Vident Advisory LLC Takes Position 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 bought a new stake in shares of iRhythm Technologies (NASDAQ:IRTC - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The fund bought 2,352 shares of the company's stock, valued at approximately $246,000.

Other institutional investors have also made changes to their positions in the company. MCF Advisors LLC acquired a new stake in shares of iRhythm Technologies during the 1st quarter valued at about $25,000. AlphaQuest LLC acquired a new position in iRhythm Technologies in the first quarter valued at about $30,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in iRhythm Technologies in the first quarter valued at about $50,000. CWM LLC boosted its position in iRhythm Technologies by 54.3% in the first quarter. CWM LLC now owns 517 shares of the company's stock valued at $54,000 after buying an additional 182 shares in the last quarter. Finally, Raiffeisen Bank International AG acquired a new position in iRhythm Technologies in the fourth quarter valued at about $60,000.

Insider Buying and Selling at iRhythm Technologies

In related news, CAO Marc Wade Rosenbaum sold 226 shares of the business's stock in a transaction that occurred on Monday, August 11th. The shares were 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 directly owned 10,879 shares of the company's stock, valued at $1,728,999.47. The trade was a 2.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Sumi Shrishrimal sold 653 shares of the company's stock in a transaction that occurred 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 sale, the executive vice president directly owned 34,032 shares of the company's stock, valued at $5,687,427.84. The trade was a 1.88% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 52,425 shares of company stock valued at $8,424,869 over the last 90 days. Company insiders own 0.68% of the company's stock.

iRhythm Technologies Trading Down 0.4%

IRTC opened at $186.39 on Wednesday. The company has a debt-to-equity ratio of 6.25, a current ratio of 5.02 and a quick ratio of 4.88. The company has a market cap of $5.99 billion, a price-to-earnings ratio of -63.61 and a beta of 1.10. The firm has a 50 day simple moving average of $154.08 and a 200 day simple moving average of $133.27. iRhythm Technologies has a fifty-two week low of $55.92 and a fifty-two week high of $187.57.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The company reported ($0.32) earnings per share for the quarter, topping analysts' consensus estimates of ($0.53) by $0.21. The business had revenue of $186.69 million during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.61) earnings per share. iRhythm Technologies has set its FY 2025 guidance at EPS. On average, sell-side analysts anticipate that iRhythm Technologies will post -1.98 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have commented on IRTC. Bank of America began coverage on shares of iRhythm Technologies in a research report on Wednesday, August 20th. They issued a "buy" rating and a $200.00 price target on the stock. Wells Fargo & Company boosted their price target on shares of iRhythm Technologies from $130.00 to $180.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Canaccord Genuity Group boosted their price target on shares of iRhythm Technologies from $139.00 to $170.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Needham & Company LLC boosted their price target on shares of iRhythm Technologies from $180.00 to $193.00 and gave the company a "buy" rating in a research report on Thursday, August 28th. Finally, Citigroup boosted their price target on shares of iRhythm Technologies from $167.00 to $183.00 and gave the company a "buy" rating in a research report on Thursday, August 21st. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, iRhythm Technologies currently has a consensus rating of "Buy" and a consensus price target 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.