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

Shares of HeartBeam, Inc. (NASDAQ:BEAT) have been given an average recommendation of “Moderate Buy” by the eight analysts that are covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation, four have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $4.3333.

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

Insider Activity

In other HeartBeam news, Director Willem Elfrink purchased 187,500 shares of the stock in a transaction dated Thursday, April 16th. The shares were bought at an average price of $0.80 per share, with a total value of $150,000.00. Following the completion of the transaction, the director directly owned 538,667 shares in the company, valued at approximately $430,933.60. This trade represents a 53.39% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Mark E. Strome purchased 750,000 shares of the company’s 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 $600,000.00. Following the completion of the purchase, the director directly 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. Insiders have acquired a total of 1,118,750 shares of company stock valued at $895,000 over the last quarter. Company insiders own 18.04% of the company’s stock.

Hedge Funds Weigh In On HeartBeam

A number of large investors have recently made changes to their positions in BEAT. Clarity Financial LLC bought a new stake in shares of HeartBeam during the 4th quarter valued at $25,000. Bessemer Group Inc. bought a new position in HeartBeam in the 3rd quarter worth about $25,000. CIBC Private Wealth Group LLC purchased a new position in HeartBeam during the 4th quarter valued at about $26,000. Raymond James Financial Inc. increased its position in shares of HeartBeam by 102.2% during the second 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 during the period. Finally, Truist Financial Corp bought a new stake in shares of HeartBeam during the fourth quarter valued at about $36,000. 7.77% of the stock is owned by institutional investors.

HeartBeam Stock Up 2.5%

HeartBeam stock opened at $0.90 on Friday. HeartBeam has a twelve month low of $0.54 and a twelve month high of $4.00. The firm has a 50 day moving average price of $1.01 and a 200-day moving average price of $1.46. The company has a market capitalization of $49.80 million, a P/E ratio of -1.60 and a beta of -0.86.

HeartBeam (NASDAQ:BEAT) last posted its quarterly earnings results on Wednesday, May 13th. The medical research company reported ($0.12) EPS for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.02. Equities analysts expect that HeartBeam will post -0.38 EPS for the current fiscal 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.