HeartBeam, Inc. (NASDAQ:BEAT) Short Interest Update

HeartBeam, Inc. (NASDAQ:BEAT) was the target of a large decrease in short interest in March. As of March 31st, there was short interest totaling 3,147,549 shares, a decrease of 22.8% from the March 15th total of 4,077,076 shares. Based on an average daily trading volume, of 515,394 shares, the short-interest ratio is presently 6.1 days. Approximately 9.3% of the shares of the stock are sold short.

HeartBeam Price Performance

Shares of BEAT stock opened at $1.20 on Wednesday. HeartBeam has a 1 year low of $0.54 and a 1 year high of $4.00. The stock’s 50 day simple moving average is $1.32 and its two-hundred day simple moving average is $1.63. The company has a market cap of $49.31 million, a PE ratio of -1.94 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) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.01).

Wall Street Analysts Forecast Growth

BEAT has been the topic of several research analyst reports. B. Riley Financial started coverage on HeartBeam in a research report on Tuesday, March 31st. They issued a “buy” rating and a $4.00 price objective on the stock. Wall Street Zen downgraded HeartBeam to a “strong sell” rating in a research note on Saturday, January 3rd. HC Wainwright reissued a “buy” rating and issued a $5.50 price target on shares of HeartBeam in a report on Monday, March 16th. D. Boral Capital began coverage on HeartBeam in a research note on Friday, March 27th. They issued a “buy” rating and a $5.00 price target for the company. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of HeartBeam in a report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $4.80.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of BEAT. Clarity Financial LLC purchased a new stake in shares of HeartBeam in the fourth quarter valued at $25,000. Bessemer Group Inc. purchased a new position in shares of HeartBeam during the 3rd quarter worth about $25,000. CIBC Private Wealth Group LLC purchased a new position in shares of HeartBeam during the 4th quarter worth about $26,000. Raymond James Financial Inc. grew its holdings in HeartBeam by 102.2% during the 2nd 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 last quarter. Finally, Truist Financial Corp bought a new position in HeartBeam during the 4th quarter valued at about $36,000. 7.77% of the stock is owned by hedge funds and other institutional investors.

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.