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

Shares of HeartBeam, Inc. (NASDAQ:BEAT) have been given an average rating of “Moderate Buy” by the eight analysts that are currently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, two have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $4.3333.

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

HeartBeam Price Performance

NASDAQ BEAT opened at $0.91 on Friday. The stock has a market capitalization of $50.26 million, a P/E ratio of -1.62 and a beta of -0.86. HeartBeam has a 12 month low of $0.54 and a 12 month high of $4.00. The firm’s 50-day moving average is $0.98 and its two-hundred day moving average is $1.43.

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

Insider Buying and Selling

In other news, Director Richard Ferrari bought 62,500 shares of the business’s stock in a transaction that occurred on Thursday, April 16th. The shares were purchased at an average cost of $0.80 per share, for a total transaction of $50,000.00. Following the completion of the purchase, the director 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. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Willem Elfrink bought 187,500 shares of the business’s stock in a transaction that occurred on Thursday, April 16th. The shares were purchased at an average price of $0.80 per share, for a total transaction of $150,000.00. Following the completion of the purchase, the director directly owned 538,667 shares of the company’s stock, valued at approximately $430,933.60. This trade represents a 53.39% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders have bought 1,118,750 shares of company stock worth $895,000. Company insiders own 18.04% of the company’s stock.

Institutional Trading of HeartBeam

Large investors have recently made changes to their positions in the company. Insigneo Advisory Services LLC purchased a new stake in shares of HeartBeam during the fourth quarter worth approximately $74,000. State Street Corp increased 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 purchasing an additional 47,100 shares during the last quarter. Geode Capital Management LLC increased its stake in HeartBeam by 4.1% in the fourth quarter. Geode Capital Management LLC now owns 305,740 shares of the medical research company’s stock valued at $734,000 after purchasing an additional 12,142 shares during the last quarter. Kestra Private Wealth Services LLC increased 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 purchasing an additional 33,344 shares during the last quarter. Finally, Raymond James Financial Inc. increased 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 purchasing an additional 59,872 shares during 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.