Granahan Investment Management LLC Cuts Holdings in iRhythm Technologies $IRTC

Key Points

• Granahan Investment Management LLC has reduced its stake in iRhythm Technologies by 67.7%, now holding 14,772 shares valued at approximately $1.55 million.
• Insider selling was significant, with CEO Quentin S. Blackford selling 30,000 shares for over $4.8 million, and a director selling another 5,312 shares, indicating potential shifts in confidence.
• iRhythm Technologies reported strong revenue growth of 26.1% year-over-year, with earnings beating expectations for the last quarter, while analysts have varied price targets for the stock, showcasing mixed sentiment.

Granahan Investment Management LLC trimmed its position in iRhythm Technologies (NASDAQ:IRTC - Free Report) by 67.7% in the first quarter, according to its most recent filing with the SEC. The fund owned 14,772 shares of the company's stock after selling 30,958 shares during the period. Granahan Investment Management LLC's holdings in iRhythm Technologies were worth $1,546,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently made changes to their positions in IRTC. MCF Advisors LLC bought a new position in shares of iRhythm Technologies in the 1st quarter worth about $25,000. AlphaQuest LLC purchased a new position in iRhythm Technologies in the first quarter valued at approximately $30,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of iRhythm Technologies in the first quarter worth $50,000. CWM LLC boosted its holdings in shares of iRhythm Technologies by 54.3% in the first quarter. CWM LLC now owns 517 shares of the company's stock worth $54,000 after acquiring an additional 182 shares during the period. Finally, Raiffeisen Bank International AG bought a new stake in iRhythm Technologies during the fourth quarter valued at $60,000.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Bank of America started coverage on iRhythm Technologies in a research note on Wednesday, August 20th. They set a "buy" rating and a $200.00 price target for the company. William Blair upgraded iRhythm Technologies to a "strong-buy" rating in a report on Friday, August 1st. Morgan Stanley reduced their price target on iRhythm Technologies from $160.00 to $147.00 and set an "overweight" rating on the stock in a report on Tuesday, July 15th. Needham & Company LLC boosted their price target on iRhythm Technologies from $180.00 to $193.00 and gave the company a "buy" rating in a report on Thursday, August 28th. Finally, Citigroup lifted their price objective on iRhythm Technologies from $167.00 to $183.00 and gave the company a "buy" rating in a research report on Thursday, August 21st. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Buy" and an average target price of $163.82.

Insiders Place Their Bets

In other news, insider Chad Patterson sold 2,555 shares of the firm's stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $158.97, for a total transaction of $406,168.35. Following the transaction, the insider directly owned 43,667 shares of the company's stock, valued at approximately $6,941,742.99. This trade represents a 5.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Sumi Shrishrimal sold 653 shares of the firm's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $167.12, for a total transaction of $109,129.36. Following the transaction, the executive vice president directly owned 34,032 shares in the company, valued at approximately $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 52,425 shares of company stock valued at $8,424,869 over the last quarter. Corporate insiders own 1.10% of the company's stock.

iRhythm Technologies Price Performance

Shares of IRTC traded up $0.43 during midday trading on Thursday, hitting $182.48. 92,300 shares of the company traded hands, compared to its average volume of 468,371. The firm has a 50 day moving average of $154.86 and a 200-day moving average of $133.61. iRhythm Technologies has a 52 week low of $55.92 and a 52 week high of $187.57. The stock has a market cap of $5.86 billion, a price-to-earnings ratio of -62.30 and a beta of 1.10. The company has a debt-to-equity ratio of 6.25, a quick ratio of 4.88 and a current ratio of 5.02.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last announced its earnings results 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 analysts' expectations of $173.94 million. iRhythm Technologies had a negative net margin of 14.06% and a negative return on equity of 90.03%. The business's revenue was up 26.1% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.61) EPS. iRhythm Technologies has set its FY 2025 guidance at EPS. On average, analysts forecast that iRhythm Technologies will post -1.98 EPS for the current fiscal year.

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.