TimesSquare Capital Management LLC Takes Position in iRhythm Technologies $IRTC

TimesSquare Capital Management LLC bought a new position in shares of iRhythm Technologies (NASDAQ:IRTC) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 71,660 shares of the company’s stock, valued at approximately $11,033,000. TimesSquare Capital Management LLC owned 0.22% of iRhythm Technologies as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in the company. Fuller & Thaler Asset Management Inc. purchased a new stake in shares of iRhythm Technologies during the 1st quarter worth $54,249,000. Cim Investment Management Inc. raised its stake in 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 buying an additional 5,696 shares in the last quarter. Ethic Inc. purchased a new stake in iRhythm Technologies during the 2nd quarter worth about $242,000. Northern Trust Corp boosted its position in shares of iRhythm Technologies by 1.6% during the 1st quarter. Northern Trust Corp now owns 292,009 shares of the company’s stock worth $30,568,000 after acquiring an additional 4,675 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its position in shares of iRhythm Technologies by 1,793.7% during the 1st quarter. Principal Financial Group Inc. now owns 50,449 shares of the company’s stock worth $5,281,000 after acquiring an additional 47,785 shares in the last quarter.

Insider Activity

In related news, CFO Daniel G. Wilson sold 8,000 shares of the company’s stock in a transaction that occurred on Friday, October 31st. The shares were sold at an average price of $207.44, for a total value of $1,659,520.00. Following the completion of the sale, the chief financial officer owned 26,470 shares in the company, valued at approximately $5,490,936.80. This represents a 23.21% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Sumi Shrishrimal sold 653 shares of the company’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $167.12, for a total transaction of $109,129.36. Following the completion of the transaction, the executive vice president directly owned 34,032 shares in the company, valued at $5,687,427.84. This trade represents a 1.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 27,712 shares of company stock valued at $5,215,603. Insiders own 1.10% of the company’s stock.

iRhythm Technologies Stock Up 1.6%

Shares of NASDAQ:IRTC opened at $179.12 on Thursday. The stock has a 50-day simple moving average of $178.38 and a 200-day simple moving average of $157.30. The stock has a market capitalization of $5.77 billion, a P/E ratio of -111.25 and a beta of 1.13. iRhythm Technologies has a 1 year low of $71.00 and a 1 year high of $212.00. The company has a debt-to-equity ratio of 5.32, a quick ratio of 4.50 and a current ratio of 4.63.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings data 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. iRhythm Technologies had a negative net margin of 7.32% and a negative return on equity of 41.86%. The company had revenue of $192.88 million during the quarter, compared to analysts’ expectations of $184.75 million. During the same period in the prior year, the company posted ($1.26) EPS. The firm’s revenue for the quarter was up 30.8% on a year-over-year basis. iRhythm Technologies has set its FY 2025 guidance at EPS. Equities analysts forecast that iRhythm Technologies will post -1.98 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Weiss Ratings restated a “sell (d-)” rating on shares of iRhythm Technologies in a research note on Wednesday, October 8th. Truist Financial raised their price objective on shares of iRhythm Technologies from $175.00 to $205.00 and gave the stock a “buy” rating in a report on Wednesday, October 15th. The Goldman Sachs Group increased their target price on shares of iRhythm Technologies from $180.00 to $202.00 and gave the company a “neutral” rating in a research report on Friday, October 31st. BTIG Research lifted their price target on shares of iRhythm Technologies from $195.00 to $215.00 and gave the stock a “buy” rating in a research note on Friday, October 31st. Finally, Citigroup upped their price objective on shares of iRhythm Technologies from $205.00 to $242.00 and gave the company a “buy” rating in a research note on Friday, October 31st. 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 given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $201.57.

iRhythm Technologies Company 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.