Vanguard Group Inc. Has $325.37 Million Holdings in iRhythm Technologies $IRTC

Key Points

• Vanguard Group Inc. reduced its position in iRhythm Technologies by 0.9%, holding 3,108,194 shares worth approximately $325 million after selling 28,176 shares during the first quarter.
• Several analysts updated their ratings and target prices for iRhythm Technologies, with Morgan Stanley lowering its target from $160 to $147, while Canaccord Genuity and JPMorgan raised their targets significantly to $170 and $190, respectively.
• CEO Quentin Blackford sold 30,000 shares of iRhythm stock for about $4.82 million, resulting in a 14.35% decrease in his holdings, as corporate insiders sold a total of 46,772 shares worth $7.44 million over the last quarter.

Vanguard Group Inc. decreased its position in shares of iRhythm Technologies (NASDAQ:IRTC - Free Report) by 0.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,108,194 shares of the company's stock after selling 28,176 shares during the period. Vanguard Group Inc. owned approximately 9.74% of iRhythm Technologies worth $325,366,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. MCF Advisors LLC bought a new position in iRhythm Technologies during the 1st quarter worth $25,000. CWM LLC increased its position 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 purchasing an additional 182 shares during the period. Raiffeisen Bank International AG bought a new position in shares of iRhythm Technologies in the fourth quarter worth $60,000. US Bancorp DE increased its position in shares of iRhythm Technologies by 61.9% in the first quarter. US Bancorp DE now owns 978 shares of the company's stock worth $102,000 after purchasing an additional 374 shares during the period. Finally, Avanza Fonder AB bought a new position in shares of iRhythm Technologies in the first quarter worth $123,000.

iRhythm Technologies Price Performance

Shares of IRTC stock traded up $3.48 on Thursday, reaching $166.68. The company had a trading volume of 428,859 shares, compared to its average volume of 551,526. The stock has a market capitalization of $5.36 billion, a PE ratio of -56.89 and a beta of 1.41. 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 has a one year low of $55.92 and a one year high of $168.32. The business's 50-day moving average is $147.38 and its 200 day moving average is $127.48.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported ($0.32) EPS for the quarter, topping analysts' consensus estimates 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 firm had revenue of $186.69 million during the quarter, compared to analysts' expectations of $173.94 million. During the same quarter in the prior year, the business earned ($0.61) earnings per share. The business's revenue for the quarter was up 26.1% compared to the same quarter last year. iRhythm Technologies has set its FY 2025 guidance at EPS. Equities research analysts forecast that iRhythm Technologies will post -1.98 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Bank of America assumed coverage on iRhythm Technologies in a research report on Wednesday. They issued a "buy" rating and a $200.00 price target on the stock. Morgan Stanley decreased their price target on iRhythm Technologies from $160.00 to $147.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 15th. Needham & Company LLC raised their price target on iRhythm Technologies from $151.00 to $180.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Robert W. Baird raised their price target on iRhythm Technologies from $133.00 to $150.00 and gave the stock an "outperform" rating in a research report on Friday, May 2nd. Finally, JPMorgan Chase & Co. lifted their target price on iRhythm Technologies from $145.00 to $190.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. One research 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. Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $162.64.

Insider Activity

In other news, CEO Quentin S. Blackford sold 30,000 shares of iRhythm Technologies stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $160.54, for a total transaction of $4,816,200.00. Following the sale, the chief executive officer directly owned 179,038 shares of the company's stock, valued at approximately $28,742,760.52. This trade represents a 14.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Mervin Smith sold 616 shares of iRhythm Technologies stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $164.36, for a total value of $101,245.76. Following the sale, the executive vice president directly owned 15,838 shares in the company, valued at $2,603,133.68. The trade was a 3.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 46,772 shares of company stock valued at $7,440,739. 1.10% of the stock is currently owned by company insiders.

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.