HeartBeam, Inc. (NASDAQ:BEAT) Given Consensus Rating of “Moderate Buy” by Brokerages

Shares of HeartBeam, Inc. (NASDAQ:BEAT) have earned an average recommendation of “Moderate Buy” from the eight research firms that are presently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, two have given a hold recommendation, four have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $4.3333.

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

HeartBeam Price Performance

HeartBeam stock opened at $0.65 on Tuesday. The firm has a 50-day moving average of $0.84 and a 200-day moving average of $1.41. HeartBeam has a one year low of $0.54 and a one year high of $4.00. The company has a market cap of $36.26 million, a price-to-earnings ratio of -1.17 and a beta of -0.86.

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

Insider Activity at HeartBeam

In other news, Director Willem Elfrink bought 187,500 shares of the business’s stock in a transaction that occurred on Thursday, April 16th. The stock was acquired at an average cost of $0.80 per share, for a total transaction of $150,000.00. Following the purchase, the director 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. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Mark E. Strome bought 750,000 shares of the business’s stock in a transaction that occurred on Thursday, April 16th. The stock was purchased at an average price of $0.80 per share, with a total value of $600,000.00. Following the completion of the purchase, the director directly owned 3,650,000 shares in the company, valued at $2,920,000. The trade was a 25.86% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders bought 1,118,750 shares of company stock worth $895,000. Insiders own 17.95% of the company’s stock.

Institutional Investors Weigh In On HeartBeam

Several hedge funds have recently bought and sold shares of the company. Geode Capital Management LLC lifted its stake in HeartBeam by 4.1% in the 4th 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. Ritholtz Wealth Management lifted its stake in HeartBeam by 49.6% in the 4th 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 during the last quarter. Kestra Private Wealth Services LLC lifted its stake in HeartBeam by 23.4% in 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 last quarter. Sigma Planning Corp lifted its stake in HeartBeam by 115.0% in the 1st quarter. Sigma Planning Corp now owns 132,550 shares of the medical research company’s stock valued at $162,000 after purchasing an additional 70,900 shares during the last quarter. Finally, State Street Corp lifted its stake in HeartBeam by 60.1% in the 4th 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. 7.77% of the stock is currently owned by institutional investors and hedge funds.

HeartBeam Company Profile

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.