KLP Kapitalforvaltning AS Boosts Stake in iRhythm Technologies $IRTC

KLP Kapitalforvaltning AS raised its position in iRhythm Technologies (NASDAQ:IRTC) by 10.0% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 6,600 shares of the company’s stock after purchasing an additional 600 shares during the period. KLP Kapitalforvaltning AS’s holdings in iRhythm Technologies were worth $1,016,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in IRTC. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake 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 valued at $94,535,000 after buying an additional 568,261 shares during the last quarter. Fuller & Thaler Asset Management Inc. purchased a new stake in iRhythm Technologies in the 1st quarter valued at about $54,249,000. Millennium Management LLC increased its stake in iRhythm Technologies by 563.8% in the 1st quarter. Millennium Management LLC now owns 399,746 shares of the company’s stock valued at $41,845,000 after buying an additional 339,529 shares during the last quarter. Jennison Associates LLC purchased a new stake in iRhythm Technologies in the 1st quarter valued at about $29,330,000. Finally, Next Century Growth Investors LLC purchased a new stake in shares of iRhythm Technologies during the 1st quarter worth approximately $21,796,000.

Insider Activity at iRhythm Technologies

In other news, insider Chad Patterson sold 2,555 shares of iRhythm Technologies stock in a transaction 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 completion of the sale, the insider directly owned 43,667 shares of the company’s stock, valued at approximately $6,941,742.99. The trade was a 5.53% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Daniel G. Wilson sold 5,000 shares of iRhythm Technologies stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $175.00, for a total transaction of $875,000.00. Following the sale, the chief financial officer directly owned 34,470 shares of the company’s stock, valued at $6,032,250. This represents a 12.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 47,069 shares of company stock worth $7,627,986 in the last three months. 1.10% of the stock is owned by insiders.

iRhythm Technologies Stock Down 0.7%

Shares of NASDAQ:IRTC opened at $175.67 on Thursday. The firm has a fifty day moving average price of $172.27 and a two-hundred day moving average price of $145.68. The company has a debt-to-equity ratio of 6.25, a current ratio of 5.02 and a quick ratio of 4.88. iRhythm Technologies has a one year low of $60.37 and a one year high of $187.57. The company has a market cap of $5.64 billion, a price-to-earnings ratio of -59.96 and a beta of 1.15.

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

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Citigroup raised their price target on shares of iRhythm Technologies from $183.00 to $205.00 and gave the stock a “buy” rating in a research note on Tuesday, October 7th. Weiss Ratings restated a “sell (d-)” rating on shares of iRhythm Technologies in a research note on Wednesday, October 8th. Wells Fargo & Company raised their price target on shares of iRhythm Technologies from $130.00 to $180.00 and gave the stock an “overweight” rating in a research note on Friday, August 1st. JPMorgan Chase & Co. raised their price target on shares of iRhythm Technologies from $145.00 to $190.00 and gave the stock an “overweight” rating in a research note on Friday, August 1st. Finally, The Goldman Sachs Group raised their price target on shares of iRhythm Technologies from $158.00 to $180.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 1st. 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 company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $184.85.

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.