UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC Raises Holdings in iRhythm Technologies $IRTC

Key Points

• UBS AM increased its holdings in iRhythm Technologies by 169.7%, acquiring an additional 568,261 shares to own a total of 903,084 shares, valued at approximately $94.5 million.
• Several institutional investors have raised their stakes in iRhythm Technologies, with notable increases including a 563.8% lift by Millennium Management LLC, now holding 399,746 shares valued at around $41.8 million.
• Research analysts maintain a strong outlook on iRhythm Technologies, with the majority giving it a buy rating and a consensus target price of $163.82, reflecting positive market sentiment amid strong quarterly revenue growth.

UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of iRhythm Technologies (NASDAQ:IRTC - Free Report) by 169.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 903,084 shares of the company's stock after acquiring an additional 568,261 shares during the quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC owned approximately 2.83% of iRhythm Technologies worth $94,535,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of IRTC. Fuller & Thaler Asset Management Inc. bought a new position in iRhythm Technologies in the 1st quarter worth approximately $54,249,000. Millennium Management LLC boosted its stake in iRhythm Technologies by 563.8% in the 1st quarter. Millennium Management LLC now owns 399,746 shares of the company's stock worth $41,845,000 after purchasing an additional 339,529 shares during the period. Jennison Associates LLC bought a new position in iRhythm Technologies in the 1st quarter worth approximately $29,330,000. Next Century Growth Investors LLC bought a new position in iRhythm Technologies in the 1st quarter worth approximately $21,796,000. Finally, Blair William & Co. IL boosted its stake in iRhythm Technologies by 30.6% in 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 during the period.

Insider Transactions at iRhythm Technologies

In other news, EVP Minang Turakhia sold 1,420 shares of iRhythm Technologies stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $145.41, for a total value of $206,482.20. Following the sale, the executive vice president directly owned 41,393 shares of the company's stock, valued at $6,018,956.13. The trade was a 3.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Quentin S. Blackford sold 30,000 shares of the business's 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 transaction, the chief executive officer directly owned 179,038 shares in the company, valued at $28,742,760.52. This trade represents a 14.35% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 52,425 shares of company stock valued at $8,424,869. 1.10% of the stock is owned by company insiders.

iRhythm Technologies Stock Down 2.0%

Shares of iRhythm Technologies stock traded down $3.66 during trading on Monday, hitting $176.16. 393,344 shares of the stock traded hands, compared to its average volume of 376,581. The firm has a market cap of $5.66 billion, a P/E ratio of -60.12 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 52-week low of $55.92 and a 52-week high of $187.57. The stock's fifty day simple moving average is $157.12 and its 200 day simple moving average is $135.32.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last issued its quarterly earnings data 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. iRhythm Technologies had a negative return on equity of 90.03% and a negative net margin of 14.06%.The company had revenue of $186.69 million for the quarter, compared to the consensus estimate of $173.94 million. During the same quarter last year, the company earned ($0.61) earnings per share. The firm's revenue for the quarter was up 26.1% compared to the same quarter last year. iRhythm Technologies has set its FY 2025 guidance at EPS. On average, equities analysts predict that iRhythm Technologies will post -1.98 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on IRTC. Needham & Company LLC increased their target price on iRhythm Technologies from $180.00 to $193.00 and gave the company a "buy" rating in a research report on Thursday, August 28th. 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 research report on Tuesday, July 15th. Wells Fargo & Company increased their target price on iRhythm Technologies from $130.00 to $180.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Bank of America began coverage on iRhythm Technologies in a research report on Wednesday, August 20th. They set a "buy" rating and a $200.00 target price for the company. Finally, Canaccord Genuity Group increased their target price on iRhythm Technologies from $139.00 to $170.00 and gave the company a "buy" rating in a research report on Friday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price 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.