Beta Bionics, Inc. (NASDAQ:BBNX) Sees Significant Increase in Short Interest

Key Points

• Beta Bionics, Inc. experienced a 64.4% increase in short interest in September, reaching a total of 6,380,000 shares, with approximately 19.5% of shares sold short.
• The company reported Q2 earnings of ($0.39) per share, which exceeded analysts’ expectations and generated revenue of $23.24 million.
• Insider activity includes the CFO selling 4,982 shares at an average price of $21.69, leading to a decrease in ownership, while total insider sales over the last quarter reached $1.31 million.

Beta Bionics, Inc. (NASDAQ:BBNX - Get Free Report) saw a large increase in short interest in the month of September. As of September 30th, there was short interest totaling 6,380,000 shares, an increase of 64.4% from the September 15th total of 3,880,000 shares. Approximately 19.5% of the shares of the company are sold short. Based on an average daily volume of 754,600 shares, the days-to-cover ratio is presently 8.5 days. Based on an average daily volume of 754,600 shares, the days-to-cover ratio is presently 8.5 days. Approximately 19.5% of the shares of the company are sold short.

Beta Bionics Stock Up 3.7%

Shares of NASDAQ:BBNX opened at $20.98 on Wednesday. Beta Bionics has a 12-month low of $8.89 and a 12-month high of $26.66. The business has a fifty day simple moving average of $20.66 and a 200 day simple moving average of $16.50.

Beta Bionics (NASDAQ:BBNX - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The company reported ($0.39) earnings per share for the quarter, topping the consensus estimate of ($0.51) by $0.12. The business had revenue of $23.24 million during the quarter, compared to the consensus estimate of $19.73 million. Beta Bionics has set its FY 2025 guidance at EPS.

Insider Activity

In related news, CFO Stephen Feider sold 4,982 shares of Beta Bionics stock in a transaction dated Friday, October 3rd. The stock was sold at an average price of $21.69, for a total transaction of $108,059.58. Following the completion of the transaction, the chief financial officer owned 44,041 shares in the company, valued at approximately $955,249.29. This trade represents a 10.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Mark Hopman sold 11,411 shares of the company's stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $20.56, for a total value of $234,610.16. Following the completion of the sale, the insider owned 31,215 shares in the company, valued at $641,780.40. This represents a 26.77% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 68,901 shares of company stock valued at $1,314,543 over the last quarter.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in BBNX. Rhumbline Advisers bought a new position in shares of Beta Bionics in the 1st quarter worth about $158,000. Bank of New York Mellon Corp acquired a new stake in shares of Beta Bionics in the 1st quarter valued at about $316,000. Values First Advisors Inc. acquired a new stake in shares of Beta Bionics in the 1st quarter valued at about $457,000. Jennison Associates LLC acquired a new stake in shares of Beta Bionics in the 1st quarter valued at about $828,000. Finally, TD Asset Management Inc acquired a new stake in shares of Beta Bionics in the 1st quarter valued at about $488,000.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Weiss Ratings reissued a "sell (d)" rating on shares of Beta Bionics in a research report on Wednesday, October 8th. The Goldman Sachs Group set a $26.00 price target on Beta Bionics and gave the stock a "buy" rating in a research report on Wednesday, October 1st. Stifel Nicolaus initiated coverage on Beta Bionics in a research report on Tuesday. They set a "buy" rating and a $26.00 price target on the stock. Robert W. Baird set a $17.00 price objective on Beta Bionics and gave the company a "neutral" rating in a report on Wednesday, July 30th. Finally, Truist Financial raised their price objective on Beta Bionics from $21.00 to $28.00 and gave the company a "buy" rating in a report on Monday, September 22nd. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Beta Bionics currently has an average rating of "Moderate Buy" and an average price target of $24.56.

About Beta Bionics

Beta Bionics, Inc is a commercial-stage medical device company. It engages in the design, development, and commercialization of solutions for insulin-requiring people with diabetes. The company was founded by Edward R. Damiano on October 21, 2015 and is headquartered in Irvine, CA.

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