Divisadero Street Capital Management LP Purchases New Shares in Beta Bionics, Inc. $BBNX

Divisadero Street Capital Management LP purchased a new position in Beta Bionics, Inc. (NASDAQ:BBNX) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 948,965 shares of the company’s stock, valued at approximately $13,817,000. Beta Bionics makes up 0.9% of Divisadero Street Capital Management LP’s investment portfolio, making the stock its 25th biggest position. Divisadero Street Capital Management LP owned approximately 2.18% of Beta Bionics as of its most recent filing with the SEC.

A number of other hedge funds also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. acquired a new position in shares of Beta Bionics in the first quarter worth about $1,244,000. Deutsche Bank AG purchased a new stake in shares of Beta Bionics in the 1st quarter valued at approximately $148,000. Invesco Ltd. acquired a new position in Beta Bionics in the 1st quarter worth approximately $202,000. Nuveen LLC purchased a new position in Beta Bionics during the 1st quarter worth approximately $209,000. Finally, Lord Abbett & CO. LLC purchased a new position in Beta Bionics during the 1st quarter worth approximately $2,793,000.

Insider Buying and Selling

In related news, Director Adam Lezack sold 1,406 shares of the firm’s stock in a transaction that occurred on Friday, October 31st. The stock was sold at an average price of $26.87, for a total value of $37,779.22. Following the transaction, the director directly owned 9,841 shares of the company’s stock, valued at approximately $264,427.67. This trade represents a 12.50% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Stephen Feider sold 15,018 shares of the business’s stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $20.76, for a total value of $311,773.68. Following the completion of the sale, the chief financial officer owned 44,041 shares of the company’s stock, valued at approximately $914,291.16. This trade represents a 25.43% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 25,302 shares of company stock valued at $568,505 in the last three months.

Beta Bionics Stock Down 2.1%

BBNX stock opened at $29.38 on Monday. The firm has a 50 day moving average of $25.35 and a two-hundred day moving average of $20.17. Beta Bionics, Inc. has a 12 month low of $8.89 and a 12 month high of $32.71. The company has a market capitalization of $1.29 billion and a price-to-earnings ratio of -6.72.

Beta Bionics (NASDAQ:BBNX) last released its quarterly earnings results on Tuesday, October 28th. The company reported ($0.33) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.12. Beta Bionics had a negative net margin of 87.89% and a negative return on equity of 35.72%. The business had revenue of $27.25 million for the quarter, compared to the consensus estimate of $23.92 million.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on BBNX. Wall Street Zen raised Beta Bionics from a “strong sell” rating to a “hold” rating in a research report on Saturday, November 1st. Weiss Ratings restated a “sell (d-)” rating on shares of Beta Bionics in a research report on Monday, December 1st. Piper Sandler reaffirmed an “overweight” rating and set a $32.00 target price (up previously from $26.00) on shares of Beta Bionics in a research note on Wednesday, October 29th. The Goldman Sachs Group increased their price target on shares of Beta Bionics from $26.00 to $33.00 and gave the stock a “buy” rating in a research report on Wednesday, October 29th. Finally, Lake Street Capital restated a “buy” rating and set a $35.00 price target on shares of Beta Bionics in a report on Wednesday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $28.22.

Beta Bionics 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.