iRhythm Technologies $IRTC Shares Purchased by Granahan Investment Management LLC

Granahan Investment Management LLC raised its stake in iRhythm Technologies (NASDAQ:IRTC) by 567.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 96,022 shares of the company’s stock after purchasing an additional 81,645 shares during the quarter. Granahan Investment Management LLC owned about 0.29% of iRhythm Technologies worth $11,333,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Entropy Technologies LP grew its stake in shares of iRhythm Technologies by 59.2% in the first quarter. Entropy Technologies LP now owns 10,652 shares of the company’s stock valued at $1,257,000 after buying an additional 3,963 shares in the last quarter. Inceptionr LLC lifted its position in iRhythm Technologies by 58.2% during the 1st quarter. Inceptionr LLC now owns 5,420 shares of the company’s stock worth $640,000 after acquiring an additional 1,993 shares in the last quarter. Group One Trading LLC purchased a new position in iRhythm Technologies in the 1st quarter worth approximately $206,000. WCM Investment Management LLC boosted its holdings in iRhythm Technologies by 47.5% in the 1st quarter. WCM Investment Management LLC now owns 108,078 shares of the company’s stock worth $12,344,000 after acquiring an additional 34,786 shares during the period. Finally, Swiss National Bank grew its position in iRhythm Technologies by 0.5% in the first quarter. Swiss National Bank now owns 63,700 shares of the company’s stock valued at $7,518,000 after acquiring an additional 300 shares in the last quarter.

iRhythm Technologies Stock Up 1.4%

IRTC stock opened at $109.20 on Friday. The company has a current ratio of 5.17, a quick ratio of 4.98 and a debt-to-equity ratio of 4.03. The firm has a 50 day simple moving average of $113.59 and a 200-day simple moving average of $128.29. The company has a market capitalization of $3.59 billion, a P/E ratio of -126.98 and a beta of 1.27. iRhythm Technologies has a twelve month low of $100.85 and a twelve month 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, beating 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 for the quarter, compared to analysts’ expectations of $194.11 million. During the same period in the prior year, the company posted ($0.97) earnings per share. The firm’s quarterly revenue was up 25.6% on a year-over-year basis. On average, equities research analysts predict that iRhythm Technologies will post 0.13 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently issued reports on IRTC shares. Truist Financial dropped their price objective on shares of iRhythm Technologies from $174.00 to $160.00 and set a “buy” rating on the stock in a research note on Thursday, July 16th. Stephens began coverage on shares of iRhythm Technologies in a research note on Thursday. They issued an “overweight” rating and a $160.00 target price for the company. Needham & Company LLC raised their price target on shares of iRhythm Technologies from $254.00 to $255.00 and gave the company a “buy” rating in a report on Friday, May 1st. Weiss Ratings raised shares of iRhythm Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, June 18th. Finally, Wall Street Zen upgraded shares of iRhythm Technologies from a “hold” rating to a “buy” rating in a report on Saturday, July 18th. Three investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $184.71.

Insider Buying and Selling at iRhythm Technologies

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

iRhythm Technologies Company Profile

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.