HeartBeam (NASDAQ:BEAT) Price Target Cut to $5.00 by Analysts at Benchmark

HeartBeam (NASDAQ:BEAT) had its target price cut by investment analysts at Benchmark from $8.00 to $5.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a “speculative buy” rating on the medical research company’s stock. Benchmark’s target price would indicate a potential upside of 380.77% from the stock’s current price.

A number of other research firms have also recently weighed in on BEAT. B. Riley Financial initiated coverage on shares of HeartBeam in a research note on Tuesday, March 31st. They issued a “buy” rating and a $4.00 target price on the stock. D. Boral Capital cut shares of HeartBeam from a “buy” rating to a “hold” rating in a report on Monday, April 20th. Finally, HC Wainwright reiterated a “buy” rating and issued a $5.50 price objective on shares of HeartBeam in a research note on Monday, March 16th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, HeartBeam currently has a consensus rating of “Moderate Buy” and an average price target of $4.83.

HeartBeam Price Performance

NASDAQ BEAT opened at $1.04 on Friday. The business’s fifty day moving average is $1.11 and its 200-day moving average is $1.51. The stock has a market capitalization of $42.73 million, a price-to-earnings ratio of -1.86 and a beta of -0.86. HeartBeam has a one year low of $0.54 and a one year high of $4.00.

HeartBeam (NASDAQ:BEAT) last posted its quarterly earnings results on Wednesday, May 13th. The medical research company reported ($0.12) earnings per share for the quarter, beating the consensus estimate of ($0.14) by $0.02. Research analysts expect that HeartBeam will post -0.48 EPS for the current fiscal year.

Insider Buying and Selling at HeartBeam

In other HeartBeam news, Director Mark E. Strome bought 750,000 shares of the business’s stock in a transaction on Thursday, April 16th. The stock was purchased at an average price of $0.80 per share, for a total transaction of $600,000.00. Following the completion of the transaction, the director directly owned 3,650,000 shares of the company’s stock, valued at $2,920,000. This trade represents a 25.86% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Richard Ferrari bought 62,500 shares of HeartBeam stock in a transaction dated Thursday, April 16th. The stock was acquired at an average price of $0.80 per share, with a total value of $50,000.00. Following the purchase, the director directly owned 291,636 shares of the company’s stock, valued at approximately $233,308.80. This represents a 27.28% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired a total of 1,118,750 shares of company stock valued at $895,000 over the last three months. 18.04% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC lifted its position 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 worth $734,000 after acquiring an additional 12,142 shares in the last quarter. Ritholtz Wealth Management grew its position in shares of HeartBeam by 49.6% in the fourth quarter. Ritholtz Wealth Management now owns 208,191 shares of the medical research company’s stock valued at $500,000 after purchasing an additional 69,009 shares in the last quarter. Kestra Private Wealth Services LLC raised its stake in shares of HeartBeam by 23.4% during the 3rd quarter. Kestra Private Wealth Services LLC now owns 175,989 shares of the medical research company’s stock valued at $290,000 after purchasing an additional 33,344 shares during the period. Sigma Planning Corp lifted its holdings in HeartBeam by 115.0% during the 1st quarter. Sigma Planning Corp now owns 132,550 shares of the medical research company’s stock worth $162,000 after purchasing an additional 70,900 shares in the last quarter. Finally, State Street Corp lifted its holdings in HeartBeam by 60.1% during the 4th quarter. State Street Corp now owns 125,473 shares of the medical research company’s stock worth $301,000 after purchasing an additional 47,100 shares in the last quarter. 7.77% of the stock is currently owned by hedge funds and other institutional investors.

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.