Zacks Investment Research Downgrades BioTelemetry, Inc. (BEAT) to Strong Sell
Zacks Investment Research cut shares of BioTelemetry, Inc. (NASDAQ:BEAT) from a hold rating to a strong sell rating in a report issued on Thursday.
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 research analysts have also recently issued research reports about the company. BidaskClub cut BioTelemetry from a strong-buy rating to a buy rating in a report on Tuesday, July 25th. Sidoti restated a buy rating and set a $49.00 price objective (up previously from $42.00) on shares of BioTelemetry in a report on Thursday, August 10th. Lake Street Capital restated a buy rating and set a $50.00 price objective (up previously from $35.00) on shares of BioTelemetry in a report on Friday, July 14th. Dougherty & Co boosted their price objective on BioTelemetry from $37.00 to $40.00 and gave the stock a buy rating in a report on Wednesday, August 9th. Finally, Benchmark Co. boosted their price objective on BioTelemetry from $38.00 to $44.00 and gave the stock a buy rating in a report on Wednesday, July 19th. Two research analysts have rated the stock with a sell rating, seven have given a buy rating and one has issued a strong buy rating to the stock. BioTelemetry presently has an average rating of Buy and an average price target of $42.86.
Shares of BioTelemetry (BEAT) traded down $0.95 during trading hours on Thursday, hitting $27.35. The stock had a trading volume of 584,303 shares, compared to its average volume of 429,869. The company has a market cap of $915.79, a P/E ratio of 36.28, a PEG ratio of 1.54 and a beta of 0.58. The company has a quick ratio of 1.91, a current ratio of 2.03 and a debt-to-equity ratio of 0.16.
BioTelemetry (NASDAQ:BEAT) last issued its quarterly earnings data on Tuesday, August 8th. The medical research company reported $0.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.21 by $0.02. BioTelemetry had a return on equity of 18.75% and a net margin of 21.03%. The company had revenue of $58.10 million during the quarter, compared to analysts’ expectations of $58.39 million. During the same quarter in the previous year, the company posted $0.20 earnings per share. The business’s revenue was up 10.2% on a year-over-year basis. research analysts expect that BioTelemetry will post 0.96 earnings per share for the current year.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in BEAT. Winslow Evans & Crocker Inc. acquired a new stake in shares of BioTelemetry in the third quarter valued at approximately $109,000. Pinebridge Investments L.P. raised its position in shares of BioTelemetry by 2.0% in the second quarter. Pinebridge Investments L.P. now owns 3,775 shares of the medical research company’s stock valued at $126,000 after buying an additional 75 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of BioTelemetry by 17.6% in the second quarter. Victory Capital Management Inc. now owns 4,177 shares of the medical research company’s stock valued at $140,000 after buying an additional 626 shares in the last quarter. Dubuque Bank & Trust Co. acquired a new stake in shares of BioTelemetry in the second quarter valued at approximately $142,000. Finally, US Bancorp DE acquired a new stake in shares of BioTelemetry in the second quarter valued at approximately $145,000. Institutional investors own 77.76% of the company’s stock.
BioTelemetry Company Profile
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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