AlphaQuest LLC Grows Position in iRhythm Technologies $IRTC

AlphaQuest LLC grew its position in shares of iRhythm Technologies (NASDAQ:IRTC) by 344.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,257 shares of the company’s stock after purchasing an additional 974 shares during the period. AlphaQuest LLC’s holdings in iRhythm Technologies were worth $194,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of IRTC. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of iRhythm Technologies by 169.7% during 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 last quarter. Fuller & Thaler Asset Management Inc. acquired a new stake in shares of iRhythm Technologies during the 1st quarter worth about $54,249,000. Millennium Management LLC boosted its stake in shares of iRhythm Technologies by 563.8% during 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 last quarter. Jennison Associates LLC acquired a new stake in shares of iRhythm Technologies during the 1st quarter worth about $29,330,000. Finally, Next Century Growth Investors LLC acquired a new stake in shares of iRhythm Technologies during the 1st quarter worth about $21,796,000.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on IRTC shares. Bank of America started coverage on shares of iRhythm Technologies in a research note on Wednesday, August 20th. They set a “buy” rating and a $200.00 price target on the stock. Morgan Stanley decreased their target price on shares of iRhythm Technologies from $160.00 to $147.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 15th. JPMorgan Chase & Co. raised their target price on shares of iRhythm Technologies from $190.00 to $240.00 and gave the stock an “overweight” rating in a research report on Friday. 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 research report on Friday, October 10th. Finally, Canaccord Genuity Group boosted their price target on iRhythm Technologies from $193.00 to $212.00 and gave the company a “buy” rating in a research report on Friday. One research 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 issued a Sell rating to the stock. According to data from MarketBeat, iRhythm Technologies currently has a consensus rating of “Moderate Buy” and an average price target of $201.57.

Insider Activity

In other iRhythm Technologies news, insider Chad Patterson sold 2,555 shares of iRhythm Technologies stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $158.97, for a total transaction of $406,168.35. Following the transaction, the insider directly owned 43,667 shares of the company’s stock, valued at $6,941,742.99. The trade was a 5.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Abhijit Y. Talwalkar sold 5,312 shares of iRhythm Technologies 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 transaction, the director directly owned 20,299 shares in the company, valued at approximately $3,207,647.98. This trade represents a 20.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 43,746 shares of company stock valued at $7,081,818 over the last quarter. 0.68% of the stock is owned by insiders.

iRhythm Technologies Trading Up 1.7%

Shares of IRTC stock opened at $187.30 on Monday. The stock has a market cap of $6.03 billion, a price-to-earnings ratio of -116.33 and a beta of 1.13. The company has a quick ratio of 4.50, a current ratio of 4.63 and a debt-to-equity ratio of 5.32. iRhythm Technologies has a fifty-two week low of $67.92 and a fifty-two week high of $212.00. The firm’s 50 day moving average price is $177.02 and its two-hundred day moving average price is $153.36.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings results on Thursday, October 30th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.30. The firm had revenue of $192.88 million for the quarter, compared to analysts’ expectations of $184.75 million. iRhythm Technologies had a negative net margin of 7.32% and a negative return on equity of 41.86%. iRhythm Technologies’s revenue was up 30.8% compared to the same quarter last year. During the same period in the previous year, the company posted ($1.26) earnings per share. iRhythm Technologies has set its FY 2025 guidance at EPS. On average, analysts anticipate that iRhythm Technologies will post -1.98 EPS for the current year.

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.