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

Butterfly Network, Inc. (NYSE:BFLY) shares gapped up prior to trading on Tuesday . The stock had previously closed at $3.23, but opened at $3.33. Butterfly Network shares last traded at $3.36, with a volume of 293,319 shares trading hands.

Wall Street Analysts Forecast Growth

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

Butterfly Network Stock Down 3.4 %

The stock has a market capitalization of $664.75 million, a price-to-earnings ratio of -6.78 and a beta of 2.46. The company’s fifty day simple moving average is $2.89 and its 200 day simple moving average is $1.86.

Butterfly Network (NYSE:BFLY) last announced its quarterly earnings results on Friday, November 1st. The company reported ($0.08) EPS for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.01. The business had revenue of $20.56 million for the quarter, compared to analyst estimates 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 in the prior year, the business earned ($0.13) EPS. As a group, analysts anticipate that Butterfly Network, Inc. will post -0.34 earnings per share for the current year.

Insider Transactions at Butterfly Network

In other news, CFO Heather C. Getz sold 30,136 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $3.06, for a total transaction 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Steve Cashman sold 164,079 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $3.06, for a total value of $502,081.74. Following the completion of 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. 27.28% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Butterfly Network

A number of hedge funds have recently added to or reduced their stakes in BFLY. Renaissance Technologies LLC grew its holdings in shares of Butterfly Network by 46.5% during the 2nd quarter. Renaissance Technologies LLC now owns 343,100 shares of the company’s stock worth $288,000 after purchasing an additional 108,944 shares in the last quarter. XTX Topco Ltd bought a new stake in Butterfly Network during the second quarter worth about $112,000. Marshall Wace LLP grew its stake in Butterfly Network by 353.7% during the second quarter. Marshall Wace LLP now owns 318,383 shares of the company’s stock worth $267,000 after buying an additional 248,201 shares in the last quarter. Point72 DIFC Ltd increased its holdings in 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 during the period. Finally, Cubist Systematic Strategies LLC acquired a new position in shares of Butterfly Network in the 2nd quarter valued at approximately $90,000. Institutional investors own 37.85% of the company’s stock.

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.