BioTelemetry, Inc. (NASDAQ:BEAT) Upgraded to Strong-Buy at Zacks Investment Research
BioTelemetry, Inc. (NASDAQ:BEAT) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report released on Friday. The firm currently has a $39.00 price target on the medical research company’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 13.04% from the stock’s previous close.
According to Zacks, “BioTelemetry, Inc. provides ambulatory outpatient management solutions for monitoring clinical information regarding an individual’s health. It is focused on the diagnosis and monitoring of cardiac arrhythmias, or heart rhythm disorders. BioTelemetry, Inc., formerly known as CardioNet, Inc., is headquartered in Conshohocken, Pennsylvania. “
Other equities analysts have also issued research reports about the company. Sidoti reaffirmed a “buy” rating and issued a $49.00 price objective (up previously from $42.00) on shares of BioTelemetry in a research note on Thursday. Dougherty & Co upped their price objective on BioTelemetry from $37.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday. BidaskClub lowered BioTelemetry from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 25th. Benchmark Co. upped their price objective on BioTelemetry from $38.00 to $44.00 and gave the stock a “buy” rating in a research note on Wednesday, July 19th. Finally, Lake Street Capital reaffirmed a “buy” rating and issued a $50.00 price objective (up previously from $35.00) on shares of BioTelemetry in a research note on Friday, July 14th. Six analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $44.40.
Shares of BioTelemetry (BEAT) traded up 2.22% during mid-day trading on Friday, reaching $34.50. The company had a trading volume of 404,643 shares. The stock has a market capitalization of $1.12 billion, a P/E ratio of 23.15 and a beta of 0.76. The firm has a 50 day moving average of $33.38 and a 200-day moving average of $29.11. BioTelemetry has a one year low of $15.25 and a one year high of $36.50.
BioTelemetry (NASDAQ:BEAT) last released its quarterly earnings results on Tuesday, August 8th. The medical research company reported $0.23 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.21 by $0.02. BioTelemetry had a return on equity of 18.75% and a net margin of 21.03%. The business had revenue of $58.10 million during the quarter, compared to analyst estimates of $58.39 million. During the same quarter in the previous year, the company posted $0.20 earnings per share. BioTelemetry’s revenue for the quarter was up 10.2% on a year-over-year basis. Analysts forecast that BioTelemetry will post $0.99 EPS for the current fiscal year.
In related news, Director Robert J. Rubin sold 15,000 shares of the business’s stock in a transaction dated Monday, May 15th. The stock was sold at an average price of $28.14, for a total value of $422,100.00. The transaction was disclosed in a filing with the SEC, which is available through this link. 9.60% of the stock is currently owned by insiders.
Several large investors have recently bought and sold shares of the company. Teachers Advisors LLC increased its stake in BioTelemetry by 2.6% in the fourth quarter. Teachers Advisors LLC now owns 43,489 shares of the medical research company’s stock worth $972,000 after buying an additional 1,099 shares in the last quarter. Louisiana State Employees Retirement System increased its stake in BioTelemetry by 2.7% in the first quarter. Louisiana State Employees Retirement System now owns 11,600 shares of the medical research company’s stock worth $336,000 after buying an additional 300 shares in the last quarter. Summit Creek Advisors LLC increased its stake in BioTelemetry by 17.8% in the first quarter. Summit Creek Advisors LLC now owns 272,566 shares of the medical research company’s stock worth $7,891,000 after buying an additional 41,184 shares in the last quarter. Concorde Asset Management LLC purchased a new stake in BioTelemetry during the first quarter worth approximately $285,000. Finally, Sigma Planning Corp purchased a new stake in BioTelemetry during the first quarter worth approximately $316,000. Institutional investors own 83.91% of the company’s stock.
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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