Beta Bionics (NASDAQ:BBNX) Stock Price Up 8.4% - What's Next?

Key Points

• Beta Bionics' share price increased by 8.4%, reaching a high of $21.90, although the trading volume fell by 54% compared to its average session volume.
• Wall Street analysts have issued a mix of ratings, with one "Strong Buy," seven "Buy," and four "Hold" ratings, resulting in an average price target of $22.56 for the stock.
• Despite insider sales in recent months, institutional investors have shown strong interest, acquiring significant stakes in Beta Bionics during the first quarter.

Beta Bionics, Inc. (NASDAQ:BBNX - Get Free Report) shares were up 8.4% during mid-day trading on Monday . The stock traded as high as $21.90 and last traded at $21.89. Approximately 242,990 shares traded hands during trading, a decline of 54% from the average daily volume of 523,056 shares. The stock had previously closed at $20.20.

Analyst Ratings Changes

A number of research firms have issued reports on BBNX. Lake Street Capital began coverage on Beta Bionics in a research note on Thursday, June 12th. They issued a "buy" rating and a $30.00 price objective on the stock. The Goldman Sachs Group began coverage on Beta Bionics in a research report on Friday, May 30th. They set a "neutral" rating and a $16.00 target price on the stock. Wolfe Research began coverage on Beta Bionics in a report on Friday, May 30th. They set an "outperform" rating and a $20.00 price objective for the company. 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 upped their target price on Beta Bionics from $18.00 to $21.00 and gave the stock a "buy" rating in a report on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $22.56.

Beta Bionics Stock Performance

The company has a 50-day moving average of $16.70 and a 200-day moving average of $15.29.

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

Insider Transactions at Beta Bionics

In related news, insider Mark Hopman sold 16,158 shares of the business's stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $16.61, for a total value of $268,384.38. Following the completion of the transaction, the insider directly owned 34,132 shares in the company, valued at $566,932.52. The trade was a 32.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Stephen Feider sold 5,587 shares of the stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $17.03, for a total transaction of $95,146.61. Following the sale, the chief financial officer directly owned 45,503 shares in the company, valued at $774,916.09. This trade represents a 10.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 48,901 shares of company stock worth $894,710 over the last three months.

Hedge Funds Weigh In On Beta Bionics

A number of hedge funds have recently bought and sold shares of BBNX. The Manufacturers Life Insurance Company lifted its position in shares of Beta Bionics by 10.3% in the second quarter. The Manufacturers Life Insurance Company now owns 23,558 shares of the company's stock valued at $343,000 after acquiring an additional 2,205 shares in the last quarter. Strs Ohio purchased a new position in Beta Bionics during the first quarter worth approximately $29,000. Legal & General Group Plc lifted its position in Beta Bionics by 197.4% during the second quarter. Legal & General Group Plc now owns 3,976 shares of the company's stock worth $58,000 after buying an additional 2,639 shares in the last quarter. CWM LLC acquired a new stake in Beta Bionics during the second quarter worth $58,000. Finally, Values First Advisors Inc. increased its stake in Beta Bionics by 13.2% during the second quarter. Values First Advisors Inc. now owns 42,563 shares of the company's stock worth $620,000 after acquiring an additional 4,978 shares during the last quarter.

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.