HeartBeam, Inc. (NASDAQ:BEAT) Short Interest Down 22.8% in March

HeartBeam, Inc. (NASDAQ:BEAT) saw a large decline in short interest during the month of March. As of March 31st, there was short interest totaling 3,147,549 shares, a decline of 22.8% from the March 15th total of 4,077,076 shares. Currently, 9.3% of the shares of the company are sold short. Based on an average daily trading volume, of 515,394 shares, the days-to-cover ratio is currently 6.1 days.

HeartBeam Trading Down 3.6%

Shares of BEAT stock traded down $0.03 on Thursday, hitting $0.85. 1,033,961 shares of the stock were exchanged, compared to its average volume of 1,334,820. The firm has a market capitalization of $35.05 million, a PE ratio of -1.38 and a beta of -0.63. HeartBeam has a one year low of $0.54 and a one year high of $4.00. The firm’s 50 day moving average is $1.31 and its two-hundred day moving average is $1.62.

HeartBeam (NASDAQ:BEAT) last posted its quarterly earnings results 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).

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in BEAT. Raymond James Financial Inc. grew its stake in shares of HeartBeam by 102.2% during the 2nd quarter. Raymond James Financial Inc. now owns 28,178 shares of the medical research company’s stock worth $35,000 after acquiring an additional 14,242 shares during the period. Bessemer Group Inc. bought a new position in shares of HeartBeam during the 3rd quarter worth $25,000. Kestra Private Wealth Services LLC grew its stake 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 during the period. Ritholtz Wealth Management grew its stake in shares of HeartBeam by 49.6% during the 4th quarter. Ritholtz Wealth Management now owns 208,191 shares of the medical research company’s stock worth $500,000 after acquiring an additional 69,009 shares during the period. Finally, Spectrum Asset Management Inc. NB CA grew its stake in shares of HeartBeam by 26.9% during the 4th quarter. Spectrum Asset Management Inc. NB CA now owns 94,400 shares of the medical research company’s stock worth $227,000 after acquiring an additional 20,000 shares during the period. Institutional investors own 7.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Weiss Ratings reissued a “sell (e+)” rating on shares of HeartBeam in a report on Monday, December 29th. D. Boral Capital assumed coverage on shares of HeartBeam in a report on Friday, March 27th. They issued a “buy” rating and a $5.00 price target on the stock. B. Riley Financial assumed coverage on shares of HeartBeam in a report on Tuesday, March 31st. They issued a “buy” rating and a $4.00 price target on the stock. HC Wainwright reissued a “buy” rating and issued a $5.50 price target on shares of HeartBeam in a report on Monday, March 16th. Finally, Wall Street Zen downgraded shares of HeartBeam to a “strong sell” rating in a report on Saturday, January 3rd. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $4.80.

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.