Creative Planning Raises Stock Position in iRhythm Technologies $IRTC

Creative Planning lifted its stake in iRhythm Technologies (NASDAQ:IRTC) by 22.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,475 shares of the company’s stock after buying an additional 1,933 shares during the period. Creative Planning’s holdings in iRhythm Technologies were worth $1,613,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of IRTC. Fuller & Thaler Asset Management Inc. purchased a new stake in shares of iRhythm Technologies in the 1st quarter valued at about $54,249,000. Cim Investment Management Inc. boosted its holdings in shares of iRhythm Technologies by 97.6% in the first quarter. Cim Investment Management Inc. now owns 11,530 shares of the company’s stock valued at $1,122,000 after acquiring an additional 5,696 shares during the period. Ethic Inc. purchased a new position in shares of iRhythm Technologies during the second quarter worth approximately $242,000. Northern Trust Corp increased its holdings in shares of iRhythm Technologies by 1.6% in the 1st quarter. Northern Trust Corp now owns 292,009 shares of the company’s stock valued at $30,568,000 after acquiring an additional 4,675 shares during the period. Finally, Corton Capital Inc. purchased a new stake in iRhythm Technologies in the 2nd quarter valued at $342,000.

Insider Transactions at iRhythm Technologies

In other iRhythm Technologies news, CEO Quentin S. Blackford sold 14,059 shares of the stock in a transaction dated 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 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Daniel G. Wilson sold 8,000 shares of iRhythm Technologies stock in a transaction that occurred on Friday, October 31st. The shares were sold at an average price of $207.44, for a total transaction of $1,659,520.00. Following the sale, the chief financial officer owned 26,470 shares of the company’s stock, valued at approximately $5,490,936.80. The trade was a 23.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 27,059 shares of company stock valued at $5,106,473 in the last quarter. Insiders own 1.10% of the company’s stock.

Wall Street Analysts Forecast Growth

IRTC has been the topic of several research reports. Citigroup raised their price objective on shares of iRhythm Technologies from $205.00 to $242.00 and gave the stock a “buy” rating in a research report on Friday, October 31st. Truist Financial raised their price target on iRhythm Technologies from $175.00 to $205.00 and gave the stock a “buy” rating in a report on Wednesday, October 15th. Needham & Company LLC boosted 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. Canaccord Genuity Group increased their price objective on iRhythm Technologies from $193.00 to $212.00 and gave the stock a “buy” rating in a research report on Friday, October 31st. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of iRhythm Technologies in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $201.57.

iRhythm Technologies Stock Performance

Shares of IRTC stock opened at $186.66 on Friday. The company has a current ratio of 4.63, a quick ratio of 4.50 and a debt-to-equity ratio of 5.32. iRhythm Technologies has a 12-month low of $81.10 and a 12-month high of $212.00. The company has a market cap of $6.01 billion, a price-to-earnings ratio of -115.94 and a beta of 1.13. The stock has a 50 day simple moving average of $177.52 and a 200-day simple moving average of $161.03.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings data on Thursday, October 30th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.36) by $0.30. iRhythm Technologies had a negative return on equity of 41.86% and a negative net margin of 7.32%.The firm had revenue of $192.88 million during the quarter, compared to analysts’ expectations of $184.75 million. During the same quarter in the prior year, the business posted ($1.26) earnings per share. iRhythm Technologies’s revenue was up 30.8% compared to the same quarter last year. iRhythm Technologies has set its FY 2025 guidance at EPS. On average, 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.