Butterfly Network (NYSE:BFLY) Shares Up 8% – Should You Buy?

Butterfly Network, Inc. (NYSE:BFLY)’s share price shot up 8% on Tuesday . The stock traded as high as $4.27 and last traded at $4.28. 1,606,751 shares changed hands during mid-day trading, a decline of 65% from the average session volume of 4,644,545 shares. The stock had previously closed at $3.96.

Butterfly Network Trading Down 1.9 %

The company has a fifty day moving average price of $3.60 and a two-hundred day moving average price of $2.38. The firm has a market capitalization of $940.66 million, a PE ratio of -9.60 and a beta of 2.47.

Insider Activity

In other Butterfly Network news, CFO Heather C. Getz sold 30,136 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $3.06, for a total transaction of $92,216.16. Following the completion of the sale, the chief financial officer now directly owns 2,669,333 shares of the company’s stock, valued at $8,168,158.98. This represents a 1.12 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Steve Cashman sold 164,079 shares of Butterfly Network stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $3.06, for a total value of $502,081.74. Following the completion of the transaction, the insider now owns 1,835,921 shares in the company, valued at $5,617,918.26. This trade represents a 8.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 27.28% of the company’s stock.

Institutional Investors Weigh In On Butterfly Network

Hedge funds have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. increased its position in Butterfly Network by 3.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 955,331 shares of the company’s stock worth $1,691,000 after purchasing an additional 35,800 shares during the period. Baader Bank Aktiengesellschaft acquired a new position in Butterfly Network during the fourth quarter worth $287,000. XTX Topco Ltd raised its position in Butterfly Network by 169.7% in the third quarter. XTX Topco Ltd now owns 360,392 shares of the company’s stock worth $638,000 after acquiring an additional 226,781 shares in the last quarter. Oppenheimer & Co. Inc. lifted its holdings in Butterfly Network by 22.0% in the third quarter. Oppenheimer & Co. Inc. now owns 258,920 shares of the company’s stock valued at $458,000 after acquiring an additional 46,630 shares during the period. Finally, Geode Capital Management LLC boosted its position in shares of Butterfly Network by 4.0% during the 3rd quarter. Geode Capital Management LLC now owns 1,721,723 shares of the company’s stock worth $3,049,000 after purchasing an additional 65,425 shares in the last quarter. 37.85% of the stock is 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.