Butterfly Network (NYSE:BFLY) Trading Up 8% – What’s Next?

Butterfly Network, Inc. (NYSE:BFLY) traded up 8% during trading on Wednesday . The company traded as high as $4.46 and last traded at $4.4610. 1,358,520 shares were traded during trading, a decline of 77% from the average session volume of 5,911,189 shares. The stock had previously closed at $4.13.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on BFLY shares. Weiss Ratings restated a “sell (d-)” rating on shares of Butterfly Network in a research note on Wednesday, October 8th. Lake Street Capital increased their target price on Butterfly Network from $4.00 to $5.50 and gave the stock a “buy” rating in a report on Tuesday. Wall Street Zen upgraded Butterfly Network from a “sell” rating to a “hold” rating in a report on Sunday, November 23rd. Craig Hallum restated a “buy” rating and set a $5.25 price objective on shares of Butterfly Network in a research note on Wednesday. Finally, Loop Capital set a $5.00 target price on shares of Butterfly Network in a research note on Wednesday, December 31st. Three 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 company’s stock. According to data from MarketBeat.com, Butterfly Network presently has a consensus rating of “Hold” and a consensus target price of $5.25.

Butterfly Network Stock Performance

The firm has a market cap of $1.11 billion, a price-to-earnings ratio of -13.38 and a beta of 2.27. The stock’s fifty day moving average is $3.39 and its two-hundred day moving average is $2.42.

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

Insider Buying and Selling at Butterfly Network

In related news, EVP John N. Doherty sold 60,182 shares of Butterfly Network stock in a transaction dated Wednesday, January 7th. The shares were sold at an average price of $3.98, for a total transaction of $239,524.36. Following the sale, the executive vice president directly owned 1,234,688 shares in the company, valued at $4,914,058.24. The trade was a 4.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Victor Ku sold 35,968 shares of the stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $3.82, for a total transaction of $137,397.76. Following the completion of the transaction, the chief technology officer 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 disclosure for this sale is available in the SEC filing. Insiders have sold 7,298,684 shares of company stock valued at $24,281,944 in the last quarter. Corporate insiders own 25.18% of the company’s stock.

Institutional Trading of Butterfly Network

Institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC increased its stake in shares of 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 acquiring an additional 2,317,882 shares during the period. Sei Investments Co. bought a new position in Butterfly Network during the 2nd quarter valued at $2,183,000. Acadian Asset Management LLC increased its position in shares of Butterfly Network by 44.7% during the 2nd quarter. Acadian Asset Management LLC now owns 2,313,316 shares of the company’s stock valued at $4,624,000 after purchasing an additional 714,764 shares during the period. Perkins Capital Management Inc. raised its stake in shares of Butterfly Network by 213.0% in the 3rd quarter. Perkins Capital Management Inc. now owns 924,280 shares of the company’s stock worth $1,784,000 after buying an additional 629,020 shares in the last quarter. Finally, Parkman Healthcare Partners LLC acquired a new stake in shares of Butterfly Network in the third quarter valued at $1,162,000. 37.85% of the stock is owned by institutional investors and hedge funds.

Butterfly Network Company Profile

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.