Butterfly Network (NYSE:BFLY) Trading 8% Higher – Here’s Why

Butterfly Network, Inc. (NYSE:BFLY)’s share price shot up 8% during mid-day trading on Wednesday . The company traded as high as $4.46 and last traded at $4.4610. 1,358,520 shares traded hands during mid-day trading, a decline of 77% from the average session volume of 5,911,189 shares. The stock had previously closed at $4.13.

Analyst Ratings Changes

Several research firms recently weighed in on BFLY. Craig Hallum reaffirmed a “buy” rating and issued a $5.25 price objective on shares of Butterfly Network in a research note on Wednesday. Loop Capital set a $5.00 price target on Butterfly Network in a research report on Wednesday, December 31st. Lake Street Capital boosted their price objective on shares of Butterfly Network from $4.00 to $5.50 and gave the stock a “buy” rating in a research report on Tuesday. Wall Street Zen upgraded shares of Butterfly Network from a “sell” rating to a “hold” rating in a report on Sunday, November 23rd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Butterfly Network in a research note on Wednesday, October 8th. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $5.25.

Butterfly Network Price Performance

The stock has a market cap of $1.11 billion, a price-to-earnings ratio of -13.38 and a beta of 2.27. The firm’s 50-day moving average is $3.39 and its 200 day moving average is $2.42.

Butterfly Network (NYSE:BFLY) last released its quarterly earnings data on Friday, October 31st. The company reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.02. Butterfly Network had a negative return on equity of 37.80% and a negative net margin of 90.31%.The business had revenue of $21.49 million during the quarter, compared to the consensus estimate of $21.23 million. On average, sell-side analysts forecast that Butterfly Network, Inc. will post -0.35 EPS for the current year.

Insider Buying and Selling

In related news, CTO Victor Ku sold 35,968 shares of the firm’s stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $3.82, for a total value of $137,397.76. Following the transaction, the chief technology officer owned 811,962 shares in the company, valued at approximately $3,101,694.84. This trade represents a 4.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Jonathan M. Rothberg sold 335,834 shares of the stock in a transaction on Thursday, January 8th. The stock was sold at an average price of $4.18, for a total transaction of $1,403,786.12. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 7,298,684 shares of company stock valued at $24,281,944. 25.18% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Butterfly Network

A number of institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Butterfly Network by 4.3% during the third 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. Hood River Capital Management LLC grew its stake in Butterfly Network by 3.6% during the 2nd quarter. Hood River Capital Management LLC now owns 5,127,383 shares of the company’s stock valued at $10,255,000 after purchasing an additional 176,515 shares in the last quarter. Geode Capital Management LLC increased its holdings in Butterfly Network by 114.7% during the 2nd quarter. Geode Capital Management LLC now owns 4,339,362 shares of the company’s stock worth $8,680,000 after purchasing an additional 2,317,882 shares during the last quarter. Acadian Asset Management LLC boosted its stake in shares of Butterfly Network by 44.7% during the 2nd quarter. Acadian Asset Management LLC now owns 2,313,316 shares of the company’s stock valued at $4,624,000 after buying an additional 714,764 shares during the last quarter. Finally, Raymond James Financial Inc. grew its position in shares of Butterfly Network by 10.1% during the second quarter. Raymond James Financial Inc. now owns 1,218,878 shares of the company’s stock worth $2,438,000 after buying an additional 111,699 shares in the last quarter. Institutional investors and hedge funds own 37.85% of the company’s stock.

Butterfly Network Company Profile

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.