Technologies to a "strong-buy" rating in a report on Friday, August 1st. Finally, 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. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $184.85.

Insider Buying and Selling at iRhythm Technologies

In other news, Director Abhijit Y. Talwalkar sold 5,312 shares of iRhythm Technologies stock in a transaction on Monday, August 11th. The shares were sold at an average price of $158.02, for a total transaction of $839,402.24. Following the completion of the sale, the director directly owned 20,299 shares of the company's stock, valued at approximately $3,207,647.98. The trade was a 20.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Chad Patterson sold 2,555 shares of iRhythm Technologies stock in a transaction 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 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 disclosure for this sale can be found here. In the last quarter, insiders sold 47,069 shares of company stock worth $7,627,986. 1.10% of the stock is currently owned by company insiders.

iRhythm Technologies Stock Performance

NASDAQ:IRTC opened at $181.02 on Friday. The company has a fifty day simple moving average of $172.67 and a two-hundred day simple moving average of $146.21. The company has a market cap of $5.82 billion, a price-to-earnings ratio of -61.78 and a beta of 1.15. The company has a quick ratio of 4.88, a current ratio of 5.02 and a debt-to-equity ratio of 6.25. iRhythm Technologies has a 52 week low of $60.69 and a 52 week high of $187.57.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last posted its quarterly 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 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 in the previous year, the firm posted ($0.61) earnings per share. iRhythm Technologies has set its FY 2025 guidance at EPS. As a group, equities analysts anticipate 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.

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