Petrus Trust Company LTA Buys New Holdings in iRhythm Technologies $IRTC

Key Points

• Petrus Trust Company LTA invested approximately $571,000 in iRhythm Technologies during the first quarter, acquiring 5,455 shares.
• Several hedge funds significantly increased their positions in iRhythm Technologies, with Fuller & Thaler Asset Management investing around $54 million and Millennium Management boosting its stake by over 563%.
• The stock has seen a 12-month high of $183.95 and a low of $55.92, reflecting its volatility in the market.

Petrus Trust Company LTA acquired a new position in shares of iRhythm Technologies (NASDAQ:IRTC - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 5,455 shares of the company's stock, valued at approximately $571,000.

Other hedge funds have also added to or reduced their stakes in the company. Fuller & Thaler Asset Management Inc. acquired a new stake in iRhythm Technologies during the 1st quarter worth $54,249,000. Principal Financial Group Inc. raised its stake in iRhythm Technologies by 1,793.7% during the 1st quarter. Principal Financial Group Inc. now owns 50,449 shares of the company's stock worth $5,281,000 after buying an additional 47,785 shares during the period. GAMMA Investing LLC raised its stake in iRhythm Technologies by 30,928.6% during the 1st quarter. GAMMA Investing LLC now owns 8,688 shares of the company's stock worth $909,000 after buying an additional 8,660 shares during the period. Northern Trust Corp raised its stake in iRhythm Technologies by 1.6% during the 1st quarter. Northern Trust Corp now owns 292,009 shares of the company's stock worth $30,568,000 after buying an additional 4,675 shares during the period. Finally, SG Americas Securities LLC raised its stake in iRhythm Technologies by 95.6% during the 1st quarter. SG Americas Securities LLC now owns 8,427 shares of the company's stock worth $882,000 after buying an additional 4,119 shares during the period.

Insiders Place Their Bets

In related news, insider Chad Patterson sold 2,555 shares of the firm's stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $158.97, for a total value of $406,168.35. Following the completion of 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 document filed with the SEC, which is accessible through the SEC website. Also, CFO Daniel G. Wilson sold 5,000 shares of the firm's stock in a transaction dated Wednesday, September 3rd. The shares were 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 owned 34,470 shares of the company's stock, valued at $6,032,250. This trade represents a 12.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 52,425 shares of company stock worth $8,424,869 in the last three months. Insiders own 1.10% of the company's stock.

Analyst Ratings Changes

A number of research firms have issued reports on IRTC. Bank of America began coverage on iRhythm Technologies in a report on Wednesday, August 20th. They set a "buy" rating and a $200.00 target price for the company. Morgan Stanley lowered their target price on iRhythm Technologies from $160.00 to $147.00 and set an "overweight" rating for the company in a report on Tuesday, July 15th. JPMorgan Chase & Co. increased their target price on iRhythm Technologies from $145.00 to $190.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Citigroup increased their target price on iRhythm Technologies from $167.00 to $183.00 and gave the stock a "buy" rating in a report on Thursday, August 21st. Finally, William Blair upgraded iRhythm Technologies to a "strong-buy" rating in a report on Friday, August 1st. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $163.82.

iRhythm Technologies Stock Down 1.9%

Shares of NASDAQ IRTC traded down $3.40 during mid-day trading on Friday, hitting $177.63. The company had a trading volume of 74,068 shares, compared to its average volume of 467,867. The company has a market capitalization of $5.71 billion, a PE ratio of -60.54 and a beta of 1.10. The firm has a 50-day simple moving average of $155.64 and a two-hundred day simple moving average of $134.03. The company has a current ratio of 5.02, a quick ratio of 4.88 and a debt-to-equity ratio of 6.25. 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 announced its quarterly earnings data on Thursday, July 31st. The company reported ($0.32) earnings per share 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 analysts' expectations of $173.94 million. iRhythm Technologies had a negative return on equity of 90.03% and a negative net margin of 14.06%.iRhythm Technologies's revenue for the quarter was up 26.1% compared to the same quarter last year. During the same quarter last year, the company earned ($0.61) EPS. iRhythm Technologies has set its FY 2025 guidance at EPS. On average, equities analysts expect that iRhythm Technologies will post -1.98 EPS for the current 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.