Vident Advisory LLC Invests $246,000 in iRhythm Technologies $IRTC

Key Points

• Vident Advisory LLC has acquired a new stake in iRhythm Technologies, purchasing 2,352 shares valued at approximately $246,000 in the 1st quarter.
• Institutional interest is rising, with several firms, including MCF Advisors and AlphaQuest, also acquiring new positions in iRhythm Technologies during the same period.
• iRhythm Technologies reported a loss of ($0.32) earnings per share, surpassing analysts' expectations, and saw a revenue increase of 26.1% compared to the previous year.

Vident Advisory LLC purchased a new position in iRhythm Technologies (NASDAQ:IRTC - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 2,352 shares of the company's stock, valued at approximately $246,000.

A number of other institutional investors have also recently bought and sold shares of the stock. Xponance Inc. increased its stake in iRhythm Technologies by 6.1% in the 1st quarter. Xponance Inc. now owns 2,390 shares of the company's stock worth $250,000 after purchasing an additional 137 shares in the last quarter. Hsbc Holdings PLC grew its stake in iRhythm Technologies by 3.1% during the 1st quarter. Hsbc Holdings PLC now owns 4,590 shares of the company's stock valued at $474,000 after acquiring an additional 138 shares in the last quarter. CWM LLC grew its stake in iRhythm Technologies by 54.3% during the 1st quarter. CWM LLC now owns 517 shares of the company's stock valued at $54,000 after acquiring an additional 182 shares in the last quarter. Bank Pictet & Cie Europe AG grew its stake in iRhythm Technologies by 5.9% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 3,289 shares of the company's stock valued at $297,000 after acquiring an additional 184 shares in the last quarter. Finally, MCF Advisors LLC purchased a new position in iRhythm Technologies during the 1st quarter valued at about $25,000.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Wells Fargo & Company lifted their target price on iRhythm Technologies from $130.00 to $180.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Citigroup lifted their target price on iRhythm Technologies from $167.00 to $183.00 and gave the company a "buy" rating in a research note on Thursday, August 21st. Needham & Company LLC boosted their price target on iRhythm Technologies from $180.00 to $193.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. William Blair raised iRhythm Technologies to a "strong-buy" rating in a research note on Friday, August 1st. Finally, Morgan Stanley lowered their price target on iRhythm Technologies from $160.00 to $147.00 and set an "overweight" rating for the company in a research note on Tuesday, July 15th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $163.82.

iRhythm Technologies Stock Down 2.0%

Shares of NASDAQ IRTC traded down $3.66 during trading hours on Monday, hitting $176.16. The stock had a trading volume of 393,344 shares, compared to its average volume of 376,581. The company has a market capitalization of $5.66 billion, a P/E ratio of -60.12 and a beta of 1.10. The company has a debt-to-equity ratio of 6.25, a quick ratio of 4.88 and a current ratio of 5.02. The firm's 50-day moving average price is $157.12 and its two-hundred day moving average price is $135.32. iRhythm Technologies has a 52 week low of $55.92 and a 52 week high of $187.57.

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, topping analysts' consensus estimates of ($0.53) by $0.21. The firm 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%.The company's revenue was up 26.1% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.61) earnings per share. iRhythm Technologies has set its FY 2025 guidance at EPS. Analysts anticipate that iRhythm Technologies will post -1.98 EPS for the current fiscal year.

Insider Activity

In other iRhythm Technologies news, CAO Marc Wade Rosenbaum sold 226 shares of the company's stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $158.93, for a total transaction of $35,918.18. Following the completion of the sale, the chief accounting officer owned 10,879 shares of the company's stock, valued at $1,728,999.47. This represents a 2.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Chad Patterson sold 2,555 shares of the company's stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $158.97, for a total value of $406,168.35. Following the sale, the insider directly owned 43,667 shares of the company's stock, valued at $6,941,742.99. The trade was a 5.53% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 52,425 shares of company stock valued at $8,424,869. 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.