PNC Financial Services Group Inc. Sells 1,167 Shares of iRhythm Technologies $IRTC

PNC Financial Services Group Inc. cut its holdings in iRhythm Technologies (NASDAQ:IRTC) by 28.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,935 shares of the company’s stock after selling 1,167 shares during the quarter. PNC Financial Services Group Inc.’s holdings in iRhythm Technologies were worth $452,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. CWM LLC raised its stake in shares of iRhythm Technologies by 54.3% in the first quarter. CWM LLC now owns 517 shares of the company’s stock worth $54,000 after purchasing an additional 182 shares during the last quarter. XTX Topco Ltd purchased a new stake in shares of iRhythm Technologies during the first quarter valued at $258,000. Bayforest Capital Ltd increased its holdings in iRhythm Technologies by 153.2% in the 1st quarter. Bayforest Capital Ltd now owns 4,213 shares of the company’s stock worth $441,000 after buying an additional 2,549 shares in the last quarter. US Bancorp DE increased its holdings in iRhythm Technologies by 61.9% in the 1st quarter. US Bancorp DE now owns 978 shares of the company’s stock worth $102,000 after buying an additional 374 shares in the last quarter. Finally, Jefferies Financial Group Inc. purchased a new position in iRhythm Technologies in the 1st quarter worth about $2,287,000.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on IRTC. William Blair raised shares of iRhythm Technologies to a “strong-buy” rating in a report on Friday, August 1st. Needham & Company LLC increased their price objective on shares of iRhythm Technologies from $193.00 to $244.00 and gave the company a “buy” rating in a research report on Friday, October 31st. Robert W. Baird raised their target price on shares of iRhythm Technologies from $180.00 to $220.00 and gave the stock an “outperform” rating in a report on Friday, October 10th. The Goldman Sachs Group boosted their target price on shares of iRhythm Technologies from $180.00 to $202.00 and gave the company a “neutral” rating in a research note on Friday, October 31st. Finally, Bank of America initiated coverage on iRhythm Technologies in a report on Wednesday, August 20th. They set a “buy” rating and a $200.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, iRhythm Technologies currently has an average rating of “Moderate Buy” and an average price target of $201.57.

iRhythm Technologies Price Performance

Shares of NASDAQ:IRTC opened at $183.21 on Tuesday. The company has a market capitalization of $5.90 billion, a P/E ratio of -113.79 and a beta of 1.13. iRhythm Technologies has a 1-year low of $74.31 and a 1-year high of $212.00. The firm’s 50 day simple moving average is $176.75 and its two-hundred day simple moving average is $160.31. The company has a debt-to-equity ratio of 5.32, a current ratio of 4.63 and a quick ratio of 4.50.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings data 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 net margin of 7.32% and a negative return on equity of 41.86%. The firm had revenue of $192.88 million for the quarter, compared to the consensus estimate of $184.75 million. During the same period last year, the firm earned ($1.26) EPS. The company’s revenue was up 30.8% on a year-over-year basis. iRhythm Technologies has set its FY 2025 guidance at EPS. Research analysts expect that iRhythm Technologies will post -1.98 EPS for the current fiscal year.

Insider Transactions at iRhythm Technologies

In other news, CFO Daniel G. Wilson sold 8,000 shares of the business’s stock in a transaction dated Friday, October 31st. The stock was sold at an average price of $207.44, for a total value of $1,659,520.00. Following the transaction, the chief financial officer directly owned 26,470 shares in the company, valued at $5,490,936.80. The trade was a 23.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Quentin S. Blackford sold 14,059 shares of the company’s stock in a transaction dated 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 completion of the transaction, the chief executive officer directly owned 164,979 shares of the company’s stock, valued at approximately $30,181,258.26. This trade represents a 7.85% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 27,059 shares of company stock worth $5,106,473. Insiders own 0.68% of the company’s stock.

iRhythm Technologies Company 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.