Butterfly Network (NYSE:BFLY) Stock Price Up 6.6% – Time to Buy?

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

Analyst Upgrades and Downgrades

BFLY has been the subject of several analyst reports. Loop Capital set a $5.50 price target on Butterfly Network in a report on Monday, March 2nd. TD Cowen boosted their price target on Butterfly Network from $4.50 to $6.00 and gave the company a “buy” rating in a report on Friday, February 27th. Zacks Research upgraded Butterfly Network from a “strong sell” rating to a “hold” rating in a report on Friday, March 27th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Butterfly Network in a report on Wednesday, May 6th. Three equities 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. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $5.56.

Butterfly Network Trading Up 4.7%

The company’s 50 day moving average price is $4.62 and its 200-day moving average price is $4.02. The company has a market capitalization of $1.44 billion, a PE ratio of -18.82 and a beta of 2.22.

Butterfly Network (NYSE:BFLY) last announced its quarterly earnings data on Thursday, April 30th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.01. Butterfly Network had a negative net margin of 73.63% and a negative return on equity of 34.41%. The company had revenue of $26.53 million during the quarter, compared to analysts’ expectations of $26.08 million. As a group, analysts predict that Butterfly Network, Inc. will post -0.18 earnings per share for the current year.

Insider Activity

In other news, insider Steve Cashman sold 294,680 shares of the business’s stock in a transaction on Monday, June 8th. The shares were 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 directly owned 1,630,407 shares of the company’s stock, valued at $7,597,696.62. The trade was a 15.31% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 21.99% of the stock is owned by corporate insiders.

Institutional Trading of Butterfly Network

Several institutional investors have recently made changes to their positions in the stock. KBC Group NV purchased a new stake in Butterfly Network during the 1st quarter worth $25,000. Wisconsin Wealth Advisors LLC purchased a new stake in Butterfly Network during the 4th quarter worth $38,000. ExodusPoint Capital Management LP purchased a new stake in Butterfly Network during the 4th quarter worth $38,000. Sfmg LLC purchased a new stake in Butterfly Network during the 4th quarter worth $39,000. Finally, Sanctuary Advisors LLC purchased a new stake in Butterfly Network during the 4th quarter worth $40,000. 37.85% of the stock is owned by hedge funds and other institutional investors.

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.