MRA Advisory Group Purchases Shares of 3,323 iRhythm Technologies $IRTC

Key Points

• MRA Advisory Group has acquired a new stake in iRhythm Technologies by purchasing 3,323 shares for approximately $512,000.
• iRhythm Technologies reported a quarterly revenue of $186.69 million, surpassing analysts' expectations of $173.94 million, with a 26.1% increase compared to the previous year.
• Multiple financial institutions have recently adjusted their holdings, with Xponance Inc. increasing its position by 6.1% and CWM LLC experiencing a 54.3% rise in holdings.

MRA Advisory Group purchased a new stake in iRhythm Technologies (NASDAQ:IRTC - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 3,323 shares of the company's stock, valued at approximately $512,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Xponance Inc. raised its holdings 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 raised its holdings in shares of iRhythm Technologies by 3.1% in the 1st quarter. Hsbc Holdings PLC now owns 4,590 shares of the company's stock valued at $474,000 after acquiring an additional 138 shares in the last quarter. CWM LLC raised its holdings in shares of iRhythm Technologies by 54.3% in the 1st quarter. CWM LLC now owns 517 shares of the company's stock valued at $54,000 after acquiring an additional 182 shares in the last quarter. Bank Pictet & Cie Europe AG raised its holdings in shares of iRhythm Technologies by 5.9% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 3,289 shares of the company's stock valued at $297,000 after acquiring an additional 184 shares in the last quarter. Finally, MCF Advisors LLC purchased a new stake in shares of iRhythm Technologies in the 1st quarter valued at about $25,000.

iRhythm Technologies Price Performance

Shares of iRhythm Technologies stock opened at $179.82 on Monday. 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 business's 50 day simple moving average is $156.38 and its two-hundred day simple moving average is $134.86. The stock has a market capitalization of $5.78 billion, a P/E ratio of -61.37 and a beta of 1.10. iRhythm Technologies has a one year low of $55.92 and a one year high of $187.57.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported ($0.32) earnings per share (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 firm had revenue of $186.69 million for the quarter, compared to analysts' expectations of $173.94 million. During the same period in the previous year, the firm earned ($0.61) earnings per share. The business's revenue was up 26.1% compared to the same quarter last year. iRhythm Technologies has set its FY 2025 guidance at EPS. Analysts forecast that iRhythm Technologies will post -1.98 EPS for the current year.

Insider Activity

In other news, Director Abhijit Y. Talwalkar sold 5,312 shares of the business's stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $158.02, for a total transaction of $839,402.24. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Minang Turakhia sold 1,420 shares of the business's stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $145.41, for a total value of $206,482.20. Following the transaction, the executive vice president directly owned 41,393 shares in the company, valued at $6,018,956.13. This trade represents a 3.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 52,425 shares of company stock valued at $8,424,869. 0.68% of the stock is owned by insiders.

Wall Street Analyst Weigh In

IRTC has been the topic of a number of research reports. Bank of America initiated coverage on iRhythm Technologies in a report on Wednesday, August 20th. They set a "buy" rating and a $200.00 price objective on the stock. Morgan Stanley decreased their price objective on iRhythm Technologies from $160.00 to $147.00 and set an "overweight" rating on the stock in a report on Tuesday, July 15th. JPMorgan Chase & Co. raised their price objective on iRhythm Technologies from $145.00 to $190.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Citigroup raised their price objective on iRhythm Technologies from $167.00 to $183.00 and gave the company a "buy" rating in a report on Thursday, August 21st. Finally, Canaccord Genuity Group raised their price objective on iRhythm Technologies from $139.00 to $170.00 and gave the company a "buy" rating in a report on Friday, August 1st. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, iRhythm Technologies has a consensus rating of "Buy" and an average price target of $163.82.

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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