Maxim Group Initiates Coverage on HeartBeam (NASDAQ:BEAT)

Analysts at Maxim Group started 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 target price would indicate a potential upside of 246.08% from the stock’s previous close.

A number of other equities analysts also recently commented on BEAT. Benchmark reduced their price objective on HeartBeam from $8.00 to $5.00 and set a “speculative buy” rating on the stock in a research report on Friday, May 15th. HC Wainwright cut their target price on HeartBeam from $5.50 to $2.50 and set a “buy” rating for the company in a research note on Friday, May 22nd. Weiss Ratings restated a “sell (e+)” rating on shares of HeartBeam in a research report on Thursday, July 2nd. B. Riley Financial started coverage on HeartBeam in a research note on Tuesday, March 31st. They issued a “buy” rating and a $4.00 price target on the stock. Finally, D. Boral Capital downgraded HeartBeam from a “buy” rating to a “hold” rating in a research report on Monday, April 20th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, HeartBeam currently has an average rating of “Moderate Buy” and a consensus price target of $4.00.

HeartBeam Price Performance

HeartBeam stock opened at $0.58 on Tuesday. The stock has a market capitalization of $32.08 million, a PE ratio of -1.03 and a beta of -0.82. The business has a 50 day simple moving average of $0.80 and a 200-day simple moving average of $1.27. HeartBeam has a 12 month low of $0.54 and a 12 month high of $4.00.

HeartBeam (NASDAQ:BEAT) last announced its earnings results on Wednesday, May 13th. The medical research company reported ($0.12) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.02. On average, equities research analysts anticipate that HeartBeam will post -0.38 EPS for the current fiscal year.

Insider Buying and Selling at HeartBeam

In other news, Director Richard Ferrari bought 62,500 shares of the business’s stock in a transaction 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 directly owned 291,636 shares in the company, valued at $233,308.80. This trade represents a 27.28% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Mark E. Strome purchased 750,000 shares of the firm’s stock in a transaction on Thursday, April 16th. The shares were purchased at an average price of $0.80 per share, for a total transaction of $600,000.00. Following the completion of the purchase, the director directly owned 3,650,000 shares of the company’s stock, valued at $2,920,000. This represents a 25.86% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have bought a total of 1,118,750 shares of company stock valued at $895,000 over the last quarter. 17.95% of the stock is owned by company insiders.

Hedge Funds Weigh In On HeartBeam

Hedge funds and other institutional investors have recently bought and sold shares of the company. Clarity Financial LLC purchased a new position in HeartBeam during the 4th quarter valued at about $25,000. CIBC Private Wealth Group LLC purchased a new stake in HeartBeam during the fourth quarter worth about $26,000. Geode Capital Management LLC lifted its position in shares of HeartBeam by 4.1% during the fourth quarter. Geode Capital Management LLC now owns 305,740 shares of the medical research company’s stock worth $734,000 after purchasing an additional 12,142 shares in the last quarter. Raymond James Financial Inc. boosted its stake in shares of HeartBeam by 102.2% in the second quarter. Raymond James Financial Inc. now owns 28,178 shares of the medical research company’s stock valued at $35,000 after purchasing an additional 14,242 shares during the period. Finally, Truist Financial Corp purchased a new position in shares of HeartBeam in the fourth quarter valued at approximately $36,000. 7.77% of the stock is currently owned by hedge funds and other institutional investors.

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.