HC Wainwright Downgrades HeartBeam (NASDAQ:BEAT) to Neutral

HeartBeam (NASDAQ:BEAT – Get Free Report) was downgraded by research analysts at HC Wainwright from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Tuesday, Marketbeat reports.

A number of other equities analysts have also recently issued reports on the company. Maxim Group started coverage on HeartBeam in a research report on Tuesday, July 14th. They set a “buy” rating and a $2.00 target price for the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of HeartBeam in a research note on Thursday, July 2nd. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $4.00.

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HeartBeam Trading Up 3.5%

NASDAQ BEAT traded up $0.01 on Tuesday, hitting $0.45. 238,227 shares of the company traded hands, compared to its average volume of 988,576. HeartBeam has a 52-week low of $0.39 and a 52-week high of $4.00. The company has a market capitalization of $25.13 million, a price-to-earnings ratio of -0.87 and a beta of -0.80. The business’s 50 day moving average price is $0.49 and its 200-day moving average price is $0.80.

HeartBeam (NASDAQ:BEAT – Get Free Report) last posted its earnings results on Thursday, August 13th. The medical research company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.01). As a group, sell-side analysts predict that HeartBeam will post -0.41 earnings per share for the current year.

Hedge Funds Weigh In On HeartBeam

Several hedge funds have recently modified their holdings of BEAT. Sigma Planning Corp boosted its stake in HeartBeam by 115.0% in the 1st quarter. Sigma Planning Corp now owns 132,550 shares of the medical research company’s stock worth $162,000 after purchasing an additional 70,900 shares in the last quarter. Beacon Pointe Advisors LLC purchased a new position in HeartBeam in the 2nd quarter worth $185,000. Finally, BlackRock Inc. purchased a new stake in HeartBeam during the 2nd quarter valued at about $741,000. Institutional investors and hedge funds own 7.77% of the company’s stock.

HeartBeam Company Profile

(Get Free Report)

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.

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