Butterfly Network Sees Unusually High Options Volume (NYSE:BFLY)

Butterfly Network, Inc. (NYSE:BFLY) was the recipient of some unusual options trading on Thursday. Traders purchased 17,198 call options on the company. This is an increase of approximately 545% compared to the average daily volume of 2,668 call options.

Butterfly Network Trading Up 32.9%

BFLY stock traded up $1.88 during midday trading on Thursday, reaching $7.59. 13,331,610 shares of the company’s stock traded hands, compared to its average volume of 5,619,627. The stock has a market cap of $1.93 billion, a P/E ratio of -25.55 and a beta of 2.22. The stock’s 50-day moving average is $4.74 and its 200 day moving average is $4.09. Butterfly Network has a 52-week low of $1.32 and a 52-week high of $8.02.

Butterfly Network (NYSE:BFLY) last posted its earnings results on Thursday, April 30th. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. The business had revenue of $26.53 million for the quarter, compared to the consensus estimate of $26.08 million. Butterfly Network had a negative net margin of 73.63% and a negative return on equity of 34.41%. As a group, research analysts expect that Butterfly Network will post -0.18 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on BFLY. Loop Capital set a $5.50 price target on Butterfly Network in a research note on Monday, March 2nd. Weiss Ratings restated a “sell (d-)” rating on shares of Butterfly Network in a research report on Wednesday, May 6th. TD Cowen raised their target price on shares of Butterfly Network from $4.50 to $6.00 and gave the company a “buy” rating in a research report on Friday, February 27th. Finally, Zacks Research raised shares of Butterfly Network from a “strong sell” rating to a “hold” rating in a research note on Friday, March 27th. Three research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $5.56.

Insider Activity at Butterfly Network

In related news, insider Steve Cashman sold 294,680 shares of the stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $4.66, for a total value of $1,373,208.80. Following the completion of the transaction, the insider owned 1,630,407 shares of the company’s stock, valued at approximately $7,597,696.62. This represents a 15.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 21.99% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of BFLY. Vanguard Group Inc. boosted its stake in shares of Butterfly Network by 4.3% during the 3rd quarter. Vanguard Group Inc. now owns 11,040,080 shares of the company’s stock valued at $21,307,000 after buying an additional 453,258 shares during the last quarter. ARK Investment Management LLC lifted its holdings in shares of Butterfly Network by 1.6% during the 4th quarter. ARK Investment Management LLC now owns 6,244,427 shares of the company’s stock valued at $23,729,000 after buying an additional 99,079 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Butterfly Network by 1.6% in the 4th quarter. Geode Capital Management LLC now owns 4,679,120 shares of the company’s stock worth $17,785,000 after purchasing an additional 75,243 shares during the last quarter. Bank of America Corp DE increased its position in shares of Butterfly Network by 71.0% during the first quarter. Bank of America Corp DE now owns 4,165,222 shares of the company’s stock valued at $16,827,000 after purchasing an additional 1,728,938 shares during the period. Finally, AWM Investment Company Inc. grew its position in Butterfly Network by 750.0% in the fourth quarter. AWM Investment Company Inc. now owns 3,400,000 shares of the company’s stock valued at $12,920,000 after acquiring an additional 3,000,000 shares during the period. Institutional investors and hedge funds own 37.85% of the company’s stock.

About Butterfly Network

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.