Butterfly Network (NYSE:BFLY) Trading 6.1% Higher – Here’s Why

Butterfly Network, Inc. (NYSE:BFLY)’s share price rose 6.1% during trading on Thursday . The company traded as high as $3.31 and last traded at $3.31. Approximately 291,215 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 2,091,534 shares. The stock had previously closed at $3.12.

Wall Street Analyst Weigh In

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

Butterfly Network Trading Up 4.0 %

The stock has a market capitalization of $658.36 million, a P/E ratio of -6.72 and a beta of 2.46. The stock’s 50 day simple moving average is $2.68 and its 200 day simple moving average is $1.74.

Butterfly Network (NYSE:BFLY) last released its quarterly earnings data on Friday, November 1st. The company reported ($0.08) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.01. Butterfly Network had a negative return on equity of 42.68% and a negative net margin of 129.25%. The business had revenue of $20.56 million during the quarter, compared to analyst estimates of $19.12 million. During the same quarter in the previous year, the firm posted ($0.13) EPS. On average, sell-side analysts expect that Butterfly Network, Inc. will post -0.34 EPS for the current fiscal year.

Hedge Funds Weigh In On Butterfly Network

Several hedge funds have recently modified their holdings of BFLY. Renaissance Technologies LLC lifted its holdings in shares of Butterfly Network by 46.5% during the second quarter. Renaissance Technologies LLC now owns 343,100 shares of the company’s stock valued at $288,000 after purchasing an additional 108,944 shares during the last quarter. XTX Topco Ltd acquired a new position in Butterfly Network during the 2nd quarter valued at $112,000. Marshall Wace LLP lifted its position in shares of Butterfly Network by 353.7% in the 2nd quarter. Marshall Wace LLP now owns 318,383 shares of the company’s stock worth $267,000 after acquiring an additional 248,201 shares during the period. Point72 DIFC Ltd raised its stake in shares of Butterfly Network by 1,271.4% in the 2nd quarter. Point72 DIFC Ltd now owns 77,418 shares of the company’s stock valued at $65,000 after buying an additional 71,773 shares in the last quarter. Finally, Cubist Systematic Strategies LLC bought a new position in Butterfly Network during the second quarter worth about $90,000. 37.85% of the stock is currently owned by institutional investors and hedge funds.

About Butterfly Network

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.