Analysts Set HeartBeam, Inc. (NASDAQ:BEAT) Price Target at $4.00

Shares of HeartBeam, Inc. (NASDAQ:BEAT) have been assigned a consensus rating of “Moderate Buy” from the nine analysts that are presently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, two have given a hold recommendation, five have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among brokers that have covered the stock in the last year is $4.00.

Several brokerages have recently issued reports on BEAT. Wall Street Zen raised HeartBeam from a “strong sell” rating to a “sell” rating in a report on Saturday, May 16th. HC Wainwright dropped their price target on HeartBeam from $5.50 to $2.50 and set a “buy” rating for the company in a research note on Friday, May 22nd. Weiss Ratings restated a “sell (e+)” rating on shares of HeartBeam in a report on Thursday, July 2nd. Finally, Maxim Group initiated coverage on HeartBeam in a research note on Tuesday, July 14th. They issued a “buy” rating and a $2.00 price objective on the stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. purchased a new stake in HeartBeam during the second quarter valued at $741,000. Geode Capital Management LLC grew its stake in shares of HeartBeam by 4.1% in the 4th quarter. Geode Capital Management LLC now owns 305,740 shares of the medical research company’s stock worth $734,000 after buying an additional 12,142 shares in the last quarter. Sigma Planning Corp increased its holdings in shares of HeartBeam by 86.9% in the 2nd quarter. Sigma Planning Corp now owns 247,700 shares of the medical research company’s stock worth $186,000 after buying an additional 115,150 shares during the last quarter. Beacon Pointe Advisors LLC bought a new stake in shares of HeartBeam in the 2nd quarter worth about $185,000. Finally, Kestra Private Wealth Services LLC raised its position in shares of HeartBeam by 23.4% during 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 buying an additional 33,344 shares in the last quarter. 7.77% of the stock is owned by hedge funds and other institutional investors.

HeartBeam Stock Performance

BEAT opened at $0.41 on Friday. The stock has a market capitalization of $22.90 million, a price-to-earnings ratio of -0.80 and a beta of -0.80. The company has a fifty day moving average of $0.52 and a 200 day moving average of $0.84. HeartBeam has a fifty-two week low of $0.39 and a fifty-two week high of $4.00.

HeartBeam (NASDAQ:BEAT) last announced its quarterly earnings results on Thursday, August 13th. The medical research company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.01). On average, equities research analysts forecast that HeartBeam will post -0.41 earnings per share for the current year.

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.