HeartBeam, Inc. (NASDAQ:BEAT) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of HeartBeam, Inc. (NASDAQ:BEAT) have been given an average recommendation of “Moderate Buy” by the nine brokerages that are presently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $4.00.

A number of equities research analysts have recently commented on the stock. Wall Street Zen upgraded shares of HeartBeam from a “strong sell” rating to a “sell” rating in a report on Saturday, May 16th. Benchmark dropped their price target on HeartBeam from $8.00 to $5.00 and set a “speculative buy” rating for the company in a research note on Friday, May 15th. Weiss Ratings restated a “sell (e+)” rating on shares of HeartBeam in a report on Thursday, July 2nd. Maxim Group assumed coverage on shares of HeartBeam in a research note on Tuesday, July 14th. They set a “buy” rating and a $2.00 price objective for the company. Finally, HC Wainwright cut their target price on shares of HeartBeam from $5.50 to $2.50 and set a “buy” rating on the stock in a research note on Friday, May 22nd.

HeartBeam Price Performance

Shares of BEAT opened at $0.59 on Wednesday. The firm has a 50 day simple moving average of $0.65 and a 200-day simple moving average of $1.00. HeartBeam has a 1-year low of $0.48 and a 1-year high of $4.00. The stock has a market cap of $32.59 million, a price-to-earnings ratio of -1.05 and a beta of -0.78.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Clarity Financial LLC purchased a new stake in shares of HeartBeam in the fourth quarter worth about $25,000. CIBC Private Wealth Group LLC purchased a new stake in shares of HeartBeam during the 4th quarter valued at about $26,000. Raymond James Financial Inc. raised its holdings in shares of HeartBeam by 102.2% during the 2nd quarter. Raymond James Financial Inc. now owns 28,178 shares of the medical research company’s stock valued at $35,000 after buying an additional 14,242 shares during the period. Truist Financial Corp acquired a new position in HeartBeam during the 4th quarter worth approximately $36,000. Finally, Jane Street Group LLC acquired a new position in HeartBeam during the 4th quarter worth approximately $55,000. Institutional investors and hedge funds own 7.77% of the company’s stock.

About HeartBeam

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.