Beta Bionics (NASDAQ:BBNX) Sees Unusually-High Trading Volume Following Better-Than-Expected Earnings

Key Points

• Beta Bionics reported a better-than-expected earnings per share (EPS) of ($0.39), surpassing the consensus estimate of ($0.51) due to revenue of $23.24 million exceeding expectations.
• The company's stock saw a 19% increase in trading volume, with approximately 581,428 shares changing hands following the earnings report, closing at $15.86.
• Analysts have provided a mix of ratings for the stock, with a consensus target price of $23.11, indicating a predominantly positive outlook on Beta Bionics.

Beta Bionics, Inc. (NASDAQ:BBNX - Get Free Report) saw strong trading volume on Wednesday following a better than expected earnings announcement. 581,428 shares were traded during mid-day trading, an increase of 19% from the previous session's volume of 488,150 shares.The stock last traded at $15.86 and had previously closed at $14.66.

The company reported ($0.39) EPS for the quarter, beating analysts' consensus estimates of ($0.51) by $0.12. The business had revenue of $23.24 million for the quarter, compared to analysts' expectations of $19.73 million.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on BBNX. Truist Financial increased their price objective on shares of Beta Bionics from $18.00 to $21.00 and gave the stock a "buy" rating in a research note on Wednesday, July 30th. Wolfe Research started coverage on shares of Beta Bionics in a research report on Friday, May 30th. They set an "outperform" rating and a $20.00 target price for the company. Robert W. Baird set a $17.00 price objective on shares of Beta Bionics and gave the company a "neutral" rating in a research report on Wednesday, July 30th. Lake Street Capital started coverage on shares of Beta Bionics in a research report on Thursday, June 12th. They set a "buy" rating and a $30.00 price objective for the company. Finally, The Goldman Sachs Group started coverage on shares of Beta Bionics in a research report on Friday, May 30th. They set a "neutral" rating and a $16.00 price objective for the company. Four research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $22.56.

Insider Activity

In related news, CFO Stephen Feider sold 1,497 shares of the firm's stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $17.89, for a total value of $26,781.33. Following the transaction, the chief financial officer owned 45,503 shares of the company's stock, valued at $814,048.67. This trade represents a 3.19% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In the last three months, insiders have sold 4,519 shares of company stock valued at $80,845.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Eventide Asset Management LLC purchased a new position in Beta Bionics during the 1st quarter valued at about $60,307,000. Wellington Management Group LLP purchased a new position in Beta Bionics during the 1st quarter valued at about $47,346,000. Sands Capital Ventures LLC purchased a new position in shares of Beta Bionics in the 1st quarter worth approximately $37,990,000. Omega Fund Management LLC purchased a new position in shares of Beta Bionics in the 1st quarter worth approximately $24,337,000. Finally, Driehaus Capital Management LLC purchased a new position in shares of Beta Bionics in the 1st quarter worth approximately $10,799,000.

Beta Bionics Stock Performance

The stock has a 50 day moving average of $15.75.

Beta Bionics Company Profile

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.