Beta Bionics (NASDAQ:BBNX) Sees Strong 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 unusually-high trading volume on Wednesday following a stronger than expected earnings report. Approximately 581,428 shares changed hands 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) earnings per share (EPS) 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.

Analysts Set New Price Targets

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

Insider Buying and Selling

In related news, CFO Stephen Feider sold 1,497 shares of Beta Bionics stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $17.89, for a total value of $26,781.33. Following the completion of the sale, the chief financial officer directly owned 45,503 shares in the company, valued at approximately $814,048.67. This trade represents a 3.19% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 4,519 shares of company stock worth $80,845 over the last ninety days.

Institutional Trading of Beta Bionics

Several hedge funds have recently modified their holdings of the company. Strs Ohio purchased a new stake in shares of Beta Bionics during the 1st quarter worth $29,000. CWM LLC purchased a new position in shares of Beta Bionics in the second quarter valued at approximately $58,000. Values First Advisors Inc. raised its position in Beta Bionics by 13.2% in the second quarter. Values First Advisors Inc. now owns 42,563 shares of the company's stock valued at $620,000 after purchasing an additional 4,978 shares during the period. Corebridge Financial Inc. purchased a new stake in Beta Bionics in the first quarter valued at $79,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Beta Bionics in the first quarter valued at $95,000.

Beta Bionics Stock Down 1.7%

The firm's 50 day simple moving average is $15.71.

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.