Praxis Investment Management Inc. Invests $399,000 in iRhythm Technologies $IRTC

Key Points

• Praxis Investment Management Inc. recently invested approximately $399,000 to acquire 2,590 shares in iRhythm Technologies, marking a new position for the firm in the second quarter.
• Several hedge funds, including Bessemer Group Inc. and Principal Financial Group Inc., have increased their stakes in iRhythm Technologies, indicating a growing interest in the company.
• iRhythm Technologies reported a 26.1% year-over-year revenue increase, with the latest quarterly earnings beating analysts' estimates, despite posting a negative earnings per share.

Praxis Investment Management Inc. acquired a new position in shares of iRhythm Technologies (NASDAQ:IRTC - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 2,590 shares of the company's stock, valued at approximately $399,000.

A number of other hedge funds have also modified their holdings of IRTC. Bessemer Group Inc. increased its stake in shares of iRhythm Technologies by 1.1% during the 1st quarter. Bessemer Group Inc. now owns 574,053 shares of the company's stock worth $60,092,000 after purchasing an additional 6,046 shares in the last quarter. Diversified Trust Co increased its stake in shares of iRhythm Technologies by 8.1% during the 1st quarter. Diversified Trust Co now owns 8,944 shares of the company's stock worth $936,000 after purchasing an additional 668 shares in the last quarter. Kampmann Melissa S. increased its stake in shares of iRhythm Technologies by 4.6% during the 1st quarter. Kampmann Melissa S. now owns 25,025 shares of the company's stock worth $2,620,000 after purchasing an additional 1,100 shares in the last quarter. Teacher Retirement System of Texas purchased a new position in shares of iRhythm Technologies during the 1st quarter worth approximately $479,000. Finally, Principal Financial Group Inc. increased its stake in shares of 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 purchasing an additional 47,785 shares in the last quarter.

Insider Buying and Selling

In other iRhythm Technologies news, CFO Daniel G. Wilson sold 5,000 shares of iRhythm Technologies stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $175.00, for a total value of $875,000.00. Following the transaction, the chief financial officer owned 34,470 shares in the company, valued at $6,032,250. This trade represents a 12.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Sumi Shrishrimal sold 653 shares of iRhythm Technologies stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $167.12, for a total transaction of $109,129.36. Following the completion of the transaction, the executive vice president owned 34,032 shares in the company, valued at approximately $5,687,427.84. This trade represents a 1.88% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 47,069 shares of company stock worth $7,627,986 over the last 90 days. Company insiders own 1.10% of the company's stock.

iRhythm Technologies Stock Up 0.4%

Shares of IRTC opened at $181.80 on Friday. The firm has a market cap of $5.84 billion, a PE ratio of -62.05 and a beta of 1.15. The company's fifty day moving average is $173.13 and its two-hundred day moving average is $146.99. iRhythm Technologies has a fifty-two week low of $60.69 and a fifty-two week high of $187.57. 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 (NASDAQ:IRTC - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The company reported ($0.32) earnings per share for the quarter, beating analysts' consensus estimates of ($0.53) by $0.21. The company had revenue of $186.69 million for the quarter, compared to analyst estimates of $173.94 million. iRhythm Technologies had a negative net margin of 14.06% and a negative return on equity of 90.03%. iRhythm Technologies's revenue for the quarter was up 26.1% on a year-over-year basis. During the same quarter last year, the business earned ($0.61) EPS. iRhythm Technologies has set its FY 2025 guidance at EPS. Analysts forecast that iRhythm Technologies will post -1.98 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on IRTC. Evercore ISI dropped their price objective on shares of iRhythm Technologies from $185.00 to $175.00 and set an "in-line" rating for the company in a research note on Tuesday, October 7th. Morgan Stanley decreased their target price on shares of iRhythm Technologies from $160.00 to $147.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 15th. BTIG Research raised their target price on shares of iRhythm Technologies from $190.00 to $195.00 and gave the stock a "buy" rating in a research report on Monday, October 13th. Needham & Company LLC raised their target price on shares of iRhythm Technologies from $180.00 to $193.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Finally, Robert W. Baird raised their target price on shares of iRhythm Technologies from $180.00 to $220.00 and gave the stock an "outperform" rating in a research report on Friday, October 10th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $184.85.

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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