HeartBeam, Inc. (NASDAQ:BEAT) Given Average Recommendation of “Moderate Buy” by Analysts

Shares of HeartBeam, Inc. (NASDAQ:BEAT) have received a consensus rating of “Moderate Buy” from the eight brokerages that are currently covering the firm, MarketBeat reports. One analyst has rated the stock with a sell rating, two have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among analysts that have covered the stock in the last year is $4.80.

A number of equities research analysts have recently issued reports on the stock. B. Riley Financial assumed coverage on shares of HeartBeam in a research report on Tuesday, March 31st. They set a “buy” rating and a $4.00 price objective for the company. HC Wainwright reissued a “buy” rating and set a $5.50 price objective on shares of HeartBeam in a research report on Monday, March 16th. Finally, D. Boral Capital downgraded shares of HeartBeam from a “buy” rating to a “hold” rating in a research report on Monday, April 20th.

Insider Activity at HeartBeam

In other news, Director Willem Elfrink bought 187,500 shares of the stock in a transaction that occurred on Thursday, April 16th. The shares were bought at an average price of $0.80 per share, for a total transaction of $150,000.00. Following the purchase, the director owned 538,667 shares in the company, valued at $430,933.60. This represents a 53.39% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, Director Mark E. Strome bought 750,000 shares of the 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 $600,000.00. Following the purchase, the director owned 3,650,000 shares in the company, valued at $2,920,000. This represents a 25.86% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders have bought 1,118,750 shares of company stock worth $895,000. 18.04% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of BEAT. Raymond James Financial Inc. lifted its stake in shares of HeartBeam by 102.2% during the 2nd quarter. Raymond James Financial Inc. now owns 28,178 shares of the medical research company’s stock valued at $35,000 after buying an additional 14,242 shares in the last quarter. Bessemer Group Inc. purchased a new position in shares of HeartBeam during the 3rd quarter valued at $25,000. Kestra Private Wealth Services LLC lifted its stake in shares of HeartBeam by 23.4% during 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 buying an additional 33,344 shares in the last quarter. Ritholtz Wealth Management lifted its stake in shares of HeartBeam by 49.6% during the 4th quarter. Ritholtz Wealth Management now owns 208,191 shares of the medical research company’s stock valued at $500,000 after buying an additional 69,009 shares in the last quarter. Finally, Spectrum Asset Management Inc. NB CA lifted its stake in shares of HeartBeam by 26.9% during the 4th quarter. Spectrum Asset Management Inc. NB CA now owns 94,400 shares of the medical research company’s stock valued at $227,000 after buying an additional 20,000 shares in the last quarter. Hedge funds and other institutional investors own 7.77% of the company’s stock.

HeartBeam Price Performance

Shares of BEAT stock opened at $0.88 on Monday. HeartBeam has a 1 year low of $0.54 and a 1 year high of $4.00. The firm has a fifty day moving average price of $1.20 and a 200-day moving average price of $1.56. The company has a market cap of $36.23 million, a price-to-earnings ratio of -1.42 and a beta of -0.86.

HeartBeam (NASDAQ:BEAT) last issued its quarterly earnings data on Thursday, March 12th. The medical research company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.01). Equities research analysts expect that HeartBeam will post -0.53 EPS for the current year.

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.