HeartBeam (NASDAQ:BEAT) Earns Buy Rating from Analysts at Maxim Group

Research analysts at Maxim Group initiated coverage on shares of HeartBeam (NASDAQ:BEAT) in a report issued on Tuesday. The brokerage set a “buy” rating and a $2.00 price target on the medical research company’s stock. Maxim Group’s price objective suggests a potential upside of 246.08% from the stock’s current price.

Several other analysts also recently weighed in on BEAT. D. Boral Capital downgraded HeartBeam from a “buy” rating to a “hold” rating in a research note on Monday, April 20th. Wall Street Zen raised HeartBeam from a “strong sell” rating to a “sell” rating in a report on Saturday, May 16th. B. Riley Financial assumed coverage on HeartBeam in a research report on Tuesday, March 31st. They issued a “buy” rating and a $4.00 target price on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of HeartBeam in a report on Thursday, July 2nd. Finally, Benchmark reduced their price target on shares of HeartBeam from $8.00 to $5.00 and set a “speculative buy” rating for the company in a research report on Friday, May 15th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $4.00.

HeartBeam Trading Down 4.5%

NASDAQ BEAT opened at $0.58 on Tuesday. HeartBeam has a 12-month low of $0.54 and a 12-month high of $4.00. The company has a fifty day simple moving average of $0.80 and a two-hundred day simple moving average of $1.27. The stock has a market cap of $32.08 million, a P/E ratio of -1.03 and a beta of -0.82.

HeartBeam (NASDAQ:BEAT) last announced its quarterly earnings data on Wednesday, May 13th. The medical research company reported ($0.12) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.02. As a group, sell-side analysts forecast that HeartBeam will post -0.38 earnings per share for the current year.

Insider Activity

In related news, Director Willem Elfrink purchased 187,500 shares of HeartBeam stock in a transaction that occurred on Thursday, April 16th. The stock was bought at an average cost of $0.80 per share, for a total transaction of $150,000.00. Following the completion of the transaction, the director owned 538,667 shares in the company, valued at $430,933.60. The trade was a 53.39% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Richard Ferrari purchased 62,500 shares of HeartBeam stock in a transaction that occurred on Thursday, April 16th. The shares were bought at an average price of $0.80 per share, with a total value of $50,000.00. Following the completion of the transaction, the director owned 291,636 shares of the company’s stock, valued at $233,308.80. This represents a 27.28% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders purchased a total of 1,118,750 shares of company stock valued at $895,000 in the last quarter. 17.95% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On HeartBeam

Hedge funds and other institutional investors have recently made changes to their positions in the company. Clarity Financial LLC purchased a new position in shares of HeartBeam during the 4th quarter valued at approximately $25,000. CIBC Private Wealth Group LLC acquired a new stake in HeartBeam during the fourth quarter valued at $26,000. Raymond James Financial Inc. grew its position in HeartBeam by 102.2% during the second quarter. Raymond James Financial Inc. now owns 28,178 shares of the medical research company’s stock valued at $35,000 after buying an additional 14,242 shares during the period. Truist Financial Corp purchased a new position in HeartBeam in the fourth quarter valued at $36,000. Finally, Jane Street Group LLC purchased a new position in HeartBeam in the fourth quarter valued at $55,000. Institutional investors and hedge funds own 7.77% of the company’s stock.

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.