Butterfly Network (NYSE:BFLY) Shares Up 6.6% – Still a Buy?

Butterfly Network, Inc. (NYSE:BFLY) shares shot up 6.6% during mid-day trading on Wednesday . The stock traded as high as $5.45 and last traded at $5.4560. 1,080,013 shares traded hands during mid-day trading, a decline of 80% from the average session volume of 5,495,773 shares. The stock had previously closed at $5.12.

Analyst Ratings Changes

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

Butterfly Network Stock Performance

The business has a 50-day simple moving average of $4.56 and a two-hundred day simple moving average of $3.98. The stock has a market cap of $1.37 billion, a price-to-earnings ratio of -17.99 and a beta of 2.22.

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

Insider Transactions at Butterfly Network

In other Butterfly Network news, insider Steve Cashman sold 294,680 shares of the firm’s stock in a transaction 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 owned 1,630,407 shares of the company’s stock, valued at $7,597,696.62. This trade represents a 15.31% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 21.99% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Butterfly Network

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in Butterfly Network by 4.3% during the 3rd quarter. Vanguard Group Inc. now owns 11,040,080 shares of the company’s stock valued at $21,307,000 after purchasing an additional 453,258 shares during the last quarter. ARK Investment Management LLC increased its position in Butterfly Network by 1.6% during the 4th quarter. ARK Investment Management LLC now owns 6,244,427 shares of the company’s stock worth $23,729,000 after buying an additional 99,079 shares during the period. Geode Capital Management LLC increased its position in Butterfly Network by 1.6% during the 4th quarter. Geode Capital Management LLC now owns 4,679,120 shares of the company’s stock worth $17,785,000 after buying an additional 75,243 shares during the period. Bank of America Corp DE increased its position in Butterfly Network by 71.0% during the 1st quarter. Bank of America Corp DE now owns 4,165,222 shares of the company’s stock worth $16,827,000 after buying an additional 1,728,938 shares during the period. Finally, AWM Investment Company Inc. increased its position in Butterfly Network by 750.0% during the 4th quarter. AWM Investment Company Inc. now owns 3,400,000 shares of the company’s stock worth $12,920,000 after buying an additional 3,000,000 shares during the period. 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.