Butterfly Network Target of Unusually Large Options Trading (NYSE:BFLY)

Butterfly Network, Inc. (NYSE:BFLY) saw unusually large options trading on Thursday. Stock investors acquired 17,198 call options on the stock. This represents an increase of approximately 545% compared to the average volume of 2,668 call options.

Analyst Upgrades and Downgrades

Several analysts have recently commented on BFLY shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Butterfly Network in a research report on Wednesday, May 6th. Loop Capital set a $5.50 target price on shares of Butterfly Network in a research report on Monday, March 2nd. Zacks Research raised shares of Butterfly Network from a “strong sell” rating to a “hold” rating in a research report on Friday, March 27th. Finally, TD Cowen increased their target price on shares of Butterfly Network from $4.50 to $6.00 and gave the stock a “buy” rating in a research report on Friday, February 27th. Three equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $5.56.

Insider Activity at Butterfly Network

In other Butterfly Network news, insider Steve Cashman sold 294,680 shares of the stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $4.66, for a total transaction of $1,373,208.80. Following the completion of the sale, the insider directly owned 1,630,407 shares of the company’s stock, valued at approximately $7,597,696.62. This trade represents a 15.31% 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. Insiders own 21.99% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Principal Financial Group Inc. raised its holdings in shares of Butterfly Network by 24.0% in the first quarter. Principal Financial Group Inc. now owns 14,247 shares of the company’s stock valued at $58,000 after acquiring an additional 2,753 shares in the last quarter. Farther Finance Advisors LLC increased its position in shares of Butterfly Network by 25.4% during the fourth quarter. Farther Finance Advisors LLC now owns 15,281 shares of the company’s stock worth $58,000 after purchasing an additional 3,098 shares in the last quarter. Opal Wealth Advisors LLC grew its holdings in shares of Butterfly Network by 10.1% during the 4th quarter. Opal Wealth Advisors LLC now owns 36,679 shares of the company’s stock worth $139,000 after purchasing an additional 3,355 shares during the period. Kestra Private Wealth Services LLC lifted its stake in Butterfly Network by 11.0% during the 4th quarter. Kestra Private Wealth Services LLC now owns 55,517 shares of the company’s stock worth $211,000 after acquiring an additional 5,500 shares in the last quarter. Finally, SG Americas Securities LLC raised its position in Butterfly Network by 59.1% in the 1st quarter. SG Americas Securities LLC now owns 16,597 shares of the company’s stock valued at $67,000 after purchasing an additional 6,164 shares in the last quarter. 37.85% of the stock is owned by hedge funds and other institutional investors.

Butterfly Network Price Performance

BFLY stock traded up $1.88 during trading on Thursday, reaching $7.59. 13,331,610 shares of the company were exchanged, compared to its average volume of 5,619,627. Butterfly Network has a twelve month low of $1.32 and a twelve month high of $8.02. The company has a 50-day moving average of $4.74 and a two-hundred day moving average of $4.09. The company has a market capitalization of $1.93 billion, a price-to-earnings ratio of -25.55 and a beta of 2.22.

Butterfly Network (NYSE:BFLY) last announced its earnings results on Thursday, April 30th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.04) by $0.01. Butterfly Network had a negative net margin of 73.63% and a negative return on equity of 34.41%. The company had revenue of $26.53 million during the quarter, compared to the consensus estimate of $26.08 million. On average, analysts forecast that Butterfly Network will post -0.18 EPS for the current year.

About Butterfly Network

Butterfly Network, Inc is a medical technology company focused on democratizing access to diagnostic imaging through its proprietary ultrasound-on-chip platform. The company’s flagship device, the Butterfly iQ, leverages semiconductor technology to deliver whole-body ultrasound imaging in a handheld form factor. This portable system connects to a compatible smart device, enabling point-of-care scanning across a variety of clinical settings.

Beyond its hardware offering, Butterfly Network provides a cloud-based software suite that supports image storage, analysis and remote collaboration.