HeartBeam (NASDAQ:BEAT) Given New $5.00 Price Target at Benchmark

HeartBeam (NASDAQ:BEAT) had its target price reduced by Benchmark from $8.00 to $5.00 in a research report released on Friday,Benzinga reports. Benchmark currently has a speculative buy rating on the medical research company’s stock.

Several other research firms have also commented on BEAT. D. Boral Capital lowered shares of HeartBeam from a “buy” rating to a “hold” rating in a research report on Monday, April 20th. HC Wainwright reiterated a “buy” rating and issued a $5.50 price objective on shares of HeartBeam in a research report on Monday, March 16th. Finally, B. Riley Financial assumed coverage on shares of HeartBeam in a research report on Tuesday, March 31st. They issued a “buy” rating and a $4.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, HeartBeam presently has a consensus rating of “Moderate Buy” and a consensus price target of $4.83.

HeartBeam Price Performance

NASDAQ:BEAT opened at $0.97 on Friday. The firm’s fifty day moving average price is $1.10 and its 200 day moving average price is $1.51. HeartBeam has a 1-year low of $0.54 and a 1-year high of $4.00. The firm has a market cap of $39.65 million, a price-to-earnings ratio of -1.72 and a beta of -0.86.

HeartBeam (NASDAQ:BEAT) last issued its earnings results on Wednesday, May 13th. The medical research company reported ($0.12) EPS for the quarter, topping the consensus estimate of ($0.14) by $0.02. As a group, analysts expect that HeartBeam will post -0.48 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Mark E. Strome acquired 750,000 shares of the stock in a transaction on Thursday, April 16th. The stock was bought at an average price of $0.80 per share, with a total value of $600,000.00. Following the completion of the transaction, the director directly owned 3,650,000 shares of the company’s stock, valued at $2,920,000. The trade was a 25.86% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Richard Ferrari acquired 62,500 shares of the stock in a transaction on Thursday, April 16th. The stock was purchased at an average cost of $0.80 per share, with a total value of $50,000.00. Following the transaction, the director directly owned 291,636 shares of the company’s stock, valued at $233,308.80. This represents a 27.28% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders acquired a total of 1,118,750 shares of company stock worth $895,000 over the last ninety days. 18.04% of the stock is owned by company insiders.

Hedge Funds Weigh In On HeartBeam

Several institutional investors and hedge funds have recently made changes to their positions in BEAT. Raymond James Financial Inc. boosted its holdings in HeartBeam by 102.2% in the second quarter. Raymond James Financial Inc. now owns 28,178 shares of the medical research company’s stock worth $35,000 after purchasing an additional 14,242 shares during the period. Bessemer Group Inc. acquired a new position in HeartBeam in the third quarter worth $25,000. Kestra Private Wealth Services LLC grew its position in shares of HeartBeam by 23.4% during the third quarter. Kestra Private Wealth Services LLC now owns 175,989 shares of the medical research company’s stock worth $290,000 after acquiring an additional 33,344 shares during the last quarter. Ritholtz Wealth Management grew its position in shares of HeartBeam by 49.6% during the fourth quarter. Ritholtz Wealth Management now owns 208,191 shares of the medical research company’s stock worth $500,000 after acquiring an additional 69,009 shares during the last quarter. Finally, Spectrum Asset Management Inc. NB CA grew its position in shares of HeartBeam by 26.9% during the fourth quarter. Spectrum Asset Management Inc. NB CA now owns 94,400 shares of the medical research company’s stock worth $227,000 after acquiring an additional 20,000 shares during the last quarter. 7.77% of the stock is currently owned by hedge funds and other institutional investors.

HeartBeam Company Profile

BioTelemetry, Inc, a remote medical technology company, provides remote cardiac monitoring, remote blood glucose monitoring, centralized core laboratory services for clinical trials, and original equipment manufacturing services for healthcare and clinical research customers worldwide. It operates in two segments, Healthcare and Research. The Healthcare segment focuses on the remote cardiac monitoring to identify cardiac arrhythmias or heart rhythm disorders. This segment offers mobile cardiac telemetry services; and event monitoring services, which enable physicians to prescribe wireless event, digital loop event, memory loop event, memory loop event, and non-loop event monitors.