Connor Clark & Lunn Investment Management Ltd. Purchases Shares of 53,926 iRhythm Technologies $IRTC

Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of iRhythm Technologies (NASDAQ:IRTC) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 53,926 shares of the company’s stock, valued at approximately $8,302,000.

A number of other large investors also recently modified their holdings of IRTC. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position 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 buying an additional 568,261 shares during the last quarter. Fuller & Thaler Asset Management Inc. bought a new position in iRhythm Technologies during the 1st quarter valued at $54,249,000. Millennium Management LLC boosted its holdings in 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 acquiring an additional 339,529 shares during the last quarter. Jennison Associates LLC bought a new stake in shares of iRhythm Technologies in the 1st quarter worth $29,330,000. Finally, Next Century Growth Investors LLC purchased a new stake in shares of iRhythm Technologies in the first quarter valued at about $21,796,000.

Insiders Place Their Bets

In other news, EVP Sumi Shrishrimal sold 653 shares of the firm’s stock in a transaction 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 directly owned 34,032 shares of the company’s stock, valued at $5,687,427.84. This trade represents a 1.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Quentin S. Blackford sold 14,059 shares of iRhythm Technologies stock in a transaction on Monday, November 3rd. The shares were 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 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 ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 27,712 shares of company stock worth $5,215,603 over the last 90 days. Corporate insiders own 1.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on IRTC. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of iRhythm Technologies in a research report on Wednesday, October 8th. William Blair raised iRhythm Technologies to a “strong-buy” rating in a report on Friday, August 1st. Needham & Company LLC increased their price target on 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 boosted their price objective on iRhythm Technologies from $180.00 to $220.00 and gave the stock an “outperform” rating in a research report on Friday, October 10th. Finally, Wells Fargo & Company upped their price objective on iRhythm Technologies from $130.00 to $180.00 and gave the company an “overweight” rating in a research note on Friday, August 1st. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $201.57.

iRhythm Technologies Price Performance

Shares of NASDAQ:IRTC opened at $179.12 on Thursday. The firm has a market capitalization of $5.77 billion, a PE ratio of -111.25 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. The company has a 50-day moving average price of $178.38 and a two-hundred day moving average price of $157.30. iRhythm Technologies has a twelve month low of $71.00 and a twelve month high of $212.00.

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