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

D. Boral Capital lowered shares of HeartBeam (NASDAQ:BEAT) from a buy rating to a hold rating in a research report report published on Monday morning, MarketBeat reports.

BEAT has been the topic of a number of other reports. Wall Street Zen cut shares of HeartBeam to a “strong sell” rating in a research report on Saturday, January 3rd. HC Wainwright restated a “buy” rating and issued a $5.50 price objective on shares of HeartBeam in a research report on Monday, March 16th. B. Riley Financial started coverage on HeartBeam in a research note on Tuesday, March 31st. They set a “buy” rating and a $4.00 price objective on the stock. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of HeartBeam in a report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $4.80.

HeartBeam Price Performance

Shares of NASDAQ:BEAT opened at $0.92 on Monday. The company has a market capitalization of $37.63 million, a price-to-earnings ratio of -1.48 and a beta of -0.63. The firm’s 50 day simple moving average is $1.28 and its 200 day simple moving average is $1.61. HeartBeam has a fifty-two week low of $0.54 and a fifty-two week high of $4.00.

HeartBeam (NASDAQ:BEAT) last released its quarterly earnings data on Thursday, March 12th. The medical research company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.01). Equities research analysts expect that HeartBeam will post -0.53 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Willem Elfrink purchased 187,500 shares of HeartBeam stock in a transaction dated Thursday, April 16th. The stock was bought at an average price of $0.80 per share, for a total transaction of $150,000.00. Following the completion of the acquisition, the director directly owned 538,667 shares of the company’s stock, valued at $430,933.60. This represents a 53.39% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Richard Ferrari acquired 62,500 shares of the stock in a transaction dated Thursday, April 16th. The shares were bought at an average cost of $0.80 per share, with a total value of $50,000.00. Following the transaction, the director directly owned 291,636 shares of the company’s stock, valued at $233,308.80. This represents a 27.28% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders have purchased 1,118,750 shares of company stock worth $895,000. Company insiders own 18.04% of the company’s stock.

Institutional Investors Weigh In On HeartBeam

Several institutional investors have recently added to or reduced their stakes in BEAT. Raymond James Financial Inc. boosted its stake in HeartBeam by 102.2% in the 2nd quarter. Raymond James Financial Inc. now owns 28,178 shares of the medical research company’s stock worth $35,000 after purchasing an additional 14,242 shares during the period. Bessemer Group Inc. acquired a new stake in shares of HeartBeam in the 3rd quarter valued at about $25,000. Kestra Private Wealth Services LLC raised its stake in shares of HeartBeam by 23.4% in the 3rd quarter. Kestra Private Wealth Services LLC now owns 175,989 shares of the medical research company’s stock valued at $290,000 after purchasing an additional 33,344 shares during the period. Ritholtz Wealth Management lifted its holdings in shares of HeartBeam by 49.6% in the fourth quarter. Ritholtz Wealth Management now owns 208,191 shares of the medical research company’s stock valued at $500,000 after purchasing an additional 69,009 shares in the last quarter. Finally, Spectrum Asset Management Inc. NB CA lifted its holdings in shares of HeartBeam by 26.9% in the fourth quarter. Spectrum Asset Management Inc. NB CA now owns 94,400 shares of the medical research company’s stock valued at $227,000 after purchasing an additional 20,000 shares in the last quarter. 7.77% of the stock is owned by 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.