Granahan Investment Management LLC Sells 26,698 Shares of iRhythm Technologies, Inc. (NASDAQ:IRTC)

Granahan Investment Management LLC trimmed its holdings in shares of iRhythm Technologies, Inc. (NASDAQ:IRTC - Free Report) by 36.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 45,730 shares of the company's stock after selling 26,698 shares during the quarter. Granahan Investment Management LLC owned about 0.15% of iRhythm Technologies worth $4,123,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. R Squared Ltd bought a new position in iRhythm Technologies during the fourth quarter worth about $45,000. Van ECK Associates Corp increased its position in iRhythm Technologies by 41.3% during the fourth quarter. Van ECK Associates Corp now owns 554 shares of the company's stock worth $50,000 after acquiring an additional 162 shares during the period. Nisa Investment Advisors LLC increased its position in iRhythm Technologies by 166.6% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,037 shares of the company's stock worth $94,000 after acquiring an additional 648 shares during the period. KBC Group NV increased its position in iRhythm Technologies by 45.1% during the fourth quarter. KBC Group NV now owns 1,319 shares of the company's stock worth $119,000 after acquiring an additional 410 shares during the period. Finally, Xponance Inc. bought a new position in iRhythm Technologies during the fourth quarter worth about $203,000.

Wall Street Analyst Weigh In

Several equities analysts have commented on IRTC shares. Robert W. Baird raised their target price on shares of iRhythm Technologies from $133.00 to $150.00 and gave the company an "outperform" rating in a report on Friday, May 2nd. The Goldman Sachs Group raised their target price on shares of iRhythm Technologies from $91.00 to $124.00 and gave the company a "neutral" rating in a report on Monday, February 24th. Wells Fargo & Company raised shares of iRhythm Technologies from an "equal weight" rating to an "overweight" rating and raised their target price for the company from $104.00 to $130.00 in a report on Friday, May 2nd. Truist Financial raised their target price on shares of iRhythm Technologies from $111.00 to $145.00 and gave the company a "buy" rating in a report on Friday, February 21st. Finally, Needham & Company LLC raised their price target on shares of iRhythm Technologies from $138.00 to $151.00 and gave the company a "buy" rating in a research note on Friday, May 2nd. One research analyst has rated the stock with a sell rating, one has issued a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, iRhythm Technologies currently has an average rating of "Moderate Buy" and an average price target of $128.55.

iRhythm Technologies Trading Up 0.5%

NASDAQ:IRTC traded up $0.68 during mid-day trading on Wednesday, hitting $140.46. 652,516 shares of the company's stock were exchanged, compared to its average volume of 471,080. 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, Inc. has a fifty-two week low of $55.92 and a fifty-two week high of $143.00. The company has a 50 day simple moving average of $108.28 and a 200-day simple moving average of $99.93. The firm has a market capitalization of $4.48 billion, a P/E ratio of -38.59 and a beta of 1.34.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The company reported ($0.95) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.89) by ($0.06). The firm had revenue of $158.68 million during 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 firm's revenue for the quarter was up 20.3% on a year-over-year basis. During the same quarter last year, the firm posted ($1.23) EPS. As a group, research analysts expect that iRhythm Technologies, Inc. will post -1.98 earnings per share for the current 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.