Butterfly Network (NYSE:BFLY) Trading Up 6.8% – What’s Next?

Shares of Butterfly Network, Inc. (NYSE:BFLY) were up 6.8% on Monday . The company traded as high as $2.52 and last traded at $2.51. Approximately 469,462 shares changed hands during trading, a decline of 76% from the average daily volume of 1,964,611 shares. The stock had previously closed at $2.35.

Wall Street Analyst Weigh In

Separately, Lake Street Capital initiated coverage on Butterfly Network in a research report on Tuesday, September 10th. They set a “buy” rating and a $3.00 price objective for the company.

Butterfly Network Stock Performance

The firm has a 50-day moving average price of $1.98 and a 200-day moving average price of $1.37. The stock has a market cap of $649.84 million, a PE ratio of -6.63 and a beta of 2.17.

Butterfly Network (NYSE:BFLY) last posted its earnings results on Friday, November 1st. The company reported ($0.08) EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.01. Butterfly Network had a negative return on equity of 42.68% and a negative net margin of 129.25%. The business had revenue of $20.56 million during the quarter, compared to analyst estimates of $19.12 million. During the same quarter last year, the company earned ($0.13) EPS. As a group, sell-side analysts anticipate that Butterfly Network, Inc. will post -0.34 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Larry Robbins bought 244,774 shares of the company’s stock in a transaction on Friday, August 30th. The shares were acquired at an average cost of $1.07 per share, with a total value of $261,908.18. Following the completion of the transaction, the director now owns 9,955,144 shares of the company’s stock, valued at approximately $10,652,004.08. This trade represents a 2.52 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 27.28% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Butterfly Network

Institutional investors have recently bought and sold shares of the stock. Cetera Advisors LLC purchased a new position in shares of Butterfly Network during the 1st quarter valued at $1,250,000. Archon Capital Management LLC purchased a new position in Butterfly Network during the first quarter valued at $352,000. Marshall Wace LLP boosted its holdings in shares of Butterfly Network by 353.7% during the 2nd quarter. Marshall Wace LLP now owns 318,383 shares of the company’s stock valued at $267,000 after purchasing an additional 248,201 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. increased its holdings in shares of Butterfly Network by 1,045.0% in the second quarter. Point72 Asia Singapore Pte. Ltd. now owns 256,974 shares of the company’s stock worth $216,000 after purchasing an additional 234,530 shares during the last quarter. Finally, XTX Topco Ltd increased its holdings in shares of 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 purchasing an additional 226,781 shares during the last quarter. 37.85% of the stock is owned by 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.