Nuveen LLC Buys New Position in iRhythm Technologies $IRTC

Key Points

• Nuveen LLC has invested approximately $9.71 million in iRhythm Technologies, acquiring 92,729 shares, which represents 0.29% ownership of the company.
• Analysts have varying ratings on iRhythm Technologies, with Citigroup raising the price objective from $167.00 to $183.00 and JPMorgan Chase increasing it from $145.00 to $190.00, indicating a consensus rating of "Buy."
• iRhythm Technologies reported a 26.1% increase in revenue year-over-year, achieving $186.69 million in the last quarter, along with an EPS of ($0.32) that exceeded analysts' expectations.

Nuveen LLC purchased a new position in iRhythm Technologies (NASDAQ:IRTC - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 92,729 shares of the company's stock, valued at approximately $9,707,000. Nuveen LLC owned approximately 0.29% of iRhythm Technologies at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in IRTC. Bank Pictet & Cie Europe AG grew its holdings in iRhythm Technologies by 5.9% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 3,289 shares of the company's stock valued at $297,000 after purchasing an additional 184 shares during the last quarter. LPL Financial LLC acquired a new stake in iRhythm Technologies during the fourth quarter worth $243,000. Invesco Ltd. lifted its holdings in shares of iRhythm Technologies by 1.1% during the fourth quarter. Invesco Ltd. now owns 19,200 shares of the company's stock valued at $1,731,000 after acquiring an additional 207 shares during the period. MetLife Investment Management LLC lifted its holdings in shares of iRhythm Technologies by 6.0% during the fourth quarter. MetLife Investment Management LLC now owns 19,142 shares of the company's stock valued at $1,726,000 after acquiring an additional 1,087 shares during the period. Finally, Tower Research Capital LLC TRC raised its holdings in shares of iRhythm Technologies by 1,763.2% in the fourth quarter. Tower Research Capital LLC TRC now owns 3,596 shares of the company's stock valued at $324,000 after buying an additional 3,403 shares during the last quarter.

Insider Buying and Selling

In other iRhythm Technologies news, Director Abhijit Y. Talwalkar sold 5,312 shares of the company's stock in a transaction on Monday, August 11th. The stock was sold at an average price of $158.02, for a total value of $839,402.24. Following the transaction, the director directly owned 20,299 shares of the company's stock, valued at $3,207,647.98. This represents a 20.74% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Quentin S. Blackford sold 30,000 shares of the stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $160.54, for a total value of $4,816,200.00. Following the sale, the chief executive officer directly owned 179,038 shares in the company, valued at approximately $28,742,760.52. This trade represents a 14.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 47,425 shares of company stock worth $7,549,869 in the last quarter. 1.10% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

IRTC has been the subject of a number of research analyst reports. Wells Fargo & Company lifted their price target on iRhythm Technologies from $130.00 to $180.00 and gave the company an "overweight" rating in a report on Friday, August 1st. William Blair upgraded iRhythm Technologies to a "strong-buy" rating in a research report on Friday, August 1st. Needham & Company LLC boosted their target price on iRhythm Technologies from $180.00 to $193.00 and gave the stock a "buy" rating in a research report on Thursday. Morgan Stanley decreased their target price on iRhythm Technologies from $160.00 to $147.00 and set an "overweight" rating for the company in a research report on Tuesday, July 15th. Finally, Robert W. Baird boosted their target price on iRhythm Technologies from $133.00 to $150.00 and gave the stock an "outperform" rating in a research report on Friday, May 2nd. One investment 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 company's stock. According to MarketBeat, the stock has an average rating of "Buy" and an average target price of $163.82.

iRhythm Technologies Stock Down 0.9%

Shares of NASDAQ IRTC traded down $1.49 during trading hours on Friday, hitting $169.98. The company had a trading volume of 193,610 shares, compared to its average volume of 545,079. The stock has a market capitalization of $5.46 billion, a P/E ratio of -58.01 and a beta of 1.41. The company has a quick ratio of 4.88, a current ratio of 5.02 and a debt-to-equity ratio of 6.25. iRhythm Technologies has a 1-year low of $55.92 and a 1-year high of $172.59. The firm's 50 day moving average is $150.26 and its 200-day moving average is $129.94.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The company reported ($0.32) EPS for the quarter, beating the consensus estimate of ($0.53) by $0.21. The company had revenue of $186.69 million during 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 firm's revenue for the quarter was up 26.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.61) EPS. iRhythm Technologies has set its FY 2025 guidance at EPS. On average, analysts expect that iRhythm Technologies will post -1.98 earnings per share 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.