HeartBeam (NASDAQ:BEAT) Coverage Initiated by Analysts at Maxim Group

Maxim Group started coverage on shares of HeartBeam (NASDAQ:BEAT) in a research report sent to investors on Tuesday morning, Marketbeat reports. The firm issued a buy rating and a $2.00 target price on the medical research company’s stock.

BEAT has been the topic of a number of other research reports. D. Boral Capital lowered shares of HeartBeam from a “buy” rating to a “hold” rating in a 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. B. Riley Financial began coverage on HeartBeam in a report on Tuesday, March 31st. They set a “buy” rating and a $4.00 target price on the stock. HC Wainwright reduced their price target on HeartBeam from $5.50 to $2.50 and set a “buy” rating on the stock in a research report on Friday, May 22nd. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of HeartBeam in a research report on Thursday, July 2nd. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, HeartBeam presently has a consensus rating of “Moderate Buy” and a consensus price target of $4.00.

HeartBeam Trading Down 3.0%

HeartBeam stock opened at $0.56 on Tuesday. The stock has a 50-day moving average price of $0.80 and a two-hundred day moving average price of $1.26. HeartBeam has a 12 month low of $0.51 and a 12 month high of $4.00. The company has a market capitalization of $31.13 million, a PE ratio of -1.00 and a beta of -0.82.

HeartBeam (NASDAQ:BEAT) last issued its quarterly earnings data on Wednesday, May 13th. The medical research company reported ($0.12) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.02. As a group, analysts predict that HeartBeam will post -0.38 earnings per share for the current fiscal year.

Insider Activity at HeartBeam

In other HeartBeam news, Director Mark E. Strome bought 750,000 shares of the business’s 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 $600,000.00. Following the transaction, the director directly owned 3,650,000 shares in the company, valued at approximately $2,920,000. This trade represents a 25.86% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Richard Ferrari acquired 62,500 shares of HeartBeam stock in a transaction dated Thursday, April 16th. The shares were bought at an average cost of $0.80 per share, with a total value of $50,000.00. Following the transaction, the director owned 291,636 shares in the company, valued at approximately $233,308.80. This trade represents a 27.28% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have acquired a total of 1,118,750 shares of company stock worth $895,000 in the last 90 days. Corporate insiders own 17.95% of the company’s stock.

Institutional Trading of HeartBeam

Several hedge funds have recently bought and sold shares of BEAT. Raymond James Financial Inc. grew its holdings 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 last quarter. Kestra Private Wealth Services LLC lifted its position 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 acquiring an additional 33,344 shares in the last quarter. Ritholtz Wealth Management lifted its position 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 acquiring an additional 69,009 shares in the last quarter. Spectrum Asset Management Inc. NB CA lifted its position in HeartBeam by 26.9% in 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 acquiring an additional 20,000 shares in the last quarter. Finally, Clarity Financial LLC acquired a new position in HeartBeam during the 4th quarter valued at about $25,000. Institutional investors and hedge funds own 7.77% of the company’s stock.

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.