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

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

A number of equities analysts have weighed in on the company. D. Boral Capital lowered HeartBeam from a “buy” rating to a “hold” rating in a research note on Monday, April 20th. HC Wainwright cut their price objective on HeartBeam from $5.50 to $2.50 and set a “buy” rating for the company in a report on Friday, May 22nd. B. Riley Financial started 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. Benchmark lowered their target price on shares of HeartBeam from $8.00 to $5.00 and set a “speculative buy” rating on the stock in a research note on Friday, May 15th. Finally, Wall Street Zen upgraded shares of HeartBeam from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 16th.

HeartBeam Price Performance

BEAT opened at $0.90 on Friday. The firm has a market capitalization of $49.80 million, a P/E ratio of -1.60 and a beta of -0.86. HeartBeam has a one year low of $0.54 and a one year high of $4.00. The company has a fifty day moving average price of $1.01 and a 200-day moving average price of $1.46.

HeartBeam (NASDAQ:BEAT) last issued its quarterly earnings data on Wednesday, May 13th. The medical research company reported ($0.12) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.02. On average, analysts expect that HeartBeam will post -0.38 earnings per share for the current year.

Insider Activity

In related news, Director Willem Elfrink acquired 187,500 shares of the stock in a transaction dated Thursday, April 16th. The shares were purchased at an average price of $0.80 per share, for a total transaction of $150,000.00. Following the transaction, the director owned 538,667 shares in the company, valued at $430,933.60. This represents a 53.39% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Richard Ferrari acquired 62,500 shares of the company’s stock in a transaction dated Thursday, April 16th. The shares were bought at an average cost 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 in the company, valued at $233,308.80. The trade was a 27.28% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders have purchased 1,118,750 shares of company stock worth $895,000. 18.04% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On HeartBeam

Several hedge funds have recently added to or reduced their stakes in BEAT. Clarity Financial LLC bought a new position in shares of HeartBeam during the 4th quarter valued at about $25,000. CIBC Private Wealth Group LLC bought a new stake in HeartBeam in the 4th quarter worth approximately $26,000. Geode Capital Management LLC lifted its position in HeartBeam by 4.1% in the 4th quarter. Geode Capital Management LLC now owns 305,740 shares of the medical research company’s stock worth $734,000 after buying an additional 12,142 shares during the last quarter. Raymond James Financial Inc. boosted its stake 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 buying an additional 14,242 shares in the last quarter. Finally, Truist Financial Corp bought a new position in HeartBeam during the fourth quarter valued at approximately $36,000. Institutional investors own 7.77% of the company’s stock.

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.