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

HeartBeam, Inc. (NASDAQ:BEAT) has been given a consensus rating of “Moderate Buy” by the eight research firms that are currently covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, two have issued a hold recommendation, four have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $4.3333.

A number of analysts have recently commented on the company. D. Boral Capital lowered HeartBeam from a “buy” rating to a “hold” rating in a research note on Monday, April 20th. B. Riley Financial assumed coverage on HeartBeam in a research note on Tuesday, March 31st. They set a “buy” rating and a $4.00 price target on the stock. Wall Street Zen raised HeartBeam from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 16th. Benchmark cut their price target on 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, HC Wainwright cut their price target on HeartBeam from $5.50 to $2.50 and set a “buy” rating on the stock in a research note on Friday, May 22nd.

Insider Transactions at HeartBeam

In related news, Director Willem Elfrink acquired 187,500 shares of the stock in a transaction dated Thursday, April 16th. The stock was bought at an average cost of $0.80 per share, for a total transaction of $150,000.00. Following the completion of the transaction, the director directly owned 538,667 shares of the company’s stock, valued at $430,933.60. The trade was a 53.39% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Mark E. Strome acquired 750,000 shares of the stock in a transaction dated Thursday, April 16th. The shares were bought at an average price of $0.80 per share, with a total value 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. The trade was a 25.86% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders purchased 1,118,750 shares of company stock worth $895,000 over the last ninety days. 18.04% of the stock is owned by insiders.

Institutional Investors Weigh In On HeartBeam

Hedge funds have recently added to or reduced their stakes in the business. Sigma Planning Corp lifted its stake in HeartBeam by 115.0% in the first quarter. Sigma Planning Corp now owns 132,550 shares of the medical research company’s stock valued at $162,000 after buying an additional 70,900 shares during the period. Ritholtz Wealth Management lifted its stake in 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 buying an additional 69,009 shares during the period. Raymond James Financial Inc. lifted its stake in HeartBeam by 212.5% in the third quarter. Raymond James Financial Inc. now owns 88,050 shares of the medical research company’s stock valued at $145,000 after buying an additional 59,872 shares during the period. State Street Corp lifted its stake in HeartBeam by 60.1% in the fourth quarter. State Street Corp now owns 125,473 shares of the medical research company’s stock valued at $301,000 after buying an additional 47,100 shares during the period. Finally, Kestra Private Wealth Services LLC lifted its stake in HeartBeam by 23.4% in the third quarter. Kestra Private Wealth Services LLC now owns 175,989 shares of the medical research company’s stock valued at $290,000 after buying an additional 33,344 shares during the period. 7.77% of the stock is currently owned by institutional investors.

HeartBeam Trading Up 5.5%

Shares of BEAT stock opened at $0.68 on Tuesday. The business’s 50-day moving average price is $0.85 and its 200-day moving average price is $1.41. HeartBeam has a 12 month low of $0.54 and a 12 month high of $4.00. The firm has a market capitalization of $37.49 million, a price-to-earnings ratio of -1.21 and a beta of -0.86.

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

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.