Granahan Investment Management LLC Has $4.12 Million Holdings in iRhythm Technologies, Inc. (NASDAQ:IRTC)

Granahan Investment Management LLC lessened its position in shares of iRhythm Technologies, Inc. (NASDAQ:IRTC - Free Report) by 36.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 45,730 shares of the company's stock after selling 26,698 shares during the period. Granahan Investment Management LLC owned about 0.15% of iRhythm Technologies worth $4,123,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of IRTC. Frontier Capital Management Co. LLC grew its holdings in shares of iRhythm Technologies by 364.8% during the fourth quarter. Frontier Capital Management Co. LLC now owns 355,147 shares of the company's stock worth $32,024,000 after buying an additional 278,743 shares in the last quarter. Deerfield Management Company L.P. Series C bought a new position in shares of iRhythm Technologies during the 4th quarter worth approximately $14,068,000. Captrust Financial Advisors acquired a new stake in shares of iRhythm Technologies in the fourth quarter valued at approximately $351,000. Ameriprise Financial Inc. increased its stake in iRhythm Technologies by 13.6% in the 4th quarter. Ameriprise Financial Inc. now owns 71,254 shares of the company's stock valued at $6,425,000 after buying an additional 8,528 shares during the last quarter. Finally, Algert Global LLC boosted its stake in shares of iRhythm Technologies by 44.9% during the 4th quarter. Algert Global LLC now owns 19,643 shares of the company's stock worth $1,771,000 after buying an additional 6,083 shares during the last quarter.

iRhythm Technologies Stock Performance

IRTC stock traded up $0.44 during mid-day trading on Friday, hitting $141.48. 282,858 shares of the company were exchanged, compared to its average volume of 471,506. iRhythm Technologies, Inc. has a 1-year low of $55.92 and a 1-year high of $144.00. The stock has a market capitalization of $4.52 billion, a PE ratio of -38.88 and a beta of 1.34. The business has a 50 day simple moving average of $109.92 and a 200-day simple moving average of $100.65. The company has a current ratio of 6.27, a quick ratio of 6.12 and a debt-to-equity ratio of 9.00.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The company reported ($0.95) earnings per share for the quarter, missing the consensus estimate of ($0.89) by ($0.06). The firm had revenue of $158.68 million for the quarter, compared to analyst estimates of $153.39 million. iRhythm Technologies had a negative return on equity of 118.83% and a negative net margin of 19.14%. The business's revenue for the quarter was up 20.3% on a year-over-year basis. During the same period in the previous year, the business posted ($1.23) earnings per share. On average, equities analysts forecast that iRhythm Technologies, Inc. will post -1.98 earnings per share for the current year.

Analyst Ratings Changes

Several analysts recently issued reports on IRTC shares. Needham & Company LLC upped their target price on iRhythm Technologies from $138.00 to $151.00 and gave the stock a "buy" rating in a report on Friday, May 2nd. Robert W. Baird upped their price objective on iRhythm Technologies from $133.00 to $150.00 and gave the stock an "outperform" rating in a research note on Friday, May 2nd. StockNews.com downgraded iRhythm Technologies from a "hold" rating to a "sell" rating in a report on Monday, May 5th. Truist Financial boosted their target price on shares of iRhythm Technologies from $111.00 to $145.00 and gave the stock a "buy" rating in a report on Friday, February 21st. Finally, The Goldman Sachs Group increased their price target on shares of iRhythm Technologies from $91.00 to $124.00 and gave the company a "neutral" rating in a research note on Monday, February 24th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and ten have assigned a buy rating to the company's stock. Based on data from MarketBeat, iRhythm Technologies presently has an average rating of "Moderate Buy" and a consensus target price of $128.55.

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.