Butterfly Network (NYSE:BFLY) Shares Up 7.3% – What’s Next?

Butterfly Network, Inc. (NYSE:BFLY) shares rose 7.3% during mid-day trading on Friday . The company traded as high as $4.28 and last traded at $4.26. Approximately 1,148,618 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 5,988,594 shares. The stock had previously closed at $3.97.

Wall Street Analysts Forecast Growth

Separately, Lake Street Capital initiated coverage on Butterfly Network in a research note on Tuesday, September 10th. They issued a “buy” rating and a $3.00 price objective on the stock.

Butterfly Network Stock Up 10.8 %

The company has a market capitalization of $937.47 million, a PE ratio of -9.57 and a beta of 2.46. The business’s 50 day simple moving average is $2.96 and its 200 day simple moving average is $1.89.

Butterfly Network (NYSE:BFLY) last announced its quarterly earnings data on Friday, November 1st. The company reported ($0.08) EPS for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.01. The firm had revenue of $20.56 million for the quarter, compared to the consensus estimate 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 period in the previous year, the firm posted ($0.13) earnings per share. On average, analysts anticipate that Butterfly Network, Inc. will post -0.34 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Butterfly Network news, insider Steve Cashman sold 164,079 shares of Butterfly Network stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $3.06, for a total transaction of $502,081.74. Following the sale, the insider now directly owns 1,835,921 shares of the company’s stock, valued at approximately $5,617,918.26. The trade was a 8.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Heather C. Getz sold 30,136 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief financial officer now owns 2,669,333 shares of the company’s stock, valued at $8,168,158.98. This trade represents a 1.12 % decrease in their position. The disclosure for this sale can be found here. Insiders own 27.28% of the company’s stock.

Institutional Investors Weigh In On Butterfly Network

Several institutional investors and hedge funds have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. lifted its position in Butterfly Network by 3.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 955,331 shares of the company’s stock valued at $1,691,000 after purchasing an additional 35,800 shares during the period. XTX Topco Ltd lifted its stake in shares of Butterfly Network by 169.7% in the 3rd quarter. XTX Topco Ltd now owns 360,392 shares of the company’s stock valued at $638,000 after purchasing an additional 226,781 shares during the period. Oppenheimer & Co. Inc. raised its position in shares of Butterfly Network by 22.0% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 258,920 shares of the company’s stock valued at $458,000 after acquiring an additional 46,630 shares during the period. Verition Fund Management LLC bought a new position in Butterfly Network during the 3rd quarter worth approximately $57,000. Finally, Point72 Asia Singapore Pte. Ltd. raised its holdings in Butterfly Network by 1,045.0% in the second quarter. Point72 Asia Singapore Pte. Ltd. now owns 256,974 shares of the company’s stock worth $216,000 after purchasing an additional 234,530 shares during the period. 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.