Butterfly Network (NYSE:BFLY) Trading 7.3% Higher – Here’s What Happened

Butterfly Network, Inc. (NYSE:BFLY) traded up 7.3% on Friday . The company traded as high as $4.28 and last traded at $4.26. 1,148,618 shares were traded during trading, a decline of 81% from the average session volume of 5,988,594 shares. The stock had previously closed at $3.97.

Analyst Upgrades and Downgrades

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

Butterfly Network Trading Up 10.8 %

The firm has a market capitalization of $937.47 million, a price-to-earnings ratio of -9.57 and a beta of 2.46. The stock’s fifty day moving average price is $2.96 and its two-hundred day moving average price is $1.89.

Butterfly Network (NYSE:BFLY) last issued its quarterly earnings data on Friday, November 1st. The company reported ($0.08) earnings per share for the quarter, topping the consensus estimate of ($0.09) by $0.01. Butterfly Network had a negative net margin of 129.25% and a negative return on equity of 42.68%. The business had revenue of $20.56 million during the quarter, compared to the consensus estimate of $19.12 million. During the same quarter in the previous year, the firm earned ($0.13) EPS. Analysts anticipate that Butterfly Network, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Transactions at Butterfly Network

In other news, CFO Heather C. Getz sold 30,136 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 $92,216.16. Following the completion of the transaction, the chief financial officer now owns 2,669,333 shares of the company’s stock, valued at $8,168,158.98. The trade was a 1.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Steve Cashman sold 164,079 shares of the stock in a transaction on Friday, December 20th. The stock was sold at an average price of $3.06, for a total value of $502,081.74. Following the transaction, the insider now directly 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 disclosure for this sale can be found here. Company insiders own 27.28% of the company’s stock.

Institutional Investors Weigh In On Butterfly Network

A number of large investors have recently modified their holdings of the stock. Hartline Investment Corp increased its holdings in Butterfly Network by 87.0% during the 3rd quarter. Hartline Investment Corp now owns 21,500 shares of the company’s stock worth $38,000 after purchasing an additional 10,000 shares during the last quarter. Kovitz Investment Group Partners LLC acquired a new position in Butterfly Network during the 3rd quarter worth $44,000. Barclays PLC raised its stake in shares of Butterfly Network by 27,790.0% in the 3rd quarter. Barclays PLC now owns 25,101 shares of the company’s stock valued at $44,000 after purchasing an additional 25,011 shares in the last quarter. Verition Fund Management LLC bought a new position in Butterfly Network during the 3rd quarter worth approximately $57,000. Finally, Point72 DIFC Ltd boosted its stake in Butterfly Network by 1,271.4% in the second quarter. Point72 DIFC Ltd now owns 77,418 shares of the company’s stock valued at $65,000 after acquiring an additional 71,773 shares during the period. Institutional investors and hedge funds 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.