Butterfly Network (NYSE:BFLY) Shares Gap Up – Here’s What Happened

Shares of Butterfly Network, Inc. (NYSE:BFLY) gapped up before the market opened on Tuesday. The stock had previously closed at $9.15, but opened at $9.69. Butterfly Network shares last traded at $9.5440, with a volume of 1,297,979 shares trading hands.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on BFLY. Needham & Company LLC assumed coverage on shares of Butterfly Network in a report on Tuesday, September 22nd. They issued a “buy” rating and a $10.00 target price for the company. Evercore began coverage on Butterfly Network in a report on Tuesday. They set an “outperform” rating and a $15.00 price target on the stock. TD Cowen restated a “buy” rating and issued a $10.00 price objective on shares of Butterfly Network in a research report on Friday, September 11th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Butterfly Network in a research report on Monday, August 3rd. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $8.54.

Butterfly Network Price Performance

The stock has a 50-day moving average price of $8.21 and a two-hundred day moving average price of $6.37. The stock has a market cap of $2.48 billion, a PE ratio of -32.16 and a beta of 2.08.

Butterfly Network (NYSE:BFLY) last posted its earnings results 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 company had revenue of $32.61 million for the quarter, compared to the consensus estimate of $29.16 million. Equities research analysts expect that Butterfly Network, Inc. will post -0.18 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Joseph Devivo sold 3,169 shares of the stock in a transaction that occurred on Wednesday, September 23rd. The stock was sold at an average price of $10.02, for a total transaction of $31,753.38. Following the completion of the transaction, the chief executive officer directly owned 7,347,720 shares in the company, valued at approximately $73,624,154.40. This represents a 0.04% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steve Cashman sold 140,112 shares of the firm’s stock in a transaction on Friday, September 4th. The shares were sold at an average price of $7.30, for a total transaction of $1,022,817.60. Following the completion of the transaction, the insider directly owned 1,490,295 shares of the company’s stock, valued at approximately $10,879,153.50. This trade represents a 8.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 4,749,549 shares of company stock worth $32,279,460. Insiders own 21.99% of the company’s stock.

Hedge Funds Weigh In On Butterfly Network

Institutional investors have recently bought and sold shares of the business. State Street Corp increased its holdings in shares of Butterfly Network by 4.0% in the 2nd quarter. State Street Corp now owns 5,762,672 shares of the company’s stock worth $48,522,000 after buying an additional 223,012 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Butterfly Network by 4.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 55,326 shares of the company’s stock valued at $466,000 after buying an additional 2,125 shares in the last quarter. Engineers Gate Manager LP purchased a new stake in shares of Butterfly Network during the 2nd quarter valued at about $595,000. Squarepoint Ops LLC lifted its holdings in shares of Butterfly Network by 27.0% in the 2nd quarter. Squarepoint Ops LLC now owns 450,401 shares of the company’s stock valued at $3,792,000 after acquiring an additional 95,850 shares during the last quarter. Finally, Corient Private Wealth LP bought a new position in shares of Butterfly Network in the 2nd quarter valued at about $156,000. Institutional investors own 37.85% of the company’s stock.

Butterfly Network Company Profile

Butterfly Network, Inc develops portable, semiconductor-based ultrasound systems designed to make diagnostic imaging more accessible across hospitals, clinics, physician offices, emergency services and other care settings. Its technology uses a single handheld probe with software-enabled imaging capabilities, rather than requiring multiple dedicated ultrasound machines.

The company’s product portfolio includes the Butterfly iQ, iQ+, and iQ3 handheld ultrasound devices, along with related software and cloud-based tools.