Wellington Management Group LLP Sells 68,198 Shares of iRhythm Technologies $IRTC

Key Points

• Wellington Management Group LLP has reduced its stake in iRhythm Technologies by 29.2%, owning 165,642 shares after selling 68,198 shares, which amounts to a holding valued at $17,339,000.
• Various other hedge funds have made movements as well, with CWM LLC increasing its stake by 54.3% and new purchasers like MCF Advisors and Raiffeisen Bank entering the market.
• iRhythm Technologies recently reported a quarterly revenue of $186.69 million, which exceeded analysts' expectations, along with an earnings per share of ($0.32), beating the consensus estimate by $0.21.

Wellington Management Group LLP lowered its stake in shares of iRhythm Technologies (NASDAQ:IRTC - Free Report) by 29.2% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 165,642 shares of the company's stock after selling 68,198 shares during the period. Wellington Management Group LLP owned approximately 0.52% of iRhythm Technologies worth $17,339,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Principal Financial Group Inc. raised its position in shares of iRhythm Technologies by 1,793.7% during the first quarter. Principal Financial Group Inc. now owns 50,449 shares of the company's stock valued at $5,281,000 after buying an additional 47,785 shares during the last quarter. GAMMA Investing LLC raised its position in shares of iRhythm Technologies by 30,928.6% during the first quarter. GAMMA Investing LLC now owns 8,688 shares of the company's stock valued at $909,000 after buying an additional 8,660 shares during the last quarter. SG Americas Securities LLC raised its position in shares of iRhythm Technologies by 95.6% during the first quarter. SG Americas Securities LLC now owns 8,427 shares of the company's stock valued at $882,000 after buying an additional 4,119 shares during the last quarter. Invesco Ltd. raised its position in shares of iRhythm Technologies by 1.1% during the fourth quarter. Invesco Ltd. now owns 19,200 shares of the company's stock valued at $1,731,000 after buying an additional 207 shares during the last quarter. Finally, Stephens Inc. AR acquired a new position in shares of iRhythm Technologies during the first quarter valued at about $222,000.

Insider Activity

In other news, CEO Quentin S. Blackford sold 30,000 shares of the stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $160.54, for a total transaction of $4,816,200.00. Following the sale, the chief executive officer directly owned 179,038 shares of the company's stock, valued at $28,742,760.52. This represents a 14.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Abhijit Y. Talwalkar sold 5,312 shares of the stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $158.02, for a total transaction of $839,402.24. Following the sale, the director directly owned 20,299 shares in the company, valued at $3,207,647.98. This trade represents a 20.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 47,425 shares of company stock valued at $7,549,869. Corporate insiders own 1.10% of the company's stock.

iRhythm Technologies Price Performance

iRhythm Technologies stock traded down $1.49 during trading hours on Friday, hitting $169.98. 193,610 shares of the stock were exchanged, compared to its average volume of 545,079. 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 stock has a market capitalization of $5.46 billion, a P/E ratio of -58.01 and a beta of 1.41. iRhythm Technologies has a 12 month low of $55.92 and a 12 month high of $172.59. The business's 50-day moving average is $150.26 and its two-hundred day moving average is $129.94.

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, topping the consensus estimate of ($0.53) by $0.21. The firm had revenue of $186.69 million for the quarter, compared to analysts' expectations of $173.94 million. iRhythm Technologies had a negative net margin of 14.06% and a negative return on equity of 90.03%. The company's quarterly revenue was up 26.1% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.61) earnings per share. iRhythm Technologies has set its FY 2025 guidance at EPS. Equities research analysts expect that iRhythm Technologies will post -1.98 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Bank of America started coverage on shares of iRhythm Technologies in a research report on Wednesday, August 20th. They set a "buy" rating and a $200.00 price objective for the company. Wall Street Zen cut shares of iRhythm Technologies from a "hold" rating to a "sell" rating in a research note on Monday, May 5th. JPMorgan Chase & Co. upped their target price on shares of iRhythm Technologies from $145.00 to $190.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Needham & Company LLC upped their target price on shares of iRhythm Technologies from $180.00 to $193.00 and gave the company a "buy" rating in a research note on Thursday. Finally, Robert W. Baird upped their target price on shares of iRhythm Technologies from $133.00 to $150.00 and gave the company an "outperform" rating in a research note on Friday, May 2nd. One research 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 stock. According to MarketBeat, iRhythm Technologies currently has an average rating of "Buy" and a consensus target price of $163.82.

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.