Butterfly Network (NYSE:BFLY) Trading 10.5% Higher – Time to Buy?

Butterfly Network, Inc. (NYSE:BFLY)’s stock price shot up 10.5% on Monday . The company traded as high as $9.44 and last traded at $9.7570. 1,388,115 shares were traded during mid-day trading, a decline of 79% from the average session volume of 6,739,847 shares. The stock had previously closed at $8.83.

Wall Street Analysts Forecast Growth

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

Butterfly Network Stock Up 11.7%

The company’s fifty day moving average price is $7.06 and its two-hundred day moving average price is $5.15. The company has a market cap of $2.63 billion, a price-to-earnings ratio of -34.03 and a beta of 2.09.

Butterfly Network (NYSE:BFLY) last announced its earnings results on Thursday, July 30th. The company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.03. The business had revenue of $32.61 million for the quarter, compared to the consensus estimate 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 forecast that Butterfly Network, Inc. will post -0.18 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP John N. Doherty sold 57,136 shares of Butterfly Network stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $6.56, for a total value of $374,812.16. Following the completion of the transaction, the executive vice president directly owned 1,397,276 shares of the company’s stock, valued at $9,166,130.56. The trade was a 3.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Steve Cashman sold 294,680 shares of the company’s stock in a transaction dated 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 transaction, the insider owned 1,630,407 shares in the company, valued at approximately $7,597,696.62. This trade represents a 15.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 4,909,059 shares of company stock valued at $32,193,361. Insiders own 21.99% of the company’s stock.

Institutional Investors Weigh In On Butterfly Network

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Clough Capital Partners L P bought a new stake in shares of Butterfly Network during the fourth quarter worth $845,000. Sei Investments Co. boosted its holdings in Butterfly Network by 30.6% in the first quarter. Sei Investments Co. now owns 2,298,894 shares of the company’s stock valued at $9,288,000 after acquiring an additional 539,171 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Butterfly Network by 30.9% in the first quarter. Dimensional Fund Advisors LP now owns 2,358,181 shares of the company’s stock worth $9,524,000 after purchasing an additional 557,100 shares during the period. Counterpoint Mutual Funds LLC bought a new stake in Butterfly Network during the 1st quarter worth about $545,000. Finally, Keenan LLC bought a new stake in Butterfly Network during the 4th quarter worth about $339,000. 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.