iRhythm Technologies $IRTC Shares Sold by Charles Schwab Investment Management Inc.

Key Points

• Charles Schwab Investment Management Inc. has reduced its stake in iRhythm Technologies by 1.9%, selling 4,915 shares to own approximately 0.80% of the company, worth about $26.65 million.
• Several other institutional investors significantly increased their holdings in iRhythm Technologies, with Principal Financial Group boosting its stake by a remarkable 1,793.7% in the first quarter.
• iRhythm Technologies has received positive analyst ratings, including a "strong-buy" from William Blair and various price target increases, with the average consensus now set at $161.18.

Charles Schwab Investment Management Inc. lessened its holdings in shares of iRhythm Technologies (NASDAQ:IRTC - Free Report) by 1.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 254,579 shares of the company's stock after selling 4,915 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.80% of iRhythm Technologies worth $26,649,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Xponance Inc. boosted its stake in iRhythm Technologies by 6.1% during the 1st quarter. Xponance Inc. now owns 2,390 shares of the company's stock worth $250,000 after purchasing an additional 137 shares during the last quarter. CWM LLC boosted its stake in iRhythm Technologies by 54.3% during the 1st quarter. CWM LLC now owns 517 shares of the company's stock worth $54,000 after purchasing an additional 182 shares during the last quarter. Bank Pictet & Cie Europe AG boosted its stake in iRhythm Technologies by 5.9% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 3,289 shares of the company's stock worth $297,000 after purchasing an additional 184 shares during the last quarter. Invesco Ltd. boosted its stake in iRhythm Technologies by 1.1% during the 4th quarter. Invesco Ltd. now owns 19,200 shares of the company's stock worth $1,731,000 after purchasing an additional 207 shares during the last quarter. Finally, MCF Advisors LLC acquired a new stake in iRhythm Technologies during the 1st quarter worth $25,000.

Analysts Set New Price Targets

Several research firms have recently commented on IRTC. William Blair upgraded iRhythm Technologies to a "strong-buy" rating in a report on Friday, August 1st. JPMorgan Chase & Co. lifted their price target on iRhythm Technologies from $145.00 to $190.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Wells Fargo & Company lifted their price target on iRhythm Technologies from $130.00 to $180.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Robert W. Baird lifted their price target on iRhythm Technologies from $133.00 to $150.00 and gave the stock an "outperform" rating in a report on Friday, May 2nd. Finally, Canaccord Genuity Group lifted their price target on iRhythm Technologies from $139.00 to $170.00 and gave the stock a "buy" rating in a report on Friday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, iRhythm Technologies currently has an average rating of "Buy" and a consensus price target of $162.64.

iRhythm Technologies Price Performance

IRTC traded up $2.44 on Friday, hitting $169.12. The company had a trading volume of 532,031 shares, compared to its average volume of 561,057. iRhythm Technologies has a 1 year low of $55.92 and a 1 year high of $172.59. The company's fifty day moving average price is $147.89 and its 200 day moving average price is $128.00. The company has a quick ratio of 4.88, a current ratio of 5.02 and a debt-to-equity ratio of 6.25.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported ($0.32) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.53) by $0.21. The firm had revenue of $186.69 million for the quarter, compared to analyst estimates of $173.94 million. iRhythm Technologies had a negative net margin of 14.06% and a negative return on equity of 90.03%. iRhythm Technologies's revenue was up 26.1% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.61) EPS. iRhythm Technologies has set its FY 2025 guidance at EPS. As a group, equities analysts expect that iRhythm Technologies will post -1.98 earnings per share for the current fiscal year.

Insider Transactions at iRhythm Technologies

In other iRhythm Technologies news, EVP Sumi Shrishrimal sold 653 shares of iRhythm Technologies stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $167.12, for a total value of $109,129.36. Following the completion of the transaction, the executive vice president directly owned 34,032 shares of the company's stock, valued at $5,687,427.84. The trade was a 1.88% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Marc Wade Rosenbaum sold 226 shares of iRhythm Technologies stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $158.93, for a total value of $35,918.18. Following the completion of the transaction, the chief accounting officer directly owned 10,879 shares of the company's stock, valued at approximately $1,728,999.47. This represents a 2.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 47,425 shares of company stock worth $7,549,869 in the last 90 days. Insiders own 1.10% of the company's stock.

About iRhythm Technologies

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.