HeartBeam (NASDAQ:BEAT) Stock Price Crosses Above 50 Day Moving Average – What’s Next?

HeartBeam, Inc. (NASDAQ:BEAT)’s stock price crossed above its 50 day moving average during trading on Wednesday. The stock has a 50 day moving average of $0.44 and traded as high as $0.5363. HeartBeam shares last traded at $0.5318, with a volume of 5,361,521 shares changing hands.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on BEAT. Maxim Group initiated coverage on shares of HeartBeam in a report on Tuesday, July 14th. They issued a “buy” rating and a $2.00 price target on the stock. Wall Street Zen upgraded shares of HeartBeam to a “sell” rating in a research report on Saturday, October 10th. HC Wainwright reaffirmed a “neutral” rating on shares of HeartBeam in a research note on Tuesday, October 6th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of HeartBeam in a research note on Tuesday, September 29th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $4.00.

HeartBeam Stock Performance

The stock’s 50-day simple moving average is $0.44 and its 200-day simple moving average is $0.90. The firm has a market capitalization of $29.97 million, a PE ratio of -1.04 and a beta of -0.76.

HeartBeam (NASDAQ:BEAT) last posted its 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). As a group, analysts predict that HeartBeam, Inc. will post -0.37 earnings per share for the current fiscal year.

Hedge Funds Weigh In On HeartBeam

A number of institutional investors have recently bought and sold shares of the stock. BlackRock Inc. purchased a new position in shares of HeartBeam during the 2nd quarter worth approximately $741,000. Beacon Pointe Advisors LLC bought a new position in shares of HeartBeam in the 2nd quarter worth approximately $185,000. Finally, Sigma Planning Corp raised its position in shares of HeartBeam by 56.3% in the 3rd quarter. Sigma Planning Corp now owns 387,200 shares of the medical research company’s stock worth $142,000 after acquiring an additional 139,500 shares in the last quarter. 7.77% of the stock is owned by institutional investors.

HeartBeam Company Profile

HeartBeam, Inc is a medical technology company developing portable and digital solutions for cardiac monitoring. Its proprietary technology is designed to capture, analyze and transmit electrocardiogram (ECG) data outside traditional clinical settings, with a focus on helping identify cardiac events such as atrial fibrillation and heart attacks.

The company’s flagship product is the HeartBeam AIMIGo system, which combines a compact, credit-card-sized ECG device with a smartphone application.