HeartBeam (NASDAQ:BEAT) Upgraded by Wall Street Zen to “Sell” Rating

Wall Street Zen upgraded shares of HeartBeam (NASDAQ:BEAT) from a strong sell rating to a sell rating in a report released on Saturday morning.

Several other equities research analysts have also weighed in on BEAT. D. Boral Capital lowered HeartBeam from a “buy” rating to a “hold” rating in a research note on Monday, April 20th. HC Wainwright reissued a “buy” rating and issued a $5.50 target price on shares of HeartBeam in a report on Monday, March 16th. Benchmark reduced their target price on HeartBeam from $8.00 to $5.00 and set a “speculative buy” rating on the stock in a report on Friday. Finally, B. Riley Financial initiated coverage on HeartBeam in a report on Tuesday, March 31st. They issued a “buy” rating and a $4.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, HeartBeam has an average rating of “Moderate Buy” and an average target price of $4.83.

HeartBeam Trading Down 7.2%

BEAT stock opened at $0.97 on Friday. HeartBeam has a 1-year low of $0.54 and a 1-year high of $4.00. The firm has a market cap of $39.65 million, a P/E ratio of -1.72 and a beta of -0.86. The business’s 50 day moving average is $1.10 and its 200-day moving average is $1.51.

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 the consensus estimate of ($0.14) by $0.02. Sell-side analysts forecast that HeartBeam will post -0.39 EPS for the current year.

Insiders Place Their Bets

In other news, Director Mark E. Strome acquired 750,000 shares of HeartBeam stock in a transaction on Thursday, April 16th. The shares were purchased at an average price of $0.80 per share, with a total value of $600,000.00. Following the acquisition, the director owned 3,650,000 shares in the company, valued at $2,920,000. This represents a 25.86% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Richard Ferrari acquired 62,500 shares of HeartBeam stock in a transaction on Thursday, April 16th. The shares were purchased at an average cost of $0.80 per share, for a total transaction of $50,000.00. Following the acquisition, the director owned 291,636 shares in the company, valued at approximately $233,308.80. This represents a 27.28% 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 valued at $895,000. 18.04% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Sigma Planning Corp lifted its holdings in HeartBeam by 115.0% during the 1st quarter. Sigma Planning Corp now owns 132,550 shares of the medical research company’s stock worth $162,000 after buying an additional 70,900 shares in the last quarter. Virtu Financial LLC acquired a new position in HeartBeam during the 4th quarter worth $70,000. State Street Corp lifted its holdings in HeartBeam by 60.1% during the 4th quarter. State Street Corp now owns 125,473 shares of the medical research company’s stock worth $301,000 after buying an additional 47,100 shares in the last quarter. Jane Street Group LLC acquired a new position in HeartBeam during the 4th quarter worth $55,000. Finally, Insigneo Advisory Services LLC acquired a new position in HeartBeam during the 4th quarter worth $74,000. Institutional investors and hedge funds own 7.77% of the company’s stock.

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.