Butterfly Network (NYSE:BFLY) Trading 8.1% Higher – Here’s Why

Butterfly Network, Inc. (NYSE:BFLY)’s stock price traded up 8.1% on Wednesday . The stock traded as high as $4.72 and last traded at $4.7550. 3,286,644 shares changed hands during mid-day trading, a decline of 31% from the average session volume of 4,736,782 shares. The stock had previously closed at $4.40.

Analysts Set New Price Targets

Several research analysts recently weighed in on BFLY shares. Wall Street Zen upgraded shares of Butterfly Network from a “sell” rating to a “hold” rating in a research report on Sunday, November 23rd. Loop Capital set a $5.00 price target on shares of Butterfly Network in a research note on Wednesday, December 31st. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Butterfly Network in a research report on Wednesday, October 8th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $3.67.

Butterfly Network Price Performance

The firm’s 50 day simple moving average is $3.19 and its two-hundred day simple moving average is $2.34. The firm has a market capitalization of $1.23 billion, a P/E ratio of -14.83 and a beta of 2.27.

Butterfly Network (NYSE:BFLY) last posted its earnings results on Friday, October 31st. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.02. Butterfly Network had a negative return on equity of 37.80% and a negative net margin of 90.31%.The company had revenue of $21.49 million for the quarter, compared to analysts’ expectations of $21.23 million. As a group, equities research analysts forecast that Butterfly Network, Inc. will post -0.35 EPS for the current year.

Insider Activity at Butterfly Network

In other news, CTO Victor Ku sold 35,968 shares of the stock in a transaction on Monday, January 5th. The stock was sold at an average price of $3.82, for a total transaction of $137,397.76. Following the transaction, the chief technology officer directly owned 811,962 shares of the company’s stock, valued at $3,101,694.84. This represents a 4.24% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Jonathan M. Rothberg sold 335,834 shares of the stock in a transaction dated Thursday, January 8th. The shares were sold at an average price of $4.18, for a total value of $1,403,786.12. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 7,298,684 shares of company stock valued at $24,281,944. 25.18% of the stock is owned by insiders.

Hedge Funds Weigh In On Butterfly Network

A number of institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its stake in shares of Butterfly Network by 4.3% during the 3rd quarter. Vanguard Group Inc. now owns 11,040,080 shares of the company’s stock valued at $21,307,000 after acquiring an additional 453,258 shares during the period. Hood River Capital Management LLC raised its stake in Butterfly Network by 3.6% during the 2nd quarter. Hood River Capital Management LLC now owns 5,127,383 shares of the company’s stock worth $10,255,000 after acquiring an additional 176,515 shares during the period. Geode Capital Management LLC lifted its holdings in Butterfly Network by 114.7% during the second quarter. Geode Capital Management LLC now owns 4,339,362 shares of the company’s stock valued at $8,680,000 after purchasing an additional 2,317,882 shares in the last quarter. Acadian Asset Management LLC boosted its position in shares of Butterfly Network by 44.7% in the second quarter. Acadian Asset Management LLC now owns 2,313,316 shares of the company’s stock worth $4,624,000 after purchasing an additional 714,764 shares during the period. Finally, Raymond James Financial Inc. increased its stake in shares of Butterfly Network by 10.1% in the second quarter. Raymond James Financial Inc. now owns 1,218,878 shares of the company’s stock worth $2,438,000 after purchasing an additional 111,699 shares in the last quarter. 37.85% of the stock is owned by institutional investors.

About Butterfly Network

Butterfly Network, Inc is a medical technology company focused on democratizing access to diagnostic imaging through its proprietary ultrasound-on-chip platform. The company’s flagship device, the Butterfly iQ, leverages semiconductor technology to deliver whole-body ultrasound imaging in a handheld form factor. This portable system connects to a compatible smart device, enabling point-of-care scanning across a variety of clinical settings.

Beyond its hardware offering, Butterfly Network provides a cloud-based software suite that supports image storage, analysis and remote collaboration.