HeartBeam Inc. (NASDAQ: BEAT) Bulls Still Eyeing Towards $8.00

HeartBeam Inc. (NASDAQ:BEAT) currently has a daily average trading volume of 106.24K but it saw 2430835 shares traded on Thursday. With a market cap of 58.76M USD, stock’s current market price of $2.26 came rising about 12.16 while comparing to the previous closing price of $2.02. In past 52 weeks, the stock remained buoying in the range of price level as high as $6.74 and as low as $1.12. In the recent trading on the day, stock has struck highest price mark of $2.46 while lowest mark touched by it was $1.875.

Taking a look at 20-day trading activity of HeartBeam Inc. (BEAT) gives us an average price of $2.17, while its current price level is -66.47% below from 52-week high level whereas it is 101.79% above from lowest level seen by the stock during that period. Simple moving average of 50 days or SMA-50 of the stock’s closing price is $2.22 while that of 200 days or SMA-200 reads an average of $3.19. A closer look into the stock’s movement over the week reveals that its volatility is standing at 12.13% during that period while stretching the period over a month that decreases to 9.83%. It is also necessary to take a look into other indicators of a stock too, to get a better idea about its price movement. And in doing so, we find stock’s 14-day relative strength index (RSI) standing at 52.10 which implies that the stock is in neutral territory.

HeartBeam Inc. (BEAT)’s stock is currently under the radar of 3 analysts who are in consensus at a 12-month price target range of between $5.55 and $8.00 for company’s shares. The average price target assigned by the average number of analysts to a stock is a way to gauge worth of any stock in next 52 weeks. And in assigning price target to a stock, some analysts adopt a bearish approach by advocating lower-than-average price target which in this case is $5.55 while some adopt bullish approach by assigning higher-than-average price target which reads the price to top $8.00. Average price target assigned by them is $6.52 which highlights an upside potential of 65.34% for the stock over that period. And to attain the median price target of $6.00 assigned by those analysts, stock has to add about 62.33% of value to its current levels.

Data by FactSet Research shows that 3 analysts have issued their ratings for the stock. 0 of them are in opinions that stock is a Sell, while 0 are advising it as an Overweight. 3 analysts suggested the investors to Buy the stock while 0 advised them to Hold. Recommendations by all of those brokerages imply a consensus rating of Buy for the stock and that issued by Wall Street to investors is Moderate Buy.

Over the week, BEAT’s stock price is moving 2.26% up while it is 15.90% when we observe its performance for the past one month. Year-to-date it is -53.69% down and over the past year, the stock is showing an upside performance of 41.25%.

The latest quarterly earnings report issued by the company was for quarter ended 3/30/2023, when its quarterly earnings per share (EPS) of -$0.5 beaten by the consensus estimate of -$0.31 for the same. The company is expected to be releasing its next quarterly report in 08/10/2023, for which analysts forecasted an EPS of -$0.2 while estimate for next year EPS is -$0.81. For BEAT, analysts are forecasting an EPS-growth rate of 49.10% for current year and estimate for EPS growth in next year is 24.70%. In next quarter, company is expected to be making quarterly sales of $170k as analysts are expecting the sales for current fiscal year at $600k and seeing the company making $4.07 million in sales next year.

Currently, HeartBeam Inc.’s total number of outstanding shares is 8.22M with 18.79% of that held by the insiders while 6.97% of its common stock has been owned by the institutions. Company’s return on equity (ROE) at -368.70%. Its return on asset (ROA) is -273.00% on average.