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

Shares of HeartBeam, Inc. (NASDAQ:BEAT) have received a consensus recommendation of “Moderate Buy” from the eight analysts that are presently covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, two have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $4.3333.

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

HeartBeam Trading Down 6.5%

Shares of NASDAQ:BEAT opened at $0.71 on Tuesday. The stock’s 50-day moving average price is $0.88 and its 200-day moving average price is $1.41. HeartBeam has a 12-month low of $0.54 and a 12-month high of $4.00. The stock has a market capitalization of $39.42 million, a P/E ratio of -1.27 and a beta of -0.86.

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, research analysts predict that HeartBeam will post -0.38 EPS for the current year.

Insider Buying and Selling

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 cost of $0.80 per share, with a total value of $600,000.00. Following the completion of the purchase, the director directly owned 3,650,000 shares of the company’s stock, valued at $2,920,000. This trade represents a 25.86% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Richard Ferrari bought 62,500 shares of the business’s stock in a transaction that occurred on Thursday, April 16th. The stock was acquired at an average cost of $0.80 per share, for a total transaction of $50,000.00. Following the completion of the purchase, 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 ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired 1,118,750 shares of company stock valued at $895,000 over the last ninety days. 18.04% of the stock is owned by insiders.

Institutional Trading of HeartBeam

Several large investors have recently modified their holdings of BEAT. Clarity Financial LLC bought a new stake in shares of HeartBeam in the fourth quarter worth about $25,000. CIBC Private Wealth Group LLC bought a new stake in shares of HeartBeam in the fourth quarter worth about $26,000. Raymond James Financial Inc. grew its stake in shares of HeartBeam by 102.2% in the second quarter. Raymond James Financial Inc. now owns 28,178 shares of the medical research company’s stock worth $35,000 after purchasing an additional 14,242 shares during the last quarter. Truist Financial Corp bought a new stake in shares of HeartBeam in the fourth quarter worth about $36,000. Finally, Jane Street Group LLC bought a new stake in shares of HeartBeam in the fourth quarter worth about $55,000. 7.77% of the stock is owned by institutional investors.

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.