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

HeartBeam, Inc. (NASDAQ:BEAT) has received an average recommendation of “Moderate Buy” from the nine research firms that are covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation, five have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $4.00.

Several equities analysts recently issued reports on BEAT shares. 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. Benchmark decreased 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 note on Friday, May 15th. Maxim Group initiated coverage on shares of HeartBeam in a report on Tuesday, July 14th. They set a “buy” rating and a $2.00 price target for the company. Wall Street Zen raised shares of HeartBeam from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 16th. Finally, B. Riley Financial started coverage on HeartBeam in a research note on Tuesday, March 31st. They issued a “buy” rating and a $4.00 target price on the stock.

Institutional Investors Weigh In On HeartBeam

A number of hedge funds and other institutional investors have recently bought and sold shares of BEAT. Sigma Planning Corp raised its holdings in HeartBeam by 115.0% in the first 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 during the last quarter. Virtu Financial LLC bought a new position in HeartBeam in the fourth quarter valued at about $70,000. State Street Corp boosted its holdings in shares of HeartBeam by 60.1% in the fourth 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 during the last quarter. Jane Street Group LLC purchased a new position in shares of HeartBeam during the 4th quarter worth $55,000. Finally, Insigneo Advisory Services LLC purchased a new position in HeartBeam during the fourth quarter valued at $74,000. Hedge funds and other institutional investors own 7.77% of the company’s stock.

HeartBeam Trading Down 6.0%

Shares of HeartBeam stock opened at $0.56 on Friday. The firm has a market capitalization of $30.90 million, a PE ratio of -0.99 and a beta of -0.82. HeartBeam has a 12 month low of $0.51 and a 12 month high of $4.00. The business’s 50-day moving average price is $0.76 and its 200-day moving average price is $1.18.

HeartBeam (NASDAQ:BEAT) last announced 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.

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.