BioTelemetry Inc. (BEAT) Sees Large Volume Increase
Shares of BioTelemetry Inc. (NASDAQ:BEAT) saw unusually-high trading volume on Friday . Approximately 6,437,786 shares traded hands during trading, an increase of 640% from the previous session’s volume of 869,524 shares.The stock last traded at $19.02 and had previously closed at $19.08.
Separately, Zacks Investment Research raised shares of BioTelemetry from a “hold” rating to a “strong-buy” rating and set a $18.00 price target for the company in a research note on Thursday, April 28th.
The firm has a market capitalization of $530.54 million and a P/E ratio of 48.15. The company has a 50-day moving average price of $16.89 and a 200 day moving average price of $13.75.
BioTelemetry (NASDAQ:BEAT) last announced its quarterly earnings data on Tuesday, April 26th. The company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.10. The business had revenue of $48.60 million for the quarter, compared to analysts’ expectations of $46.54 million. During the same period in the prior year, the company posted $0.06 EPS. The firm’s revenue was up 12.0% on a year-over-year basis. On average, analysts forecast that BioTelemetry Inc. will post $0.71 EPS for the current fiscal year.
A number of hedge funds have made changes to their positions in BEAT. Gabelli Funds LLC acquired a new stake in shares of BioTelemetry during the fourth quarter valued at about $1,190,000. Russell Frank Co boosted its stake in shares of BioTelemetry by 58.9% in the fourth quarter. Russell Frank Co now owns 249,457 shares of the company’s stock valued at $2,933,000 after buying an additional 92,455 shares in the last quarter. 1492 Capital Management LLC boosted its stake in shares of BioTelemetry by 11.4% in the fourth quarter. 1492 Capital Management LLC now owns 321,761 shares of the company’s stock valued at $3,758,000 after buying an additional 32,932 shares in the last quarter. Royce & Associates LLC boosted its stake in shares of BioTelemetry by 102.2% in the fourth quarter. Royce & Associates LLC now owns 606,700 shares of the company’s stock valued at $7,086,000 after buying an additional 306,700 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its stake in shares of BioTelemetry by 13.6% in the fourth quarter. Wells Fargo & Company MN now owns 994,163 shares of the company’s stock valued at $11,612,000 after buying an additional 119,328 shares in the last quarter.
BioTelemetry, Inc (BioTelemetry), formerly CardioNet, Inc, provides cardiac monitoring services, cardiac monitoring device manufacturing, and centralized cardiac core laboratory services. The Company operates in three segments: patient services, product and research services. The patient services business segment’s principal focus is on the diagnosis and monitoring of cardiac arrhythmias or heart rhythm disorders, through its core Mobile Cardiac Outpatient Telemetry(MCOT), event and Holter services in a healthcare setting.
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