HeartBeam, Inc. (NASDAQ:BEAT) Receives Consensus Rating of “Moderate Buy” from Brokerages

HeartBeam, Inc. (NASDAQ:BEAT) has earned a consensus recommendation of “Moderate Buy” from the eight brokerages that are covering the firm, MarketBeat reports. One analyst has rated the stock with a sell rating, two have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating on the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $4.3333.

Several analysts have commented on the stock. HC Wainwright lowered their price objective on shares of HeartBeam from $5.50 to $2.50 and set a “buy” rating for the company in a report on Friday, May 22nd. D. Boral Capital lowered shares of HeartBeam from a “buy” rating to a “hold” rating in a report on Monday, April 20th. Benchmark lowered their price objective on shares of HeartBeam from $8.00 to $5.00 and set a “speculative buy” rating for the company in a report on Friday, May 15th. B. Riley Financial assumed coverage on shares of HeartBeam in a report on Tuesday, March 31st. They issued a “buy” rating and a $4.00 price objective for the company. Finally, Wall Street Zen upgraded shares of HeartBeam from a “strong sell” rating to a “sell” rating in a report on Saturday, May 16th.

Insider Activity

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

Hedge Funds Weigh In On HeartBeam

Several large investors have recently made changes to their positions in the business. Clarity Financial LLC purchased a new position in shares of HeartBeam during the fourth quarter valued at approximately $25,000. CIBC Private Wealth Group LLC purchased a new position in shares of HeartBeam during the fourth quarter valued at approximately $26,000. Geode Capital Management LLC lifted its holdings in shares of HeartBeam by 4.1% during the fourth quarter. Geode Capital Management LLC now owns 305,740 shares of the medical research company’s stock valued at $734,000 after purchasing an additional 12,142 shares during the last quarter. Raymond James Financial Inc. lifted its holdings in shares of HeartBeam by 102.2% during the second quarter. Raymond James Financial Inc. now owns 28,178 shares of the medical research company’s stock valued at $35,000 after purchasing an additional 14,242 shares during the last quarter. Finally, Truist Financial Corp purchased a new position in shares of HeartBeam during the fourth quarter valued at approximately $36,000. 7.77% of the stock is currently owned by hedge funds and other institutional investors.

HeartBeam Price Performance

Shares of BEAT opened at $0.71 on Tuesday. HeartBeam has a one year low of $0.54 and a one year high of $4.00. The company has a 50-day simple moving average of $0.88 and a two-hundred day simple moving average of $1.41. The firm has a market capitalization of $39.42 million, a PE ratio of -1.27 and a beta of -0.86.

HeartBeam (NASDAQ:BEAT) last issued its quarterly earnings data 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. Analysts expect that HeartBeam will post -0.38 EPS for the current fiscal year.

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.