MRA Advisory Group Invests $512,000 in 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 bought a new stake in shares of iRhythm Technologies (NASDAQ:IRTC - Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 3,323 shares of the company's stock, valued at approximately $512,000.

A number of other large investors also recently added to or reduced their stakes in IRTC. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in iRhythm Technologies by 169.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 903,084 shares of the company's stock valued at $94,535,000 after purchasing an additional 568,261 shares during the period. Fuller & Thaler Asset Management Inc. bought a new stake in shares of iRhythm Technologies in the 1st quarter valued at about $54,249,000. Millennium Management LLC increased its stake in shares of iRhythm Technologies by 563.8% in the 1st quarter. Millennium Management LLC now owns 399,746 shares of the company's stock valued at $41,845,000 after acquiring an additional 339,529 shares during the last quarter. Jennison Associates LLC bought a new stake in shares of iRhythm Technologies in the 1st quarter valued at about $29,330,000. Finally, Next Century Growth Investors LLC bought a new stake in shares of iRhythm Technologies in the 1st quarter valued at about $21,796,000.

Analysts Set New Price Targets

A number of analysts have recently commented on IRTC shares. Needham & Company LLC upped their price target on iRhythm Technologies from $180.00 to $193.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. Bank of America started coverage on iRhythm Technologies in a research note on Wednesday, August 20th. They issued a "buy" rating and a $200.00 price target for the company. JPMorgan Chase & Co. upped their price target on iRhythm Technologies from $145.00 to $190.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. William Blair raised iRhythm Technologies to a "strong-buy" rating in a research note on Friday, August 1st. Finally, Wells Fargo & Company upped their price target on iRhythm Technologies from $130.00 to $180.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Buy" and an average price target of $163.82.

Insider Activity at iRhythm Technologies

In other news, insider Chad Patterson sold 2,707 shares of the firm's stock in a transaction that occurred on Monday, August 4th. The shares were 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 of the company's stock, valued at $7,597,047.92. This trade represents a 5.53% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Quentin S. Blackford sold 30,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $160.54, for a total transaction of $4,816,200.00. Following the transaction, the chief executive officer directly owned 179,038 shares of the company's stock, valued at $28,742,760.52. This represents a 14.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 52,425 shares of company stock worth $8,424,869. 1.10% of the stock is currently owned by corporate insiders.

iRhythm Technologies Stock Up 0.6%

NASDAQ IRTC traded up $1.14 during trading hours on Friday, reaching $177.54. 170,766 shares of the company's stock were exchanged, compared to its average volume of 464,767. The company's 50-day moving average is $159.54 and its two-hundred day moving average is $136.31. iRhythm Technologies has a one year low of $55.92 and a one year high of $187.57. The company has a debt-to-equity ratio of 6.25, a quick ratio of 4.88 and a current ratio of 5.02. The company has a market capitalization of $5.70 billion, a price-to-earnings ratio of -60.55 and a beta of 1.10.

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, topping analysts' consensus estimates 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 business had revenue of $186.69 million during the quarter, compared to analysts' expectations of $173.94 million. During the same period in the prior year, the business earned ($0.61) EPS. iRhythm Technologies's revenue for the quarter was up 26.1% compared to the same quarter last year. iRhythm Technologies has set its FY 2025 guidance at EPS. On average, analysts forecast that iRhythm Technologies will post -1.98 EPS 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.