EFG Asset Management North America Corp. Grows Position in iRhythm Technologies $IRTC

Key Points

• EFG Asset Management North America Corp. increased its stake in iRhythm Technologies by 22.4% during the first quarter, now owning roughly 0.11% of the company valued at $3.64 million.
• In recent months, several institutional investors, including Fuller & Thaler Asset Management and Jennison Associates, have significantly increased their positions in iRhythm Technologies, indicating strong institutional interest.
• Analysts are optimistic about iRhythm Technologies, with JPMorgan Chase and Wells Fargo raising their target prices, reflecting a general sentiment of a "Buy" or "Strong Buy" rating among multiple analysts.

EFG Asset Management North America Corp. increased its stake in iRhythm Technologies (NASDAQ:IRTC - Free Report) by 22.4% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 34,808 shares of the company's stock after acquiring an additional 6,378 shares during the quarter. EFG Asset Management North America Corp. owned 0.11% of iRhythm Technologies worth $3,639,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. Xponance Inc. increased its stake in shares of iRhythm Technologies by 6.1% in the 1st quarter. Xponance Inc. now owns 2,390 shares of the company's stock valued at $250,000 after acquiring an additional 137 shares in the last quarter. Hsbc Holdings PLC increased its stake in iRhythm Technologies by 3.1% during the 1st quarter. Hsbc Holdings PLC now owns 4,590 shares of the company's stock valued at $474,000 after purchasing an additional 138 shares in the last quarter. CWM LLC increased its stake in iRhythm Technologies by 54.3% during the 1st 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. Bank Pictet & Cie Europe AG increased its stake in iRhythm Technologies by 5.9% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 3,289 shares of the company's stock valued at $297,000 after purchasing an additional 184 shares in the last quarter. Finally, MCF Advisors LLC bought a new stake in iRhythm Technologies during the 1st quarter valued at $25,000.

iRhythm Technologies Stock Up 3.3%

Shares of NASDAQ IRTC traded up $6.02 during trading on Monday, hitting $187.07. The stock had a trading volume of 688,225 shares, compared to its average volume of 472,198. The firm has a fifty day moving average of $152.61 and a two-hundred day moving average of $132.43. The company has a debt-to-equity ratio of 6.25, a current ratio of 5.02 and a quick ratio of 4.88. The company has a market capitalization of $6.01 billion, a PE ratio of -63.85 and a beta of 1.10. iRhythm Technologies has a 12 month low of $55.92 and a 12 month high of $187.32.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported ($0.32) earnings per share for the quarter, topping analysts' consensus estimates of ($0.53) by $0.21. The company had revenue of $186.69 million for 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% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.61) EPS. iRhythm Technologies has set its FY 2025 guidance at EPS. As a group, equities research analysts forecast that iRhythm Technologies will post -1.98 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have commented on IRTC. Wells Fargo & Company boosted their price target on shares of iRhythm Technologies from $130.00 to $180.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Morgan Stanley decreased their price target on shares of iRhythm Technologies from $160.00 to $147.00 and set an "overweight" rating for the company in a research note on Tuesday, July 15th. Citigroup boosted their price target on shares of iRhythm Technologies from $167.00 to $183.00 and gave the company a "buy" rating in a research note on Thursday, August 21st. Bank of America began 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 for the company. Finally, JPMorgan Chase & Co. boosted their price target on shares of iRhythm Technologies from $145.00 to $190.00 and gave the company an "overweight" rating in a research note 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 issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $163.82.

Insider Buying and Selling

In related news, CFO Daniel G. Wilson sold 5,000 shares of the business's stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $175.00, for a total value of $875,000.00. Following the transaction, the chief financial officer directly owned 34,470 shares of the company's stock, valued at approximately $6,032,250. The trade was a 12.67% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Chad Patterson sold 2,707 shares of the business's stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $164.36, for a total transaction of $444,922.52. Following the completion of the transaction, the insider directly owned 46,222 shares in the company, valued at $7,597,047.92. This trade represents a 5.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 52,425 shares of company stock worth $8,424,869 in the last ninety days. Corporate insiders own 0.68% of the company's stock.

About iRhythm Technologies

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.