HeartBeam, Inc. (NASDAQ:BEAT) Stock Has Average Target Price of $4.00

HeartBeam, Inc. (NASDAQ:BEAT) has earned a consensus recommendation of “Moderate Buy” from the nine ratings firms that are covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, three have given a hold rating, four have given a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $4.00.

Several analysts recently commented on BEAT shares. Maxim Group assumed coverage on shares of HeartBeam in a research note on Tuesday, July 14th. They set a “buy” rating and a $2.00 target price for the company. Weiss Ratings restated a “sell (e+)” rating on shares of HeartBeam in a research report on Tuesday, September 29th. Finally, HC Wainwright downgraded HeartBeam from a “buy” rating to a “neutral” rating in a research report on Tuesday, September 22nd.

HeartBeam Stock Up 50.5%

Shares of HeartBeam stock opened at $0.65 on Thursday. The firm has a market cap of $36.86 million, a price-to-earnings ratio of -1.28 and a beta of -0.76. The business has a fifty day simple moving average of $0.46 and a 200-day simple moving average of $0.73. HeartBeam has a fifty-two week low of $0.35 and a fifty-two week high of $4.00.

HeartBeam (NASDAQ:BEAT) last released its earnings results on Thursday, August 13th. The medical research company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.01). Analysts anticipate that HeartBeam will post -0.37 earnings per share for the current fiscal year.

Hedge Funds Weigh In On HeartBeam

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Sigma Planning Corp lifted its stake in HeartBeam by 115.0% during the first quarter. Sigma Planning Corp now owns 132,550 shares of the medical research company’s stock valued at $162,000 after buying an additional 70,900 shares in the last quarter. Beacon Pointe Advisors LLC acquired a new position in HeartBeam in the 2nd quarter worth approximately $185,000. Finally, BlackRock Inc. purchased a new position in HeartBeam during the 2nd quarter worth approximately $741,000. Institutional investors and hedge funds own 7.77% of the company’s stock.

About HeartBeam

HeartBeam, Inc develops wearable and digital cardiac-monitoring technologies designed to help detect and evaluate heart conditions outside traditional clinical settings. The company’s platform is intended to capture electrocardiogram (ECG) data in a portable, cable-free format and transmit that information through a connected mobile device.

HeartBeam’s technology is based on three-dimensional vector ECG recordings, which are designed to provide electrical views of the heart from multiple directions rather than relying solely on a conventional single-lead wearable reading.