Butterfly Network (NYSE:BFLY) Trading 6.4% Higher – Still a Buy?

Shares of Butterfly Network, Inc. (NYSE:BFLY) shot up 6.4% on Tuesday . The stock traded as high as $9.31 and last traded at $9.5230. Approximately 455,828 shares were traded during trading, a decline of 93% from the average daily volume of 6,653,554 shares. The stock had previously closed at $8.95.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Butterfly Network in a research report on Monday, August 3rd. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $5.56.

Butterfly Network Stock Up 3.4%

The company’s fifty day moving average price is $7.97 and its 200 day moving average price is $5.54. The company has a market capitalization of $2.46 billion, a P/E ratio of -31.81 and a beta of 2.09.

Butterfly Network (NYSE:BFLY) last issued its quarterly earnings results on Thursday, July 30th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.03. The business had revenue of $32.61 million during the quarter, compared to analysts’ expectations of $29.16 million. Butterfly Network had a negative return on equity of 33.99% and a negative net margin of 66.74%. Research analysts predict that Butterfly Network, Inc. will post -0.18 earnings per share for the current fiscal year.

Insider Activity

In other news, CAO Megan Carlson sold 68,852 shares of the stock in a transaction on Friday, July 31st. The stock was sold at an average price of $7.86, for a total transaction of $541,176.72. Following the sale, the chief accounting officer directly owned 425,889 shares of the company’s stock, valued at approximately $3,347,487.54. This represents a 13.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Jonathan M. Rothberg sold 659,913 shares of the firm’s stock in a transaction on Wednesday, July 22nd. The stock was sold at an average price of $6.47, for a total value of $4,269,637.11. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 4,987,405 shares of company stock worth $32,975,004. 21.99% of the stock is owned by insiders.

Hedge Funds Weigh In On Butterfly Network

Several hedge funds and other institutional investors have recently made changes to their positions in the company. KBC Group NV bought a new stake in shares of Butterfly Network during the 1st quarter worth approximately $25,000. Ameriprise Financial Inc. acquired a new stake in shares of Butterfly Network during the 3rd quarter worth approximately $25,000. BNP Paribas Financial Markets increased its stake in Butterfly Network by 707.2% in the second quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company’s stock valued at $33,000 after acquiring an additional 14,244 shares during the last quarter. ExodusPoint Capital Management LP bought a new position in Butterfly Network in the fourth quarter valued at approximately $38,000. Finally, Sfmg LLC acquired a new position in Butterfly Network during the fourth quarter valued at approximately $39,000. 37.85% of the stock is currently owned by institutional investors and hedge funds.

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.