Champlain Investment Partners LLC Has $86.13 Million Stock Holdings in iRhythm Technologies $IRTC

Key Points

• Champlain Investment Partners LLC has increased its stake in iRhythm Technologies by 13.3%, owning approximately 2.58% of the company, valued at $86.13 million.
• Insider selling has occurred, with CEO Quentin S. Blackford selling 30,000 shares for $4.82 million, reflecting a 14.35% decrease in his ownership.
• Analysts remain optimistic, with JPMorgan and Bank of America raising their target prices for iRhythm Technologies' stock, with the average target now at $162.64.

Champlain Investment Partners LLC lifted its holdings in iRhythm Technologies (NASDAQ:IRTC - Free Report) by 13.3% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 822,791 shares of the company's stock after buying an additional 96,529 shares during the quarter. Champlain Investment Partners LLC owned approximately 2.58% of iRhythm Technologies worth $86,130,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the business. AlphaQuest LLC bought a new position in shares of iRhythm Technologies in the 1st quarter worth about $30,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of iRhythm Technologies in the 1st quarter worth about $50,000. Hsbc Holdings PLC lifted its position in shares of iRhythm Technologies by 3.1% in the 1st quarter. Hsbc Holdings PLC now owns 4,590 shares of the company's stock worth $474,000 after buying an additional 138 shares during the last quarter. Fuller & Thaler Asset Management Inc. bought a new position in shares of iRhythm Technologies in the 1st quarter worth about $54,249,000. Finally, Northern Trust Corp lifted its position in iRhythm Technologies by 1.6% in the 1st quarter. Northern Trust Corp now owns 292,009 shares of the company's stock valued at $30,568,000 after purchasing an additional 4,675 shares during the last quarter.

iRhythm Technologies Price Performance

Shares of IRTC traded down $1.49 during mid-day trading on Friday, hitting $169.98. The company's stock had a trading volume of 193,610 shares, compared to its average volume of 545,079. The firm has a 50-day moving average price of $150.26 and a 200 day moving average price of $130.07. The stock has a market capitalization of $5.46 billion, a price-to-earnings ratio of -58.01 and a beta of 1.41. The company has a debt-to-equity ratio of 6.25, a current ratio of 5.02 and a quick ratio of 4.88. iRhythm Technologies has a fifty-two week low of $55.92 and a fifty-two week high of $172.59.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported ($0.32) earnings per share for the quarter, topping the consensus estimate of ($0.53) by $0.21. The business had revenue of $186.69 million for the quarter, compared to the consensus estimate of $173.94 million. iRhythm Technologies had a negative net margin of 14.06% and a negative return on equity of 90.03%. The firm's quarterly revenue was up 26.1% compared to the same quarter last year. During the same period last year, the firm posted ($0.61) earnings per share. iRhythm Technologies has set its FY 2025 guidance at EPS. On average, research analysts predict that iRhythm Technologies will post -1.98 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently weighed in on IRTC. Wall Street Zen downgraded shares of iRhythm Technologies from a "hold" rating to a "sell" rating in a research report on Monday, May 5th. Citigroup lifted their price objective on shares of iRhythm Technologies from $167.00 to $183.00 and gave the company a "buy" rating in a research report on Thursday, August 21st. Needham & Company LLC lifted their price objective on shares of iRhythm Technologies from $180.00 to $193.00 and gave the company a "buy" rating in a research report on Thursday. Morgan Stanley dropped their price target on shares of iRhythm Technologies from $160.00 to $147.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 15th. Finally, Robert W. Baird boosted their price target on shares of iRhythm Technologies from $133.00 to $150.00 and gave the stock an "outperform" rating in a research report on Friday, May 2nd. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $163.82.

Insider Activity

In other iRhythm Technologies news, CFO Daniel G. Wilson sold 3,000 shares of iRhythm Technologies stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $150.00, for a total value of $450,000.00. Following the completion of the sale, the chief financial officer directly owned 40,307 shares in the company, valued at $6,046,050. The trade was a 6.93% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Quentin S. Blackford sold 30,000 shares of iRhythm Technologies stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $160.54, for a total transaction of $4,816,200.00. Following the completion of the sale, the chief executive officer owned 179,038 shares of the company's stock, valued at $28,742,760.52. This trade represents a 14.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 47,425 shares of company stock valued at $7,549,869 in the last three months. 1.10% of the stock is currently owned by insiders.

iRhythm Technologies 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.