HeartBeam, Inc. (NASDAQ:BEAT) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of HeartBeam, Inc. (NASDAQ:BEAT) have earned a consensus recommendation of “Moderate Buy” from the nine analysts that are currently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, two have issued a hold recommendation, five have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $4.00.

A number of equities research analysts recently weighed in on BEAT shares. B. Riley Financial began coverage on shares of HeartBeam in a research report on Tuesday, March 31st. They issued a “buy” rating and a $4.00 price target for the company. Benchmark dropped their price objective on HeartBeam from $8.00 to $5.00 and set a “speculative buy” rating on the stock in a report on Friday, May 15th. Wall Street Zen raised HeartBeam from a “strong sell” rating to a “sell” rating in a report on Saturday, May 16th. HC Wainwright cut their target price on HeartBeam from $5.50 to $2.50 and set a “buy” rating on the stock in a research report on Friday, May 22nd. Finally, D. Boral Capital downgraded HeartBeam from a “buy” rating to a “hold” rating in a report on Monday, April 20th.

HeartBeam Stock Down 4.4%

Shares of HeartBeam stock opened at $0.51 on Friday. HeartBeam has a 52 week low of $0.50 and a 52 week high of $4.00. The firm’s 50 day moving average is $0.74 and its two-hundred day moving average is $1.16. The firm has a market capitalization of $28.40 million, a P/E ratio of -0.91 and a beta of -0.82.

HeartBeam (NASDAQ:BEAT) last issued its quarterly earnings data on Wednesday, May 13th. The medical research company reported ($0.12) earnings per share for the quarter, topping the consensus estimate of ($0.14) by $0.02. As a group, research analysts expect that HeartBeam will post -0.38 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in BEAT. Virtu Financial LLC acquired a new stake in shares of HeartBeam in the fourth quarter valued at approximately $70,000. Jane Street Group LLC acquired a new position in shares of HeartBeam in the 4th quarter valued at $55,000. Insigneo Advisory Services LLC acquired a new position in shares of HeartBeam in the 4th quarter valued at $74,000. CIBC Private Wealth Group LLC acquired a new position in shares of HeartBeam in the 4th quarter valued at $26,000. Finally, Truist Financial Corp purchased a new stake in HeartBeam in the 4th quarter valued at $36,000. 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.