iRhythm Technologies $IRTC Holdings Raised by Granahan Investment Management LLC

Granahan Investment Management LLC lifted its position in shares of iRhythm Technologies (NASDAQ:IRTC) by 567.9% during the 1st quarter, HoldingsChannel.com reports. The fund owned 96,022 shares of the company’s stock after acquiring an additional 81,645 shares during the quarter. Granahan Investment Management LLC’s holdings in iRhythm Technologies were worth $11,333,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in IRTC. Hussman Strategic Advisors Inc. acquired a new stake in shares of iRhythm Technologies during the fourth quarter worth $2,608,000. UBS Group AG lifted its position in shares of iRhythm Technologies by 190.3% in the 4th quarter. UBS Group AG now owns 153,218 shares of the company’s stock worth $27,187,000 after buying an additional 100,435 shares during the last quarter. M&T Bank Corp acquired a new position in shares of iRhythm Technologies in the 4th quarter valued at about $3,933,000. Legal & General Group Plc boosted its holdings in shares of iRhythm Technologies by 24.0% in the 4th quarter. Legal & General Group Plc now owns 52,070 shares of the company’s stock valued at $9,239,000 after buying an additional 10,065 shares during the period. Finally, Stephens Investment Management Group LLC grew its position in shares of iRhythm Technologies by 8.1% during the 1st quarter. Stephens Investment Management Group LLC now owns 561,530 shares of the company’s stock valued at $66,272,000 after buying an additional 42,205 shares during the last quarter.

iRhythm Technologies Trading Up 1.4%

Shares of NASDAQ:IRTC opened at $109.20 on Friday. The company has a quick ratio of 4.98, a current ratio of 5.17 and a debt-to-equity ratio of 4.03. The company’s 50-day moving average price is $113.59 and its 200 day moving average price is $128.29. The company has a market cap of $3.59 billion, a PE ratio of -126.98 and a beta of 1.27. iRhythm Technologies has a fifty-two week low of $100.85 and a fifty-two week high of $212.00.

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

Analyst Ratings Changes

Several research firms recently weighed in on IRTC. Wells Fargo & Company dropped their price objective on shares of iRhythm Technologies from $200.00 to $180.00 and set an “overweight” rating on the stock in a research note on Friday, May 1st. Needham & Company LLC lifted their target price on iRhythm Technologies from $254.00 to $255.00 and gave the company a “buy” rating in a research note on Friday, May 1st. Wall Street Zen raised iRhythm Technologies from a “hold” rating to a “buy” rating in a report on Saturday, July 18th. Truist Financial dropped their price target on iRhythm Technologies from $174.00 to $160.00 and set a “buy” rating on the stock in a research report on Thursday, July 16th. Finally, Citigroup raised their price target on iRhythm Technologies from $155.00 to $157.00 and gave the stock a “buy” rating in a report on Monday, May 4th. Three analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $184.71.

Insider Activity

In other iRhythm Technologies news, Director Abhijit Y. Talwalkar acquired 5,312 shares of iRhythm Technologies stock in a transaction dated Monday, May 11th. The stock was acquired at an average cost of $10.71 per share, for a total transaction of $56,891.52. Following the completion of the transaction, the director owned 25,611 shares in the company, valued at approximately $274,293.81. This represents a 26.17% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate 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.