Butterfly Network (NYSE:BFLY) Shares Up 8.8% – Still a Buy?

Butterfly Network, Inc. (NYSE:BFLY) shares rose 8.8% during trading on Tuesday . The stock traded as high as $2.38 and last traded at $2.4150. Approximately 2,860,643 shares were traded during trading, a decline of 34% from the average daily volume of 4,363,298 shares. The stock had previously closed at $2.22.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Oppenheimer reaffirmed a “market perform” rating on shares of Butterfly Network in a report on Friday, August 1st. Craig Hallum reaffirmed a “positive” rating and set a $2.00 price target on shares of Butterfly Network in a report on Monday, August 4th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Butterfly Network in a research note on Wednesday, October 8th. Three research 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.com, the company has an average rating of “Hold” and an average price target of $3.00.

Butterfly Network Price Performance

The company has a 50-day moving average of $2.08 and a two-hundred day moving average of $2.02. The stock has a market capitalization of $622.66 million, a PE ratio of -7.47 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 for the quarter, topping the consensus estimate of ($0.06) by $0.02. The business had revenue of $21.49 million for the quarter, compared to analyst estimates of $21.23 million. Butterfly Network had a negative return on equity of 37.80% and a negative net margin of 90.31%. Butterfly Network has set its FY 2025 guidance at EPS. On average, research analysts forecast that Butterfly Network, Inc. will post -0.35 EPS for the current fiscal year.

Insider Transactions at Butterfly Network

In other Butterfly Network news, insider Steve Cashman sold 142,590 shares of the company’s stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $1.50, for a total value of $213,885.00. Following the completion of the transaction, the insider directly owned 2,181,884 shares of the company’s stock, valued at $3,272,826. This represents a 6.13% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Dawn Carfora sold 112,009 shares of the firm’s stock in a transaction that occurred on Tuesday, November 4th. The shares were sold at an average price of $2.69, for a total value of $301,304.21. Following the sale, the director owned 265,505 shares of the company’s stock, valued at approximately $714,208.45. This trade represents a 29.67% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 370,628 shares of company stock valued at $848,060 over the last quarter. Company insiders own 25.18% of the company’s stock.

Hedge Funds Weigh In On Butterfly Network

A number of hedge funds have recently bought and sold shares of BFLY. Vanguard Group Inc. raised its position in shares of Butterfly Network by 4.3% during the 3rd quarter. Vanguard Group Inc. now owns 11,040,080 shares of the company’s stock valued at $21,307,000 after acquiring an additional 453,258 shares in the last quarter. ARK Investment Management LLC raised its stake in Butterfly Network by 16.8% during the 1st quarter. ARK Investment Management LLC now owns 7,023,980 shares of the company’s stock valued at $16,015,000 after acquiring an additional 1,012,460 shares in the last quarter. First Light Asset Management LLC raised its stake in shares of Butterfly Network by 37.8% during the first quarter. First Light Asset Management LLC now owns 5,505,649 shares of the company’s stock valued at $12,553,000 after purchasing an additional 1,511,029 shares in the last quarter. Hood River Capital Management LLC increased its stake in shares of Butterfly Network by 3.6% during the second quarter. Hood River Capital Management LLC now owns 5,127,383 shares of the company’s stock valued at $10,255,000 after acquiring an additional 176,515 shares during the period. Finally, Geode Capital Management LLC raised its stake in shares of Butterfly Network by 114.7% in the 2nd quarter. Geode Capital Management LLC now owns 4,339,362 shares of the company’s stock worth $8,680,000 after buying an additional 2,317,882 shares in the last quarter. 37.85% of the stock is currently owned by institutional investors and hedge funds.

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.