Moody National Bank Trust Division Acquires Shares of 1,602 iRhythm Technologies $IRTC

Key Points

• Moody National Bank Trust Division has invested $247,000 in iRhythm Technologies by acquiring 1,602 shares during the second quarter.
• Multiple institutional investors, including Bank Pictet & Cie Europe AG and Wellington Management Group LLP, have significantly increased their stakes in iRhythm Technologies during the fourth quarter.
• Analysts have raised target prices for iRhythm Technologies, with JPMorgan Chase & Co. increasing its target from $145.00 to $190.00, reflecting growing confidence in the company's performance.

Moody National Bank Trust Division bought a new stake in iRhythm Technologies (NASDAQ:IRTC - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,602 shares of the company's stock, valued at approximately $247,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of IRTC. MRA Advisory Group purchased a new stake in iRhythm Technologies in the 2nd quarter worth approximately $512,000. Cim Investment Management Inc. boosted its stake in shares of iRhythm Technologies by 97.6% during the 1st quarter. Cim Investment Management Inc. now owns 11,530 shares of the company's stock valued at $1,122,000 after purchasing an additional 5,696 shares in the last quarter. Rhumbline Advisers boosted its stake in shares of iRhythm Technologies by 7.0% during the 1st quarter. Rhumbline Advisers now owns 45,946 shares of the company's stock valued at $4,810,000 after purchasing an additional 2,995 shares in the last quarter. Strs Ohio bought a new stake in iRhythm Technologies during the first quarter worth about $147,000. Finally, Intech Investment Management LLC lifted its stake in shares of iRhythm Technologies by 17.1% in the first quarter. Intech Investment Management LLC now owns 17,484 shares of the company's stock worth $1,830,000 after buying an additional 2,557 shares in the last quarter.

Insider Activity at iRhythm Technologies

In other iRhythm Technologies news, EVP Sumi Shrishrimal sold 653 shares of the company's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $167.12, for a total transaction of $109,129.36. Following the completion of the sale, the executive vice president directly owned 34,032 shares of the company's stock, valued at approximately $5,687,427.84. This represents a 1.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Daniel G. Wilson sold 5,000 shares of the business's stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $175.00, for a total transaction of $875,000.00. Following the completion of the sale, the chief financial officer directly owned 34,470 shares of the company's stock, valued at $6,032,250. This represents a 12.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 48,489 shares of company stock valued at $7,834,469. Corporate insiders own 0.68% of the company's stock.

Analysts Set New Price Targets

A number of analysts have commented on IRTC shares. Canaccord Genuity Group upped 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. Wells Fargo & Company increased their target price 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 cut their price objective on shares of iRhythm Technologies from $160.00 to $147.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 15th. Evercore ISI began coverage on shares of iRhythm Technologies in a research note on Tuesday. They set an "in-line" rating and a $185.00 price objective for the company. Finally, Citigroup increased their target price on iRhythm Technologies from $167.00 to $183.00 and gave the company a "buy" rating in a report on Thursday, August 21st. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $165.58.

iRhythm Technologies Trading Down 3.0%

IRTC stock traded down $5.49 during midday trading on Tuesday, reaching $179.24. 155,064 shares of the company's stock traded hands, compared to its average volume of 464,633. The business has a 50-day moving average price of $161.24 and a two-hundred day moving average price of $137.81. iRhythm Technologies has a fifty-two week low of $55.92 and a fifty-two week high of $187.57. 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 $5.76 billion, a P/E ratio of -61.02 and a beta of 1.10.

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, beating the consensus estimate of ($0.53) by $0.21. The business had revenue of $186.69 million during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the previous year, the business posted ($0.61) EPS. iRhythm Technologies has set its FY 2025 guidance at EPS. Equities research analysts forecast that iRhythm Technologies will post -1.98 EPS for the current fiscal year.

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.