Butterfly Network (NYSE:BFLY) Trading 8.8% Higher – What’s Next?

Butterfly Network, Inc. (NYSE:BFLY)’s share price rose 8.8% during trading on Monday . The company traded as high as $7.66 and last traded at $7.7350. 761,749 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 6,708,323 shares. The stock had previously closed at $7.11.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Butterfly Network in a research report on Wednesday, May 6th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $5.56.

Butterfly Network Stock Performance

The firm has a market cap of $2.11 billion, a P/E ratio of -28.62 and a beta of 2.05. The firm has a fifty day moving average of $6.66 and a 200-day moving average of $5.01.

Butterfly Network (NYSE:BFLY) last issued its quarterly earnings data on Thursday, July 30th. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.03. Butterfly Network had a negative return on equity of 33.99% and a negative net margin of 66.74%.The firm had revenue of $32.61 million during the quarter, compared to the consensus estimate of $29.16 million.

Insider Activity

In other news, EVP John N. Doherty sold 57,136 shares of the company’s stock in a transaction dated Monday, July 20th. The shares were sold at an average price of $6.56, for a total transaction of $374,812.16. Following the completion of the transaction, the executive vice president owned 1,397,276 shares in the company, valued at approximately $9,166,130.56. This represents a 3.93% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Jonathan M. Rothberg sold 1,195,857 shares of the stock in a transaction dated Friday, July 17th. The stock was sold at an average price of $6.60, for a total transaction of $7,892,656.20. Following the completion of the sale, the director directly owned 54,143 shares in the company, valued at approximately $357,343.80. This trade represents a 95.67% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 4,840,207 shares of company stock worth $31,652,184. 21.99% of the stock is owned by insiders.

Institutional Investors Weigh In On Butterfly Network

A number of hedge funds have recently made changes to their positions in BFLY. Invesco Ltd. bought a new position in Butterfly Network in the 1st quarter worth approximately $85,000. Goldman Sachs Group Inc. boosted its position in Butterfly Network by 4.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 756,426 shares of the company’s stock worth $1,725,000 after acquiring an additional 29,958 shares during the period. JPMorgan Chase & Co. grew its stake in shares of Butterfly Network by 9,055.9% in the second quarter. JPMorgan Chase & Co. now owns 92,017 shares of the company’s stock worth $184,000 after purchasing an additional 91,012 shares in the last quarter. Legal & General Group Plc grew its stake in shares of Butterfly Network by 136.5% in the second quarter. Legal & General Group Plc now owns 206,985 shares of the company’s stock worth $414,000 after purchasing an additional 119,455 shares in the last quarter. Finally, Rhumbline Advisers acquired a new position in shares of Butterfly Network during the second quarter valued at $475,000. Institutional investors own 37.85% of the company’s stock.

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.