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

Butterfly Network, Inc. (NYSE:BFLY)’s share price gapped up before the market opened on Monday . The stock had previously closed at $3.06, but opened at $3.23. Butterfly Network shares last traded at $3.3150, with a volume of 2,529,372 shares.

Analysts Set New Price Targets

Several analysts have recently weighed in on BFLY shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Butterfly Network in a report on Wednesday, October 8th. Wall Street Zen raised Butterfly Network from a “sell” rating to a “hold” rating in a report on Sunday, November 23rd. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $3.00.

Butterfly Network Price Performance

The stock’s 50 day simple moving average is $2.44 and its two-hundred day simple moving average is $2.07. The company has a market capitalization of $809.58 million, a P/E ratio of -9.71 and a beta of 2.34.

Butterfly Network (NYSE:BFLY) last announced its quarterly earnings data on Friday, October 31st. The company reported ($0.04) earnings per share 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 return on equity of 37.80% and a negative net margin of 90.31%. As a group, equities research analysts expect that Butterfly Network, Inc. will post -0.35 earnings per share for the current year.

Insider Activity at Butterfly Network

In other Butterfly Network news, Director Jonathan M. Rothberg sold 1,110,579 shares of the firm’s stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $3.15, for a total value of $3,498,323.85. Following the transaction, the director directly owned 769,814 shares of the company’s stock, valued at approximately $2,424,914.10. This trade represents a 59.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Dawn Carfora sold 112,009 shares of the company’s stock in a transaction on Tuesday, November 4th. The shares were sold at an average price of $2.69, for a total transaction of $301,304.21. Following the sale, the director owned 265,505 shares of the company’s stock, valued at $714,208.45. The trade was a 29.67% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 2,574,643 shares of company stock worth $8,113,867 over the last 90 days. 25.18% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Butterfly Network

Several institutional investors have recently modified their holdings of the stock. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Butterfly Network in the 1st quarter valued at approximately $82,000. Blair William & Co. IL grew its holdings in Butterfly Network by 40.8% during the first quarter. Blair William & Co. IL now owns 103,500 shares of the company’s stock valued at $236,000 after purchasing an additional 30,000 shares during the period. Vanguard Group Inc. increased its stake in Butterfly Network by 15.6% in the first quarter. Vanguard Group Inc. now owns 8,598,823 shares of the company’s stock valued at $19,605,000 after purchasing an additional 1,161,647 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Butterfly Network by 7.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,003,940 shares of the company’s stock worth $2,289,000 after purchasing an additional 68,110 shares during the period. Finally, Deutsche Bank AG bought a new position in shares of Butterfly Network during the first quarter worth $31,000. 37.85% of the stock is currently owned by institutional investors and hedge funds.

About Butterfly Network

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.