Millennium Management LLC Has $41.85 Million Stake in iRhythm Technologies $IRTC

Key Points

• Millennium Management LLC significantly increased its stake in iRhythm Technologies by 563.8%, owning 399,746 shares valued at approximately $41.8 million.
• Wall Street analysts have raised their target prices for iRhythm Technologies, with estimates ranging from $170 to $200, reflecting a strong interest in the stock.
• Insider activity indicates notable sales, with CEO Quentin S. Blackford selling 30,000 shares for about $4.8 million, reducing his ownership position by 14.35%.

Millennium Management LLC lifted its position in shares of iRhythm Technologies (NASDAQ:IRTC - Free Report) by 563.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 399,746 shares of the company's stock after buying an additional 339,529 shares during the period. Millennium Management LLC owned about 1.25% of iRhythm Technologies worth $41,845,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of iRhythm Technologies by 2.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,271 shares of the company's stock worth $3,692,000 after buying an additional 922 shares during the period. EFG Asset Management North America Corp. boosted its position in iRhythm Technologies by 22.4% during the first quarter. EFG Asset Management North America Corp. now owns 34,808 shares of the company's stock valued at $3,639,000 after purchasing an additional 6,378 shares during the last quarter. Cinctive Capital Management LP boosted its position in iRhythm Technologies by 357.7% during the first quarter. Cinctive Capital Management LP now owns 37,260 shares of the company's stock valued at $3,900,000 after purchasing an additional 29,119 shares during the last quarter. Redmile Group LLC acquired a new position in iRhythm Technologies during the first quarter valued at approximately $5,950,000. Finally, Cubist Systematic Strategies LLC boosted its position in iRhythm Technologies by 43,617.0% during the first quarter. Cubist Systematic Strategies LLC now owns 43,717 shares of the company's stock valued at $4,576,000 after purchasing an additional 43,617 shares during the last quarter.

iRhythm Technologies Stock Performance

Shares of NASDAQ IRTC traded down $1.21 during trading hours on Friday, reaching $179.82. 232,437 shares of the stock were exchanged, compared to its average volume of 385,324. The firm has a market capitalization of $5.78 billion, a price-to-earnings ratio of -61.37 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. iRhythm Technologies has a 52 week low of $55.92 and a 52 week high of $187.57. The stock's fifty day simple moving average is $156.38 and its 200 day simple moving average is $134.66.

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

Insider Activity

In other iRhythm Technologies news, insider Chad Patterson sold 2,707 shares of the firm's stock in a transaction on Monday, August 4th. The stock was sold at an average price of $164.36, for a total transaction of $444,922.52. Following the transaction, the insider owned 46,222 shares in the company, valued at $7,597,047.92. This trade represents a 5.53% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Daniel G. Wilson sold 5,000 shares of the firm's stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $175.00, for a total value of $875,000.00. Following the transaction, the chief financial officer owned 34,470 shares in the company, valued at approximately $6,032,250. This trade represents a 12.67% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 52,425 shares of company stock worth $8,424,869. 1.10% of the stock is currently owned by insiders.

Analyst Ratings Changes

IRTC has been the subject of several recent research reports. William Blair raised iRhythm Technologies to a "strong-buy" rating in a research report on Friday, August 1st. Bank of America initiated coverage on iRhythm Technologies in a research report on Wednesday, August 20th. They set a "buy" rating and a $200.00 price target for the company. Citigroup increased their price target on iRhythm Technologies from $167.00 to $183.00 and gave the company a "buy" rating in a research report on Thursday, August 21st. JPMorgan Chase & Co. upped their price objective on iRhythm Technologies from $145.00 to $190.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Finally, Canaccord Genuity Group upped their price objective on iRhythm Technologies from $139.00 to $170.00 and gave the company a "buy" rating in a research note on Friday, August 1st. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock presently 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.