Butterfly Network (NYSE:BFLY) Trading 7.1% Higher – Still a Buy?

Butterfly Network, Inc. (NYSE:BFLY)’s stock price shot up 7.1% on Thursday . The stock traded as high as $3.34 and last traded at $3.33. 782,576 shares traded hands during mid-day trading, a decline of 63% from the average session volume of 2,120,077 shares. The stock had previously closed at $3.11.

Analyst Ratings Changes

Separately, Lake Street Capital began coverage on Butterfly Network in a research note on Tuesday, September 10th. They set a “buy” rating and a $3.00 target price for the company.

Butterfly Network Trading Up 1.8 %

The company has a fifty day moving average of $2.83 and a 200-day moving average of $1.82. The stock has a market cap of $737.19 million, a PE ratio of -7.52 and a beta of 2.46.

Butterfly Network (NYSE:BFLY) last issued its quarterly earnings results on Friday, November 1st. The company reported ($0.08) EPS for the quarter, beating the consensus estimate of ($0.09) by $0.01. The company had revenue of $20.56 million during the quarter, compared to analysts’ expectations of $19.12 million. Butterfly Network had a negative net margin of 129.25% and a negative return on equity of 42.68%. During the same quarter last year, the company posted ($0.13) EPS. As a group, research analysts anticipate that Butterfly Network, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Activity at Butterfly Network

In other Butterfly Network news, CFO Heather C. Getz sold 30,136 shares of the firm’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $3.06, for a total value of $92,216.16. Following the sale, the chief financial officer now directly owns 2,669,333 shares in the company, valued at $8,168,158.98. This trade represents a 1.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Steve Cashman sold 164,079 shares of the company’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $3.06, for a total value of $502,081.74. Following the transaction, the insider now directly owns 1,835,921 shares of the company’s stock, valued at approximately $5,617,918.26. This represents a 8.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 195,911 shares of company stock valued at $597,334 over the last 90 days. 27.28% of the stock is owned by corporate insiders.

Institutional Trading of Butterfly Network

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. grew its position in shares of Butterfly Network by 3.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 955,331 shares of the company’s stock valued at $1,691,000 after buying an additional 35,800 shares during the last quarter. XTX Topco Ltd boosted its stake in Butterfly Network by 169.7% in the third quarter. XTX Topco Ltd now owns 360,392 shares of the company’s stock valued at $638,000 after acquiring an additional 226,781 shares in the last quarter. Oppenheimer & Co. Inc. grew its holdings in shares of Butterfly Network by 22.0% during the third quarter. Oppenheimer & Co. Inc. now owns 258,920 shares of the company’s stock worth $458,000 after purchasing an additional 46,630 shares during the last quarter. Verition Fund Management LLC acquired a new stake in shares of Butterfly Network during the third quarter worth about $57,000. Finally, Point72 Asia Singapore Pte. Ltd. lifted its holdings in shares of Butterfly Network by 1,045.0% in the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 256,974 shares of the company’s stock valued at $216,000 after purchasing an additional 234,530 shares during the last quarter. Institutional investors and hedge funds own 37.85% of the company’s stock.

Butterfly Network Company Profile

Butterfly Network, Inc develops, manufactures, and commercializes ultrasound imaging solutions in the United States and internationally. It offers Butterfly iQ, a handheld and single-probe whole body ultrasound system; Butterfly iQ+ and iQ3 ultrasound devices that can perform whole-body imaging in a single handheld probe integrated with the clinical workflow, and accessible on a user's smartphone, tablet, and almost any hospital computer system; and Butterfly iQ+ Vet, a handheld ultrasound system designed for veterinarians.