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

Butterfly Network, Inc. (NYSE:BFLY)’s share price gapped up before the market opened on Monday . The stock had previously closed at $3.06, but opened at $3.23. Butterfly Network shares last traded at $3.3150, with a volume of 2,529,372 shares.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on BFLY. Weiss Ratings reissued a “sell (d-)” rating on shares of Butterfly Network in a report on Wednesday, October 8th. Wall Street Zen upgraded shares of Butterfly Network from a “sell” rating to a “hold” rating in a research report on Sunday, November 23rd. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Butterfly Network has an average rating of “Hold” and an average price target of $3.00.

Butterfly Network Price Performance

The business has a 50 day simple moving average of $2.49 and a 200 day simple moving average of $2.09. The company has a market cap of $781.80 million, a price-to-earnings ratio of -9.38 and a beta of 2.34.

Butterfly Network (NYSE:BFLY) last announced its earnings results on Friday, October 31st. The company reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.02. The company had revenue of $21.49 million during the quarter, compared to analyst estimates of $21.23 million. Butterfly Network had a negative return on equity of 37.80% and a negative net margin of 90.31%. As a group, sell-side analysts anticipate that Butterfly Network, Inc. will post -0.35 earnings per share for the current fiscal year.

Insider Transactions at Butterfly Network

In related news, Director Dawn Carfora sold 112,009 shares of the firm’s stock in a transaction that occurred on Tuesday, November 4th. The shares were sold at an average price of $2.69, for a total value of $301,304.21. Following the completion of the sale, the director owned 265,505 shares of the company’s stock, valued at $714,208.45. This trade represents a 29.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Jonathan M. Rothberg sold 1,110,579 shares of the business’s stock in a transaction that occurred on Monday, November 24th. The stock was sold at an average price of $3.15, for a total transaction of $3,498,323.85. Following the completion of the transaction, the director owned 769,814 shares of the company’s stock, valued at $2,424,914.10. This trade represents a 59.06% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 2,676,439 shares of company stock valued at $8,427,023. Insiders own 25.18% of the company’s stock.

Institutional Investors Weigh In On Butterfly Network

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Teacher Retirement System of Texas raised its position in shares of Butterfly Network by 45.2% during the second quarter. Teacher Retirement System of Texas now owns 27,811 shares of the company’s stock worth $56,000 after acquiring an additional 8,657 shares during the last quarter. Lazari Capital Management Inc. increased its position in Butterfly Network by 53.1% in the second quarter. Lazari Capital Management Inc. now owns 28,661 shares of the company’s stock worth $57,000 after purchasing an additional 9,941 shares during the period. Levin Capital Strategies L.P. increased its position in Butterfly Network by 16.7% in the second quarter. Levin Capital Strategies L.P. now owns 70,000 shares of the company’s stock worth $140,000 after purchasing an additional 10,000 shares during the period. Blair William & Co. IL raised its holdings in Butterfly Network by 8.4% during the 3rd quarter. Blair William & Co. IL now owns 128,500 shares of the company’s stock worth $248,000 after purchasing an additional 10,000 shares during the last quarter. Finally, California State Teachers Retirement System raised its holdings in Butterfly Network by 10.0% during the 2nd quarter. California State Teachers Retirement System now owns 131,640 shares of the company’s stock worth $263,000 after purchasing an additional 11,985 shares during the last quarter. 37.85% of the stock is owned by institutional investors and hedge funds.

Butterfly Network Company Profile

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.