Y Intercept Hong Kong Ltd Takes $4.68 Million Position in iRhythm Technologies $IRTC

Y Intercept Hong Kong Ltd purchased a new position in iRhythm Technologies (NASDAQ:IRTC) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 30,413 shares of the company’s stock, valued at approximately $4,682,000.

A number of other large investors also recently bought and sold shares of IRTC. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in iRhythm Technologies by 169.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 903,084 shares of the company’s stock worth $94,535,000 after purchasing an additional 568,261 shares during the period. Fuller & Thaler Asset Management Inc. acquired a new position in iRhythm Technologies in the 1st quarter worth about $54,249,000. Millennium Management LLC raised its holdings in iRhythm Technologies by 563.8% in the 1st quarter. Millennium Management LLC now owns 399,746 shares of the company’s stock worth $41,845,000 after purchasing an additional 339,529 shares during the period. Jennison Associates LLC acquired a new position in iRhythm Technologies in the 1st quarter worth about $29,330,000. Finally, Next Century Growth Investors LLC acquired a new position in iRhythm Technologies in the 1st quarter worth about $21,796,000.

Analyst Ratings Changes

IRTC has been the subject of a number of research analyst reports. JPMorgan Chase & Co. increased their target price on iRhythm Technologies from $145.00 to $190.00 and gave the company an “overweight” rating in a report on Friday, August 1st. Evercore ISI reduced their target price on iRhythm Technologies from $185.00 to $175.00 and set an “in-line” rating for the company in a report on Tuesday, October 7th. Bank of America initiated coverage on iRhythm Technologies in a report on Wednesday, August 20th. They set a “buy” rating and a $200.00 target price for the company. Morgan Stanley reduced their target price on iRhythm Technologies from $160.00 to $147.00 and set an “overweight” rating for the company in a report on Tuesday, July 15th. Finally, BTIG Research increased their target price on iRhythm Technologies from $190.00 to $195.00 and gave the company a “buy” rating in a report on Monday, October 13th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, iRhythm Technologies currently has a consensus rating of “Moderate Buy” and an average price target of $184.85.

Insiders Place Their Bets

In related news, Director Abhijit Y. Talwalkar sold 5,312 shares of the stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $158.02, for a total value of $839,402.24. Following the completion of the transaction, the director directly owned 20,299 shares in the company, valued at approximately $3,207,647.98. This represents a 20.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Sumi Shrishrimal sold 653 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $167.12, for a total value of $109,129.36. Following the completion of the transaction, the executive vice president owned 34,032 shares of the company’s stock, valued at $5,687,427.84. The trade was a 1.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 47,069 shares of company stock valued at $7,627,986. Insiders own 0.68% of the company’s stock.

iRhythm Technologies Price Performance

IRTC stock opened at $182.67 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 business has a 50 day simple moving average of $175.87 and a 200-day simple moving average of $151.23. The firm has a market capitalization of $5.87 billion, a PE ratio of -62.34 and a beta of 1.15. iRhythm Technologies has a 1 year low of $67.92 and a 1 year high of $188.53.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings results on Thursday, July 31st. The company reported ($0.32) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.53) by $0.21. The business had revenue of $186.69 million during the quarter, compared to analyst estimates of $173.94 million. iRhythm Technologies had a negative return on equity of 90.03% and a negative net margin of 14.06%.The business’s revenue was up 26.1% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.61) earnings per share. iRhythm Technologies has set its FY 2025 guidance at EPS. Equities research analysts anticipate that iRhythm Technologies will post -1.98 earnings per share 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.