D. Boral Capital Downgrades HeartBeam (NASDAQ:BEAT) to Hold

HeartBeam (NASDAQ:BEAT) was downgraded by equities researchers at D. Boral Capital from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Monday.

BEAT has been the subject of several other reports. Wall Street Zen cut shares of HeartBeam to a “strong sell” rating in a research note on Saturday, January 3rd. HC Wainwright restated a “buy” rating and set a $5.50 target price on shares of HeartBeam in a report on Monday, March 16th. B. Riley Financial began coverage on shares of HeartBeam in a research report on Tuesday, March 31st. They issued a “buy” rating and a $4.00 target price for the company. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of HeartBeam in a research note on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, HeartBeam presently has an average rating of “Moderate Buy” and a consensus price target of $4.80.

HeartBeam Price Performance

Shares of BEAT stock opened at $0.92 on Monday. HeartBeam has a 12-month low of $0.54 and a 12-month high of $4.00. The firm has a fifty day moving average of $1.29 and a 200-day moving average of $1.61. The company has a market capitalization of $37.80 million, a price-to-earnings ratio of -1.48 and a beta of -0.63.

HeartBeam (NASDAQ:BEAT) last announced its earnings results on Thursday, March 12th. The medical research company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.01).

Insiders Place Their Bets

In other news, Director Richard Ferrari purchased 62,500 shares of the company’s stock in a transaction that occurred on Thursday, April 16th. The stock was acquired at an average cost of $0.80 per share, with a total value of $50,000.00. Following the acquisition, the director owned 291,636 shares in the company, valued at approximately $233,308.80. This trade represents a 27.28% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Willem Elfrink acquired 187,500 shares of the firm’s stock in a transaction on Thursday, April 16th. The stock was purchased at an average cost of $0.80 per share, for a total transaction of $150,000.00. Following the completion of the acquisition, the director owned 538,667 shares in the company, valued at approximately $430,933.60. This represents a 53.39% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders purchased a total of 1,118,750 shares of company stock valued at $895,000 over the last ninety days. 18.04% 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 business. Raymond James Financial Inc. raised its position in shares of HeartBeam by 102.2% in the 2nd 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 in the last quarter. Kestra Private Wealth Services LLC boosted 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 worth $290,000 after acquiring an additional 33,344 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of HeartBeam by 4.1% during the 4th quarter. Geode Capital Management LLC now owns 305,740 shares of the medical research company’s stock worth $734,000 after acquiring an additional 12,142 shares in the last quarter. Bessemer Group Inc. bought a new position in HeartBeam in the third quarter valued at approximately $25,000. Finally, State Street Corp increased its stake in HeartBeam by 60.1% in the fourth quarter. State Street Corp now owns 125,473 shares of the medical research company’s stock valued at $301,000 after acquiring an additional 47,100 shares during the last quarter. 7.77% of the stock is currently owned by institutional investors and hedge funds.

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.