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

Butterfly Network, Inc. (NYSE:BFLY)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $2.65, but opened at $2.86. Butterfly Network shares last traded at $3.11, with a volume of 3,955,911 shares traded.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Oppenheimer reissued a “market perform” rating on shares of Butterfly Network in a research report on Friday, August 1st. Craig Hallum reiterated a “positive” rating and set a $2.00 target price on shares of Butterfly Network in a research note on Monday, August 4th. Wall Street Zen raised Butterfly Network from a “sell” rating to a “hold” rating in a report on Sunday. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Butterfly Network in a research note on Wednesday, October 8th. Three 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 company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $3.00.

Butterfly Network Trading Up 19.8%

The stock has a fifty day simple moving average of $2.21 and a two-hundred day simple moving average of $2.02. The company has a market cap of $802.01 million, a PE ratio of -9.56 and a beta of 2.65.

Butterfly Network (NYSE:BFLY) last issued its earnings results on Friday, October 31st. The company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.02. Butterfly Network had a negative return on equity of 37.80% and a negative net margin of 90.31%.The business had revenue of $21.49 million during the quarter, compared to the consensus estimate of $21.23 million. Butterfly Network has set its FY 2025 guidance at EPS. As a group, equities research analysts anticipate that Butterfly Network, Inc. will post -0.35 EPS for the current fiscal year.

Insider Buying and Selling at Butterfly Network

In other Butterfly Network news, Director Dawn Carfora sold 112,009 shares of the business’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 directly owned 265,505 shares in the company, valued at approximately $714,208.45. The trade was a 29.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jonathan M. Rothberg sold 100,502 shares of the company’s stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $3.08, for a total transaction of $309,546.16. Following the transaction, the director directly owned 1,140,007 shares in the company, valued at approximately $3,511,221.56. This trade represents a 8.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 370,628 shares of company stock valued at $848,060. 25.18% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in BFLY. TradeLink Capital LLC acquired a new stake in shares of Butterfly Network during the 1st quarter valued at approximately $25,000. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Butterfly Network in the 2nd quarter worth approximately $25,000. CTC Alternative Strategies Ltd. purchased a new position in Butterfly Network in the 1st quarter valued at approximately $29,000. Ameriprise Financial Inc. acquired a new position in Butterfly Network during the third quarter worth $25,000. Finally, Deutsche Bank AG acquired a new position in Butterfly Network during the first quarter worth $31,000. 37.85% of the stock is owned by hedge funds and other institutional investors.

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.