Trexquant Investment LP Takes Position in iRhythm Technologies $IRTC

Key Points

• Trexquant Investment LP purchased a new stake of approximately 20,791 shares in iRhythm Technologies, valued at around $2.18 million, representing 0.07% of the company.
• Analysts have raised their price targets for iRhythm Technologies, with JPMorgan reducing it from $145.00 to $190.00, indicating a strong positive outlook for the company.
• Insiders have sold significant amounts of stock recently, with notable sales by Chad Patterson and CFO Daniel G. Wilson, reflecting a decrease in their ownership positions.

Trexquant Investment LP bought a new position in shares of iRhythm Technologies (NASDAQ:IRTC - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund bought 20,791 shares of the company's stock, valued at approximately $2,176,000. Trexquant Investment LP owned approximately 0.07% of iRhythm Technologies at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of IRTC. Fuller & Thaler Asset Management Inc. acquired a new position in iRhythm Technologies during the 1st quarter worth $54,249,000. Jennison Associates LLC acquired a new position in iRhythm Technologies during the 1st quarter worth $29,330,000. Frontier Capital Management Co. LLC grew its stake in iRhythm Technologies by 364.8% during the 4th quarter. Frontier Capital Management Co. LLC now owns 355,147 shares of the company's stock worth $32,024,000 after purchasing an additional 278,743 shares in the last quarter. Next Century Growth Investors LLC acquired a new position in iRhythm Technologies during the 1st quarter worth $21,796,000. Finally, Blair William & Co. IL grew its stake in iRhythm Technologies by 30.6% during the 1st quarter. Blair William & Co. IL now owns 789,999 shares of the company's stock worth $82,697,000 after purchasing an additional 185,262 shares in the last quarter.

iRhythm Technologies Stock Performance

Shares of NASDAQ IRTC traded down $4.34 during trading hours on Wednesday, reaching $182.05. The stock had a trading volume of 387,254 shares, compared to its average volume of 416,037. The firm has a market cap of $5.85 billion, a price-to-earnings ratio of -62.13 and a beta of 1.10. 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 fifty-two week low of $55.92 and a fifty-two week high of $187.57. The firm has a 50-day moving average of $154.86 and a 200-day moving average of $133.61.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported ($0.32) earnings per share (EPS) for the quarter, beating 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 firm 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 firm earned ($0.61) EPS. The business's revenue was up 26.1% on a year-over-year basis. iRhythm Technologies has set its FY 2025 guidance at EPS. Equities research analysts predict that iRhythm Technologies will post -1.98 earnings per share for the current year.

Analyst Ratings Changes

IRTC has been the subject of several analyst reports. JPMorgan Chase & Co. boosted their target price on iRhythm Technologies from $145.00 to $190.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. William Blair raised iRhythm Technologies to a "strong-buy" rating in a research report on Friday, August 1st. Bank of America initiated coverage on iRhythm Technologies in a research report on Wednesday, August 20th. They set a "buy" rating and a $200.00 price objective for the company. Needham & Company LLC upped their price objective on iRhythm Technologies from $180.00 to $193.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Finally, Wells Fargo & Company upped their price objective on iRhythm Technologies from $130.00 to $180.00 and gave the stock an "overweight" rating in a research report 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 company. According to MarketBeat, the company has an average rating of "Buy" and a consensus target price of $163.82.

Insider Activity at iRhythm Technologies

In other iRhythm Technologies news, CFO Daniel G. Wilson sold 5,000 shares of the stock in a transaction that occurred on Wednesday, September 3rd. The stock was 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 directly owned 34,470 shares of the company's stock, valued at approximately $6,032,250. This trade represents a 12.67% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Abhijit Y. Talwalkar sold 5,312 shares of the stock in a transaction that occurred 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 sale, the director directly owned 20,299 shares of the company's stock, valued at $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. Insiders sold 52,425 shares of company stock worth $8,424,869 in the last ninety days. Company insiders own 1.10% of the company's stock.

About iRhythm Technologies

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.