WCM Investment Management LLC Has $12.34 Million Stake in iRhythm Technologies $IRTC

WCM Investment Management LLC increased its stake in shares of iRhythm Technologies (NASDAQ:IRTC) by 47.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 108,078 shares of the company’s stock after purchasing an additional 34,786 shares during the quarter. WCM Investment Management LLC owned about 0.33% of iRhythm Technologies worth $12,344,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Measured Wealth Private Client Group LLC acquired a new position in iRhythm Technologies during the 3rd quarter worth $30,000. GAMMA Investing LLC boosted its position in iRhythm Technologies by 48.4% in the 4th quarter. GAMMA Investing LLC now owns 184 shares of the company’s stock valued at $33,000 after buying an additional 60 shares during the last quarter. Employees Retirement System of Texas bought a new position in iRhythm Technologies in the 3rd quarter valued at $36,000. Torren Management LLC acquired a new stake in shares of iRhythm Technologies in the 4th quarter valued at $53,000. Finally, Smartleaf Asset Management LLC increased its stake in shares of iRhythm Technologies by 63.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 323 shares of the company’s stock valued at $58,000 after buying an additional 125 shares during the period.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. JPMorgan Chase & Co. dropped their target price on iRhythm Technologies from $215.00 to $175.00 and set an “overweight” rating for the company in a research report on Friday, May 1st. Needham & Company LLC raised their price target on iRhythm Technologies from $254.00 to $255.00 and gave the company a “buy” rating in a report on Friday, May 1st. HC Wainwright reiterated a “buy” rating on shares of iRhythm Technologies in a research report on Monday, June 1st. Truist Financial dropped their price objective on iRhythm Technologies from $174.00 to $160.00 and set a “buy” rating for the company in a report on Thursday, July 16th. Finally, BTIG Research restated a “buy” rating and set a $185.00 target price on shares of iRhythm Technologies in a research report on Monday, June 22nd. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, iRhythm Technologies presently has an average rating of “Moderate Buy” and a consensus price target of $186.62.

iRhythm Technologies Stock Performance

Shares of iRhythm Technologies stock opened at $111.37 on Tuesday. The firm has a fifty day moving average of $114.17 and a two-hundred day moving average of $129.89. The company has a debt-to-equity ratio of 4.03, a quick ratio of 4.98 and a current ratio of 5.17. The stock has a market capitalization of $3.66 billion, a price-to-earnings ratio of -129.50 and a beta of 1.27. iRhythm Technologies has a 52 week low of $100.85 and a 52 week high of $212.00.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings results on Thursday, April 30th. The company reported ($0.35) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.56) by $0.21. iRhythm Technologies had a negative return on equity of 10.26% and a negative net margin of 3.53%.The business had revenue of $199.39 million for the quarter, compared to analyst estimates of $194.11 million. During the same period last year, the company earned ($0.97) EPS. The firm’s revenue was up 25.6% on a year-over-year basis. As a group, equities research analysts predict that iRhythm Technologies will post 0.13 EPS for the current year.

Insiders Place Their Bets

In related news, Director Abhijit Y. Talwalkar bought 5,312 shares of the business’s stock in a transaction on Monday, May 11th. The shares were purchased at an average price of $10.71 per share, with a total value of $56,891.52. Following the completion of the purchase, the director owned 25,611 shares of the company’s stock, valued at $274,293.81. This represents a 26.17% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.98% of the company’s stock.

About iRhythm Technologies

iRhythm Technologies, Inc is a medical technology company that develops and commercializes wearable cardiac monitoring devices and associated data analytics services. Founded in 2006 and headquartered in San Francisco, California, the company’s flagship product is the Zio® patch, a discreet, single-use, continuous ECG recorder designed to monitor heart rhythms for up to 14 days. iRhythm’s digital diagnostics platform combines biosensor technology with proprietary algorithms to detect arrhythmias and streamline data interpretation for physicians.

The Zio service is prescribed by cardiologists and other healthcare providers to aid in the diagnosis of atrial fibrillation, bradycardia, tachycardia and other rhythm disorders.