HeartBeam (NASDAQ:BEAT) Stock Breaks Above 50-Day Moving Average – Time to Sell?

HeartBeam, Inc. (NASDAQ:BEAT)’s share price passed above its fifty day moving average during trading on Wednesday. The stock has a fifty day moving average of $0.44 and traded as high as $0.5363. HeartBeam shares last traded at $0.5318, with a volume of 5,361,521 shares traded.

Wall Street Analyst Weigh In

Several research firms have weighed in on BEAT. Maxim Group began coverage on shares of HeartBeam in a research note on Tuesday, July 14th. They set a “buy” rating and a $2.00 target price for the company. Wall Street Zen raised shares of HeartBeam to a “sell” rating in a report on Saturday, October 10th. HC Wainwright reaffirmed a “neutral” rating on shares of HeartBeam in a report on Tuesday, October 6th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of HeartBeam in a research report on Tuesday, September 29th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $4.00.

HeartBeam Stock Performance

The stock has a 50 day moving average of $0.44 and a 200 day moving average of $0.88.

HeartBeam (NASDAQ:BEAT) last announced its quarterly earnings results on Thursday, August 13th. The medical research company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.01). On average, analysts anticipate that HeartBeam, Inc. will post -0.37 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Sigma Planning Corp increased its stake in shares of HeartBeam by 56.3% in the third quarter. Sigma Planning Corp now owns 387,200 shares of the medical research company’s stock valued at $142,000 after purchasing an additional 139,500 shares during the period. Beacon Pointe Advisors LLC bought a new position in HeartBeam in the 2nd quarter worth approximately $185,000. Finally, BlackRock Inc. bought a new position in HeartBeam in the 2nd quarter worth approximately $741,000. 7.77% of the stock is owned by institutional investors and hedge funds.

HeartBeam Company Profile

HeartBeam, Inc is a medical technology company developing portable and digital solutions for cardiac monitoring. Its proprietary technology is designed to capture, analyze and transmit electrocardiogram (ECG) data outside traditional clinical settings, with a focus on helping identify cardiac events such as atrial fibrillation and heart attacks.

The company’s flagship product is the HeartBeam AIMIGo system, which combines a compact, credit-card-sized ECG device with a smartphone application.