Butterfly Network (NYSE:BFLY) Trading Up 4.8% – What’s Next?

Butterfly Network, Inc. (NYSE:BFLY)’s share price rose 4.8% during mid-day trading on Monday . The stock traded as high as $3.19 and last traded at $3.1550. Approximately 5,290,288 shares changed hands during mid-day trading, an increase of 16% from the average daily volume of 4,561,701 shares. The stock had previously closed at $3.01.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Butterfly Network in a research report on Wednesday, October 8th. Wall Street Zen upgraded shares of Butterfly Network from a “sell” rating to a “hold” rating in a research note on Sunday, November 23rd. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $3.00.

Butterfly Network Stock Up 6.5%

The company has a market cap of $809.58 million, a P/E ratio of -9.71 and a beta of 2.34. The business has a fifty day simple moving average of $2.55 and a two-hundred day simple moving average of $2.10.

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

Insider Buying and Selling

In other Butterfly Network news, Director Jonathan M. Rothberg sold 193,293 shares of the stock in a transaction that occurred on Friday, December 12th. The shares were sold at an average price of $3.08, for a total value of $595,342.44. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders have sold 4,227,401 shares of company stock worth $13,369,886 over the last three months. 25.18% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Butterfly Network

Several hedge funds and other institutional investors have recently modified their holdings of BFLY. CIBC Bancorp USA Inc. purchased a new position in Butterfly Network during the third quarter valued at $40,000. Kestra Private Wealth Services LLC lifted its position in shares of Butterfly Network by 93.9% during the 3rd quarter. Kestra Private Wealth Services LLC now owns 50,017 shares of the company’s stock valued at $97,000 after buying an additional 24,217 shares in the last quarter. Voleon Capital Management LP bought a new position in shares of Butterfly Network during the 3rd quarter valued at approximately $114,000. Prelude Capital Management LLC bought a new position in shares of Butterfly Network during the 3rd quarter valued at approximately $211,000. Finally, Parkman Healthcare Partners LLC purchased a new stake in Butterfly Network in the 3rd quarter worth approximately $1,162,000. 37.85% of the stock is currently owned by hedge funds and other institutional investors.

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.