Beta Bionics (NASDAQ:BBNX) Upgraded at The Goldman Sachs Group

Key Points

• Beta Bionics (NASDAQ:BBNX) was upgraded by Goldman Sachs from a "hold" rating to a "strong-buy" rating, indicating increased confidence in the company's stock.
• The company reported earnings of ($0.39) per share for the last quarter, which exceeded analysts' expectations, and had revenues of $23.24 million, higher than estimated.
• Insider transactions revealed significant selling, with CFO Stephen Feider selling 5,587 shares, which has resulted in decreased ownership in the company.

Beta Bionics (NASDAQ:BBNX - Get Free Report) was upgraded by research analysts at The Goldman Sachs Group from a "hold" rating to a "buy" rating in a research note issued on Wednesday, Marketbeat reports.

A number of other research firms have also recently issued reports on BBNX. Lake Street Capital initiated coverage on shares of Beta Bionics in a research note on Thursday, June 12th. They issued a "buy" rating and a $30.00 target price for the company. Truist Financial raised their price objective on shares of Beta Bionics from $21.00 to $28.00 and gave the company a "buy" rating in a research report on Monday, September 22nd. Finally, Robert W. Baird set a $17.00 target price on shares of Beta Bionics and gave the stock a "neutral" rating in a research note on Wednesday, July 30th. Two research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $24.44.

Beta Bionics Price Performance

Shares of Beta Bionics stock opened at $20.21 on Wednesday. The firm has a fifty day moving average price of $18.94 and a two-hundred day moving average price of $15.71. Beta Bionics has a fifty-two week low of $8.89 and a fifty-two week high of $26.66.

Beta Bionics (NASDAQ:BBNX - Get Free Report) last released its earnings results on Tuesday, July 29th. The company reported ($0.39) earnings per share for the quarter, beating the consensus estimate of ($0.51) by $0.12. The company 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 Transactions at Beta Bionics

In other news, CFO Stephen Feider sold 5,587 shares of the firm's stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $17.03, for a total value of $95,146.61. Following the transaction, the chief financial officer owned 45,503 shares of the company's stock, valued at approximately $774,916.09. This trade represents a 10.94% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Mark Hopman sold 16,158 shares of the business's stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $16.61, for a total transaction of $268,384.38. Following the sale, the insider directly owned 34,132 shares of the company's stock, valued at approximately $566,932.52. This trade represents a 32.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 48,901 shares of company stock worth $894,710.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in BBNX. Eventide Asset Management LLC bought a new position in Beta Bionics during the first quarter worth about $60,307,000. Wellington Management Group LLP bought a new stake in shares of Beta Bionics in the 1st quarter valued at about $47,346,000. Sands Capital Ventures LLC acquired a new stake in shares of Beta Bionics in the 1st quarter valued at approximately $37,990,000. Omega Fund Management LLC bought a new position in Beta Bionics during the 1st quarter worth approximately $24,337,000. Finally, Divisadero Street Capital Management LP bought a new position in Beta Bionics during the 2nd quarter worth approximately $13,817,000.

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.