Butterfly Network (NYSE:BFLY) Shares Up 6.5% – Here’s What Happened

Butterfly Network, Inc. (NYSE:BFLY)’s share price rose 6.5% during trading on Wednesday . The company traded as high as $4.17 and last traded at $4.16. Approximately 890,485 shares changed hands during trading, a decline of 80% from the average daily volume of 4,445,735 shares. The stock had previously closed at $3.91.

Butterfly Network Price Performance

The stock’s 50 day moving average is $3.44 and its two-hundred day moving average is $2.19. The stock has a market capitalization of $829.87 million, a PE ratio of -8.47 and a beta of 2.45.

Butterfly Network (NYSE:BFLY) last posted its 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 firm had revenue of $20.56 million for the quarter, compared to analyst estimates of $19.12 million. Butterfly Network had a negative return on equity of 42.68% and a negative net margin of 129.25%. During the same quarter in the prior year, the company posted ($0.13) earnings per share. On average, equities analysts predict that Butterfly Network, Inc. will post -0.35 earnings per share for the current year.

Insider Buying and Selling

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

Institutional Trading of Butterfly Network

Several hedge funds have recently modified their holdings of the business. Baader Bank Aktiengesellschaft acquired a new stake in shares of Butterfly Network during the 4th quarter valued at approximately $287,000. Kingswood Wealth Advisors LLC acquired a new position in Butterfly Network during the fourth quarter worth $70,000. SG Americas Securities LLC purchased a new stake in Butterfly Network during the fourth quarter worth $46,000. Green Alpha Advisors LLC grew its holdings in Butterfly Network by 15.7% in the fourth quarter. Green Alpha Advisors LLC now owns 185,996 shares of the company’s stock valued at $580,000 after purchasing an additional 25,212 shares during the last quarter. Finally, Barclays PLC increased 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 buying an additional 25,011 shares in the last quarter. 37.85% of the stock is 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.