HeartBeam, Inc. (NASDAQ:BEAT) Receives Average Rating of “Moderate Buy” from Brokerages

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

Several analysts have recently issued reports on BEAT shares. Benchmark dropped their target price on shares of HeartBeam from $8.00 to $5.00 and set a “speculative buy” rating on the stock in a research report on Friday, May 15th. B. Riley Financial started coverage on HeartBeam in a report on Tuesday, March 31st. They set a “buy” rating and a $4.00 target price for the company. D. Boral Capital cut HeartBeam from a “buy” rating to a “hold” rating in a report on Monday, April 20th. HC Wainwright reduced their target price on HeartBeam from $5.50 to $2.50 and set a “buy” rating for the company in a report on Friday, May 22nd. Finally, Wall Street Zen raised HeartBeam from a “strong sell” rating to a “sell” rating in a report on Saturday, May 16th.

HeartBeam Stock Performance

BEAT opened at $0.88 on Friday. HeartBeam has a fifty-two week low of $0.54 and a fifty-two week high of $4.00. The company has a fifty day moving average of $1.00 and a two-hundred day moving average of $1.45. The stock has a market capitalization of $48.62 million, a price-to-earnings ratio of -1.56 and a beta of -0.86.

HeartBeam (NASDAQ:BEAT) last released its quarterly earnings data on Wednesday, May 13th. The medical research company reported ($0.12) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.02. On average, equities research analysts forecast that HeartBeam will post -0.38 earnings per share for the current year.

Insider Buying and Selling

In other HeartBeam news, Director Mark E. Strome purchased 750,000 shares of the stock in a transaction that occurred on Thursday, April 16th. The shares were purchased at an average cost of $0.80 per share, for a total transaction of $600,000.00. Following the completion of the transaction, the director owned 3,650,000 shares of the company’s stock, valued at $2,920,000. The trade was a 25.86% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Richard Ferrari purchased 62,500 shares of the stock in a transaction that occurred on Thursday, April 16th. The shares were acquired at an average price of $0.80 per share, for a total transaction of $50,000.00. Following the completion of the transaction, the director directly owned 291,636 shares of the company’s stock, valued at $233,308.80. The trade was a 27.28% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders have acquired 1,118,750 shares of company stock worth $895,000. 18.04% of the stock is owned by insiders.

Hedge Funds Weigh In On HeartBeam

A number of institutional investors and hedge funds have recently bought and sold shares of BEAT. Sigma Planning Corp boosted its position in HeartBeam by 115.0% during the first quarter. Sigma Planning Corp now owns 132,550 shares of the medical research company’s stock worth $162,000 after acquiring an additional 70,900 shares during the last quarter. Ritholtz Wealth Management boosted its holdings 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. Raymond James Financial Inc. boosted its holdings in HeartBeam by 212.5% in the 3rd quarter. Raymond James Financial Inc. now owns 88,050 shares of the medical research company’s stock valued at $145,000 after purchasing an additional 59,872 shares during the last quarter. State Street Corp boosted its holdings 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. Finally, Kestra Private Wealth Services LLC boosted its holdings 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. 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.