Butterfly Network (NYSE:BFLY) Shares Up 7.4% – Time to Buy?

Butterfly Network, Inc. (NYSE:BFLY)’s share price was up 7.4% during trading on Friday . The stock traded as high as $2.19 and last traded at $2.11. Approximately 2,027,685 shares were traded during mid-day trading, a decline of 49% from the average daily volume of 3,973,726 shares. The stock had previously closed at $1.96.

Wall Street Analyst Weigh In

Several equities analysts recently commented on BFLY shares. Oppenheimer reiterated a “market perform” rating on shares of Butterfly Network in a research note on Friday, August 1st. Craig Hallum reiterated a “positive” rating and issued a $2.00 target price on shares of Butterfly Network in a research note on Monday, August 4th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Butterfly Network in a research note on Saturday, September 27th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $3.00.

Butterfly Network Price Performance

The stock has a 50-day simple moving average of $1.64 and a 200-day simple moving average of $2.03. The stock has a market cap of $585.30 million, a PE ratio of -8.30 and a beta of 2.59.

Butterfly Network (NYSE:BFLY) last posted its quarterly earnings results on Friday, August 1st. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. Butterfly Network had a negative return on equity of 30.53% and a negative net margin of 71.79%.The firm had revenue of $23.38 million during the quarter, compared to the consensus estimate of $23.91 million. Butterfly Network has set its FY 2025 guidance at EPS. As a group, equities research analysts anticipate that Butterfly Network, Inc. will post -0.35 EPS for the current year.

Insider Buying and Selling at Butterfly Network

In other news, insider Steve Cashman sold 142,590 shares of the company’s stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $1.50, for a total value of $213,885.00. Following the completion of the sale, the insider owned 2,181,884 shares of the company’s stock, valued at $3,272,826. This represents a 6.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold a total of 161,235 shares of company stock valued at $241,731 over the last ninety days. 25.18% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Butterfly Network

Several institutional investors and hedge funds have recently modified their holdings of BFLY. Geode Capital Management LLC boosted its position in shares of Butterfly Network by 114.7% in the second quarter. Geode Capital Management LLC now owns 4,339,362 shares of the company’s stock worth $8,680,000 after buying an additional 2,317,882 shares during the period. First Light Asset Management LLC boosted its position in shares of Butterfly Network by 37.8% in the first quarter. First Light Asset Management LLC now owns 5,505,649 shares of the company’s stock worth $12,553,000 after buying an additional 1,511,029 shares during the period. Lord Abbett & CO. LLC purchased a new stake in shares of Butterfly Network in the first quarter worth about $3,225,000. Acadian Asset Management LLC boosted its holdings in Butterfly Network by 270.5% in the first quarter. Acadian Asset Management LLC now owns 1,598,552 shares of the company’s stock valued at $3,642,000 after purchasing an additional 1,167,055 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Butterfly Network by 15.6% in the first quarter. Vanguard Group Inc. now owns 8,598,823 shares of the company’s stock valued at $19,605,000 after purchasing an additional 1,161,647 shares during 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.