Butterfly Network (NYSE:BFLY) Stock Price Up 7.1% – Here’s Why

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

Analyst Ratings Changes

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

Butterfly Network Price Performance

The stock has a market capitalization of $737.19 million, a PE ratio of -7.52 and a beta of 2.46. The stock’s fifty day moving average is $2.83 and its 200-day moving average is $1.82.

Butterfly Network (NYSE:BFLY) last posted its earnings results on Friday, November 1st. The company reported ($0.08) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $0.01. Butterfly Network had a negative net margin of 129.25% and a negative return on equity of 42.68%. The business had revenue of $20.56 million for the quarter, compared to analyst estimates of $19.12 million. During the same period in the prior year, the company posted ($0.13) EPS. On average, analysts forecast that Butterfly Network, Inc. will post -0.34 EPS for the current year.

Insider Buying and Selling at Butterfly Network

In related news, CFO Heather C. Getz sold 30,136 shares of the firm’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $3.06, for a total value of $92,216.16. Following the transaction, the chief financial officer now directly owns 2,669,333 shares of the company’s stock, valued at approximately $8,168,158.98. This trade represents a 1.12 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Steve Cashman sold 164,079 shares of the business’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 $502,081.74. Following the sale, the insider now owns 1,835,921 shares of the company’s stock, valued at approximately $5,617,918.26. This trade represents a 8.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 195,911 shares of company stock valued at $597,334. Company insiders own 27.28% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Procyon Advisors LLC raised its position in shares of Butterfly Network by 7.3% in the third quarter. Procyon Advisors LLC now owns 81,882 shares of the company’s stock valued at $145,000 after buying an additional 5,600 shares during the last quarter. Hartline Investment Corp grew its stake in Butterfly Network by 87.0% during the 3rd quarter. Hartline Investment Corp now owns 21,500 shares of the company’s stock valued at $38,000 after acquiring an additional 10,000 shares in the last quarter. Quent Capital LLC lifted its stake in Butterfly Network by 25.6% in the 3rd quarter. Quent Capital LLC now owns 98,000 shares of the company’s stock worth $173,000 after purchasing an additional 20,000 shares in the last quarter. Kovitz Investment Group Partners LLC acquired a new position in shares of Butterfly Network during the 3rd quarter worth approximately $44,000. Finally, Barclays PLC grew its position in shares of Butterfly Network by 27,790.0% in the third quarter. Barclays PLC now owns 25,101 shares of the company’s stock valued at $44,000 after purchasing an additional 25,011 shares in the last quarter. Hedge funds and other institutional investors 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.