Next Century Growth Investors LLC Makes New Investment in iRhythm Technologies $IRTC

Key Points

• Next Century Growth Investors LLC invested approximately $21.80 million in iRhythm Technologies, acquiring 208,220 shares and making it their 10th largest position.
• Multiple institutional investors, including MCF Advisors and AlphaQuest LLC, have also taken new positions in iRhythm Technologies, signaling increased interest in the company.
• Analysts have varied ratings for iRhythm Technologies, with JPMorgan Chase & Co. raising their price target to $190, while Wall Street Zen downgraded it to a "sell" rating.

Next Century Growth Investors LLC acquired a new position in shares of iRhythm Technologies (NASDAQ:IRTC - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 208,220 shares of the company's stock, valued at approximately $21,796,000. iRhythm Technologies accounts for approximately 1.9% of Next Century Growth Investors LLC's portfolio, making the stock its 10th largest position. Next Century Growth Investors LLC owned approximately 0.65% of iRhythm Technologies as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Fuller & Thaler Asset Management Inc. acquired a new stake in iRhythm Technologies in the first quarter valued at $54,249,000. Principal Financial Group Inc. grew its holdings in iRhythm Technologies by 1,793.7% in the first quarter. Principal Financial Group Inc. now owns 50,449 shares of the company's stock valued at $5,281,000 after purchasing an additional 47,785 shares during the last quarter. GAMMA Investing LLC grew its holdings in iRhythm Technologies by 30,928.6% in the first quarter. GAMMA Investing LLC now owns 8,688 shares of the company's stock valued at $909,000 after purchasing an additional 8,660 shares during the last quarter. SG Americas Securities LLC grew its holdings in iRhythm Technologies by 95.6% in the first quarter. SG Americas Securities LLC now owns 8,427 shares of the company's stock valued at $882,000 after purchasing an additional 4,119 shares during the last quarter. Finally, Invesco Ltd. grew its holdings in iRhythm Technologies by 1.1% in the fourth quarter. Invesco Ltd. now owns 19,200 shares of the company's stock valued at $1,731,000 after purchasing an additional 207 shares during the last quarter.

iRhythm Technologies Stock Down 0.9%

Shares of NASDAQ:IRTC traded down $1.49 during mid-day trading on Friday, hitting $169.98. 193,610 shares of the company traded hands, compared to its average volume of 545,079. The firm has a market cap of $5.46 billion, a P/E ratio of -58.01 and a beta of 1.41. 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 $172.59. The firm's 50 day simple moving average is $150.26 and its 200 day simple moving average is $130.07.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last announced its 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 for the quarter, compared to the consensus estimate of $173.94 million. iRhythm Technologies had a negative return on equity of 90.03% and a negative net margin of 14.06%.The company's revenue was up 26.1% on a year-over-year basis. During the same period last year, the business posted ($0.61) EPS. iRhythm Technologies has set its FY 2025 guidance at EPS. On average, equities analysts anticipate that iRhythm Technologies will post -1.98 EPS for the current year.

Insider Buying and Selling at iRhythm Technologies

In related news, insider Chad Patterson sold 2,555 shares of the firm's stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $158.97, for a total transaction of $406,168.35. Following the sale, the insider directly owned 43,667 shares in the company, valued at approximately $6,941,742.99. This trade represents a 5.53% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Abhijit Y. Talwalkar sold 5,312 shares of the firm's stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $158.02, for a total value of $839,402.24. Following the sale, the director owned 20,299 shares in the company, valued at approximately $3,207,647.98. The trade was a 20.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 47,425 shares of company stock worth $7,549,869. Insiders own 1.10% of the company's stock.

Analyst Upgrades and Downgrades

IRTC has been the topic of several research reports. Bank of America assumed coverage on iRhythm Technologies in a report on Wednesday, August 20th. They issued a "buy" rating and a $200.00 target price on the stock. Wells Fargo & Company increased their price objective on iRhythm Technologies from $130.00 to $180.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Needham & Company LLC increased their price objective on iRhythm Technologies from $180.00 to $193.00 and gave the company a "buy" rating in a research note on Thursday. Citigroup increased their price objective on iRhythm Technologies from $167.00 to $183.00 and gave the company a "buy" rating in a research note on Thursday, August 21st. Finally, JPMorgan Chase & Co. increased 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. One 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. According to MarketBeat, the stock currently 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.