PNC Financial Services Group Inc. Sells 1,167 Shares of iRhythm Technologies $IRTC

PNC Financial Services Group Inc. trimmed its position in iRhythm Technologies (NASDAQ:IRTC) by 28.4% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 2,935 shares of the company’s stock after selling 1,167 shares during the period. PNC Financial Services Group Inc.’s holdings in iRhythm Technologies were worth $452,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of iRhythm Technologies by 169.7% in 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 acquiring an additional 568,261 shares in the last quarter. Champlain Investment Partners LLC boosted its position in iRhythm Technologies by 13.3% in the first quarter. Champlain Investment Partners LLC now owns 822,791 shares of the company’s stock worth $86,130,000 after purchasing an additional 96,529 shares during the last quarter. Blair William & Co. IL grew its stake in iRhythm Technologies by 30.6% in the 1st quarter. Blair William & Co. IL now owns 789,999 shares of the company’s stock valued at $82,697,000 after purchasing an additional 185,262 shares during the period. Stephens Investment Management Group LLC increased its position in shares of iRhythm Technologies by 6.2% during the 2nd quarter. Stephens Investment Management Group LLC now owns 552,916 shares of the company’s stock valued at $85,127,000 after purchasing an additional 32,334 shares during the last quarter. Finally, Fuller & Thaler Asset Management Inc. purchased a new stake in shares of iRhythm Technologies during the 1st quarter valued at $54,249,000.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on IRTC shares. Loop Capital set a $220.00 price target on shares of iRhythm Technologies in a research report on Friday, October 31st. The Goldman Sachs Group raised their price target on shares of iRhythm Technologies from $180.00 to $202.00 and gave the stock a “neutral” rating in a research note on Friday, October 31st. Citigroup upped their price objective on iRhythm Technologies from $205.00 to $242.00 and gave the company a “buy” rating in a research note on Friday, October 31st. Evercore ISI decreased their target price on iRhythm Technologies from $185.00 to $175.00 and set an “in-line” rating for the company in a research report on Tuesday, October 7th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of iRhythm Technologies in a research note on Wednesday, October 8th. 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 issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $201.57.

iRhythm Technologies Stock Up 3.0%

Shares of iRhythm Technologies stock opened at $183.21 on Tuesday. iRhythm Technologies has a 1 year low of $74.31 and a 1 year high of $212.00. The firm has a market cap of $5.90 billion, a price-to-earnings ratio of -113.79 and a beta of 1.13. The company has a 50-day moving average of $176.75 and a 200 day moving average of $160.31. The company has a debt-to-equity ratio of 5.32, a current ratio of 4.63 and a quick ratio of 4.50.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings data on Thursday, October 30th. The company reported ($0.06) earnings per share for the quarter, topping 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 business had revenue of $192.88 million for the quarter, compared to analysts’ expectations of $184.75 million. During the same quarter in the prior year, the company earned ($1.26) earnings per share. The business’s revenue was up 30.8% compared to the same quarter last year. iRhythm Technologies has set its FY 2025 guidance at EPS. As a group, sell-side analysts anticipate that iRhythm Technologies will post -1.98 earnings per share for the current fiscal year.

Insider Activity at iRhythm Technologies

In other news, CEO Quentin S. Blackford sold 14,059 shares of the stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $182.94, for a total value of $2,571,953.46. Following the sale, the chief executive officer directly owned 164,979 shares of the company’s stock, valued at approximately $30,181,258.26. This represents a 7.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Daniel G. Wilson sold 8,000 shares of the firm’s stock in a transaction 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 transaction, the chief financial officer owned 26,470 shares of the company’s stock, valued at $5,490,936.80. The trade was a 23.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 27,059 shares of company stock worth $5,106,473 in the last 90 days. 0.68% of the stock is currently owned by company insiders.

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.