Short Interest in BioTelemetry Inc. (BEAT) Declines By 54.3%
BioTelemetry Inc. (NASDAQ:BEAT) saw a significant decrease in short interest in August. As of August 31st, there was short interest totalling 609,761 shares, a decrease of 54.3% from the August 15th total of 1,333,285 shares. Currently, 2.3% of the company’s shares are short sold. Based on an average trading volume of 369,148 shares, the days-to-cover ratio is currently 1.7 days.
In related news, SVP Fred Broadway sold 3,146 shares of the company’s stock in a transaction that occurred on Friday, September 9th. The stock was sold at an average price of $17.84, for a total transaction of $56,124.64. Following the completion of the transaction, the senior vice president now owns 37,886 shares in the company, valued at $675,886.24. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, General Counsel Peter Ferola sold 4,352 shares of the company’s stock in a transaction that occurred on Tuesday, September 13th. The shares were sold at an average price of $18.23, for a total value of $79,336.96. Following the transaction, the general counsel now owns 30,989 shares of the company’s stock, valued at approximately $564,929.47. The disclosure for this sale can be found here. Corporate insiders own 11.00% of the company’s stock.
Several institutional investors have recently made changes to their positions in BEAT. Mckinley Capital Management LLC Delaware bought a new position in shares of BioTelemetry during the second quarter worth approximately $7,636,000. Acadian Asset Management LLC bought a new position in shares of BioTelemetry during the second quarter worth approximately $5,991,000. Emerald Acquisition Ltd. bought a new position in shares of BioTelemetry during the second quarter worth approximately $5,074,000. EAM Investors LLC bought a new position in shares of BioTelemetry during the second quarter worth approximately $3,459,000. Finally, AJO LP boosted its position in shares of BioTelemetry by 586.6% in the second quarter. AJO LP now owns 172,637 shares of the company’s stock worth $2,814,000 after buying an additional 147,493 shares during the period. Hedge funds and other institutional investors own 78.28% of the company’s stock.
Shares of BioTelemetry (NASDAQ:BEAT) opened at 18.22 on Wednesday. The stock has a market capitalization of $510.62 million, a PE ratio of 38.77 and a beta of 0.81. The company has a 50-day moving average price of $19.63 and a 200 day moving average price of $16.08. BioTelemetry has a 52 week low of $8.74 and a 52 week high of $21.42.
BioTelemetry (NASDAQ:BEAT) last released its quarterly earnings results on Tuesday, August 2nd. The company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.03. The business earned $52.68 million during the quarter, compared to analysts’ expectations of $50.27 million. BioTelemetry had a return on equity of 25.36% and a net margin of 7.11%. The firm’s revenue for the quarter was up 17.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.12 EPS. Equities analysts forecast that BioTelemetry will post $0.76 EPS for the current fiscal year.
Several brokerages recently weighed in on BEAT. Sidoti began coverage on BioTelemetry in a research note on Tuesday, September 13th. They issued a “buy” rating and a $27.00 price target on the stock. Benchmark Co. upped their price target on BioTelemetry from $20.00 to $25.00 and gave the stock a “buy” rating in a research note on Wednesday, August 3rd. Finally, Zacks Investment Research raised BioTelemetry from a “hold” rating to a “buy” rating and set a $23.00 price target on the stock in a research note on Thursday, August 4th.
BioTelemetry, Inc (BioTelemetry), formerly CardioNet, Inc, provides cardiac monitoring services, cardiac monitoring device manufacturing, and centralized cardiac core laboratory services. The Company operates in three segments: patient services, product and research services. The patient services business segment’s principal focus is on the diagnosis and monitoring of cardiac arrhythmias or heart rhythm disorders, through its core Mobile Cardiac Outpatient Telemetry(MCOT), event and Holter services in a healthcare setting.
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