Charles Schwab Investment Management Inc. Sells 4,915 Shares of iRhythm Technologies $IRTC

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

A number of other large investors have also added to or reduced their stakes in the company. Blair William & Co. IL grew its holdings in iRhythm Technologies by 30.6% in the 1st quarter. Blair William & Co. IL now owns 789,999 shares of the company's stock worth $82,697,000 after acquiring an additional 185,262 shares during the last quarter. Bessemer Group Inc. grew its holdings in iRhythm Technologies by 1.1% in the 1st quarter. Bessemer Group Inc. now owns 574,053 shares of the company's stock worth $60,092,000 after acquiring an additional 6,046 shares during the last quarter. Stephens Investment Management Group LLC grew its holdings in iRhythm Technologies by 3.5% in the 1st quarter. Stephens Investment Management Group LLC now owns 520,582 shares of the company's stock worth $54,495,000 after acquiring an additional 17,657 shares during the last quarter. First Light Asset Management LLC bought a new stake in iRhythm Technologies in the 4th quarter worth $38,818,000. Finally, Frontier Capital Management Co. LLC grew its holdings in iRhythm Technologies by 364.8% in the 4th quarter. Frontier Capital Management Co. LLC now owns 355,147 shares of the company's stock worth $32,024,000 after acquiring an additional 278,743 shares during the last quarter.

iRhythm Technologies Stock Performance

IRTC stock traded up $2.34 on Tuesday, hitting $168.02. The company had a trading volume of 444,678 shares, compared to its average volume of 566,505. iRhythm Technologies has a 12-month low of $55.92 and a 12-month high of $172.59. The company has a current ratio of 5.02, a quick ratio of 4.88 and a debt-to-equity ratio of 6.25. The stock's 50-day simple moving average is $148.77 and its 200 day simple moving average is $128.80. The stock has a market cap of $5.40 billion, a price-to-earnings ratio of -57.34 and a beta of 1.41.

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

Analysts Set New Price Targets

A number of brokerages have issued reports on IRTC. Citigroup raised their price target on shares of iRhythm Technologies from $167.00 to $183.00 and gave the stock a "buy" rating in a report on Thursday, August 21st. Bank of America began coverage on shares of iRhythm Technologies in a research report on Wednesday, August 20th. They issued a "buy" rating and a $200.00 target price for the company. Robert W. Baird raised their target price 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. Wall Street Zen cut shares of iRhythm Technologies from a "hold" rating to a "sell" rating in a research report on Monday, May 5th. Finally, Canaccord Genuity Group raised their target price on shares of iRhythm Technologies from $139.00 to $170.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, iRhythm Technologies presently has a consensus rating of "Buy" and an average target price of $162.64.

Insider Buying and Selling

In related news, CEO Quentin S. Blackford sold 30,000 shares of the business's 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 directly owned 179,038 shares in the company, valued at approximately $28,742,760.52. The trade was a 14.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Sumi Shrishrimal sold 653 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $167.12, for a total transaction of $109,129.36. Following the sale, the executive vice president owned 34,032 shares of the company's stock, valued at $5,687,427.84. This trade represents a 1.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 47,425 shares of company stock valued at $7,549,869 in the last ninety days. Corporate insiders own 0.68% of the company's stock.

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.