BioTelemetry, Inc. (NASDAQ:BEAT) was the target of a large decline in short interest in August. As of August 15th, there was short interest totalling 1,674,666 shares, a decline of 33.7% from the July 31st total of 2,525,125 shares. Based on an average daily trading volume, of 512,780 shares, the days-to-cover ratio is presently 3.3 days. Currently, 6.0% of the company’s stock are short sold.

Shares of BioTelemetry (BEAT) opened at 37.15 on Friday. BioTelemetry has a 52 week low of $15.25 and a 52 week high of $37.71. The company has a 50 day moving average price of $35.15 and a 200 day moving average price of $30.51. The company has a market cap of $1.20 billion, a PE ratio of 24.93 and a beta of 0.76.

BioTelemetry (NASDAQ:BEAT) last posted its quarterly earnings results on Tuesday, August 8th. The medical research company reported $0.23 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.21 by $0.02. The firm had revenue of $58.10 million during the quarter, compared to the consensus estimate of $58.39 million. BioTelemetry had a return on equity of 18.75% and a net margin of 21.03%. The business’s revenue was up 10.2% compared to the same quarter last year. During the same period last year, the company earned $0.20 earnings per share. On average, equities analysts expect that BioTelemetry will post $0.99 earnings per share for the current year.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. increased its position in BioTelemetry by 1.6% in the second quarter. BlackRock Inc. now owns 3,564,879 shares of the medical research company’s stock worth $119,246,000 after buying an additional 55,767 shares in the last quarter. Vanguard Group Inc. increased its position in BioTelemetry by 11.7% in the first quarter. Vanguard Group Inc. now owns 1,674,580 shares of the medical research company’s stock worth $48,480,000 after buying an additional 174,844 shares in the last quarter. Renaissance Technologies LLC increased its position in BioTelemetry by 13.4% in the first quarter. Renaissance Technologies LLC now owns 1,247,045 shares of the medical research company’s stock worth $36,102,000 after buying an additional 147,745 shares in the last quarter. Bank of New York Mellon Corp increased its position in BioTelemetry by 95.9% in the second quarter. Bank of New York Mellon Corp now owns 1,031,594 shares of the medical research company’s stock worth $34,506,000 after buying an additional 504,869 shares in the last quarter. Finally, Wellington Management Group LLP increased its position in BioTelemetry by 28.7% in the first quarter. Wellington Management Group LLP now owns 1,009,507 shares of the medical research company’s stock worth $29,225,000 after buying an additional 225,407 shares in the last quarter. Hedge funds and other institutional investors own 77.99% of the company’s stock.

Several brokerages recently commented on BEAT. BidaskClub raised BioTelemetry from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, August 16th. Sidoti reissued a “buy” rating and issued a $49.00 price target (up previously from $42.00) on shares of BioTelemetry in a research note on Thursday, August 10th. Dougherty & Co boosted their price target on BioTelemetry from $37.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, August 9th. Zacks Investment Research raised BioTelemetry from a “hold” rating to a “strong-buy” rating and set a $39.00 price target for the company in a research note on Friday, August 11th. Finally, Lake Street Capital reissued a “buy” rating and issued a $50.00 price target (up previously from $35.00) on shares of BioTelemetry in a research note on Friday, July 14th. Five analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $44.40.

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About BioTelemetry

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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