Connor Clark & Lunn Investment Management Ltd. Takes $8.30 Million Position in iRhythm Technologies $IRTC

Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of iRhythm Technologies (NASDAQ:IRTC) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 53,926 shares of the company’s stock, valued at approximately $8,302,000. Connor Clark & Lunn Investment Management Ltd. owned 0.17% of iRhythm Technologies at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of iRhythm Technologies by 169.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 903,084 shares of the company’s stock valued at $94,535,000 after acquiring an additional 568,261 shares during the last quarter. Champlain Investment Partners LLC increased its holdings in iRhythm Technologies by 13.3% in the first quarter. Champlain Investment Partners LLC now owns 822,791 shares of the company’s stock valued at $86,130,000 after purchasing an additional 96,529 shares during the period. Blair William & Co. IL raised its position 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 during the last quarter. Stephens Investment Management Group LLC lifted its holdings in iRhythm Technologies by 6.2% during the 2nd quarter. Stephens Investment Management Group LLC now owns 552,916 shares of the company’s stock worth $85,127,000 after buying an additional 32,334 shares during the period. Finally, Fuller & Thaler Asset Management Inc. acquired a new position in iRhythm Technologies during the 1st quarter worth about $54,249,000.

Insider Buying and Selling at iRhythm Technologies

In related news, CEO Quentin S. Blackford sold 14,059 shares of the stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $182.94, for a total value of $2,571,953.46. Following the transaction, the chief executive officer directly owned 164,979 shares in the company, valued at $30,181,258.26. This trade represents a 7.85% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Daniel G. Wilson sold 8,000 shares of iRhythm Technologies stock in a transaction on Friday, October 31st. The shares were sold at an average price of $207.44, for a total transaction of $1,659,520.00. Following the completion of the sale, the chief financial officer directly owned 26,470 shares of the company’s stock, valued at approximately $5,490,936.80. The trade was a 23.21% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 27,712 shares of company stock valued at $5,215,603. Company insiders own 1.10% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on IRTC. Evercore ISI decreased their price target on iRhythm Technologies from $185.00 to $175.00 and set an “in-line” rating for the company in a research note on Tuesday, October 7th. BTIG Research increased their target price on shares of iRhythm Technologies from $195.00 to $215.00 and gave the company a “buy” rating in a research report on Friday, October 31st. Needham & Company LLC boosted their price target on shares of iRhythm Technologies from $193.00 to $244.00 and gave the stock a “buy” rating in a research report on Friday, October 31st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of iRhythm Technologies in a research note on Wednesday, October 8th. Finally, Loop Capital set a $220.00 target price on shares of iRhythm Technologies in a research note on Friday, October 31st. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, iRhythm Technologies presently has a consensus rating of “Moderate Buy” and a consensus price target of $201.57.

iRhythm Technologies Trading Up 1.6%

IRTC opened at $179.12 on Thursday. The company has a fifty day moving average price of $178.38 and a two-hundred day moving average price of $157.30. iRhythm Technologies has a 1-year low of $71.00 and a 1-year high of $212.00. The company has a market cap of $5.77 billion, a P/E ratio of -111.25 and a beta of 1.13. The company has a current ratio of 4.63, a quick ratio of 4.50 and a debt-to-equity ratio of 5.32.

iRhythm Technologies (NASDAQ:IRTC) last issued its earnings results on Thursday, October 30th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.36) by $0.30. iRhythm Technologies had a negative return on equity of 41.86% and a negative net margin of 7.32%.The company had revenue of $192.88 million during the quarter, compared to the consensus estimate of $184.75 million. During the same period last year, the business posted ($1.26) EPS. The firm’s revenue for the quarter was up 30.8% compared to the same quarter last year. iRhythm Technologies has set its FY 2025 guidance at EPS. Analysts predict that iRhythm Technologies will post -1.98 EPS for the current fiscal year.

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.