Butterfly Network (NYSE:BFLY) Trading Up 8.9% – Here’s What Happened

Butterfly Network, Inc. (NYSE:BFLY)’s share price shot up 8.9% during mid-day trading on Wednesday . The stock traded as high as $3.69 and last traded at $3.67. 1,660,728 shares traded hands during mid-day trading, a decline of 67% from the average session volume of 5,022,959 shares. The stock had previously closed at $3.37.

Butterfly Network Trading Down 5.4 %

The company has a market cap of $782.14 million, a P/E ratio of -7.98 and a beta of 2.45. The business’s 50 day simple moving average is $3.32 and its 200 day simple moving average is $2.09.

Butterfly Network (NYSE:BFLY) last announced its quarterly earnings data on Friday, November 1st. The company reported ($0.08) EPS for the quarter, beating the consensus estimate of ($0.09) by $0.01. The firm had revenue of $20.56 million for the quarter, compared to the consensus estimate of $19.12 million. Butterfly Network had a negative net margin of 129.25% and a negative return on equity of 42.68%. During the same period last year, the firm earned ($0.13) EPS. Sell-side analysts anticipate that Butterfly Network, Inc. will post -0.34 EPS for the current year.

Insider Transactions at Butterfly Network

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

Hedge Funds Weigh In On Butterfly Network

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BFLY. Hartline Investment Corp increased its stake in Butterfly Network by 87.0% in the 3rd quarter. Hartline Investment Corp now owns 21,500 shares of the company’s stock worth $38,000 after acquiring an additional 10,000 shares during the last quarter. Kovitz Investment Group Partners LLC bought a new stake in Butterfly Network in the third quarter worth $44,000. Barclays PLC raised its stake in Butterfly Network by 27,790.0% during the third quarter. Barclays PLC now owns 25,101 shares of the company’s stock valued at $44,000 after purchasing an additional 25,011 shares in the last quarter. SG Americas Securities LLC bought a new position in Butterfly Network during the fourth quarter valued at $46,000. Finally, Verition Fund Management LLC bought a new position in Butterfly Network during the third quarter valued at $57,000. 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.