HeartBeam (NASDAQ:BEAT) Rating Lowered to “Neutral” at HC Wainwright

HeartBeam (NASDAQ:BEAT) was downgraded by stock analysts at HC Wainwright from a “buy” rating to a “neutral” rating in a research note issued to investors on Tuesday, MarketBeat.com reports.

BEAT has been the topic of a number of other research reports. Weiss Ratings reissued a “sell (e+)” rating on shares of HeartBeam in a research note on Thursday, July 2nd. Maxim Group initiated coverage on shares of HeartBeam in a research note on Tuesday, July 14th. They issued a “buy” rating and a $2.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, HeartBeam currently has an average rating of “Moderate Buy” and a consensus target price of $4.00.

HeartBeam Stock Up 3.5%

Shares of HeartBeam stock traded up $0.01 during trading hours on Tuesday, reaching $0.45. 238,227 shares of the company’s stock were exchanged, compared to its average volume of 988,576. The business has a fifty day moving average of $0.49 and a two-hundred day moving average of $0.80. The company has a market capitalization of $25.13 million, a P/E ratio of -0.87 and a beta of -0.80. HeartBeam has a 1 year low of $0.39 and a 1 year high of $4.00.

HeartBeam (NASDAQ:BEAT) last posted its quarterly earnings results on Thursday, August 13th. The medical research company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.01). As a group, research analysts predict that HeartBeam will post -0.41 EPS for the current year.

Hedge Funds Weigh In On HeartBeam

Several institutional investors have recently bought and sold shares of BEAT. Sigma Planning Corp increased its stake in HeartBeam by 86.9% during the second quarter. Sigma Planning Corp now owns 247,700 shares of the medical research company’s stock worth $186,000 after purchasing an additional 115,150 shares during the period. Beacon Pointe Advisors LLC purchased a new stake in HeartBeam during the 2nd quarter worth approximately $185,000. Finally, BlackRock Inc. acquired a new stake in HeartBeam during the 2nd quarter worth approximately $741,000. 7.77% of the stock is owned by institutional investors and hedge funds.

About HeartBeam

HeartBeam, Inc develops wearable and digital cardiac-monitoring technologies designed to help detect and evaluate heart conditions outside traditional clinical settings. The company’s platform is intended to capture electrocardiogram (ECG) data in a portable, cable-free format and transmit that information through a connected mobile device.

HeartBeam’s technology is based on three-dimensional vector ECG recordings, which are designed to provide electrical views of the heart from multiple directions rather than relying solely on a conventional single-lead wearable reading.