Butterfly Network (NYSE:BFLY) Shares Up 5.6% – Here’s What Happened

Shares of Butterfly Network, Inc. (NYSE:BFLY) shot up 5.6% during mid-day trading on Tuesday . The company traded as high as $7.74 and last traded at $7.6770. 4,268,181 shares traded hands during mid-day trading, a decline of 32% from the average session volume of 6,234,159 shares. The stock had previously closed at $7.27.

Analysts Set New Price Targets

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

Butterfly Network Price Performance

The stock has a fifty day simple moving average of $4.99 and a 200-day simple moving average of $4.20. The company has a market capitalization of $1.99 billion, a price-to-earnings ratio of -26.06 and a beta of 2.22.

Butterfly Network (NYSE:BFLY) last released its quarterly earnings results on Thursday, April 30th. The company reported ($0.03) 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 for the quarter, compared to analyst estimates of $26.08 million. As a group, equities analysts expect that Butterfly Network, Inc. will post -0.18 EPS for the current fiscal year.

Insiders Place Their Bets

In other Butterfly Network news, insider Steve Cashman sold 294,680 shares of the 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 transaction, the insider directly owned 1,630,407 shares of the company’s stock, valued at $7,597,696.62. This trade represents a 15.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 21.99% of the company’s stock.

Institutional Trading of Butterfly Network

A number of institutional investors have recently made changes to their positions in the company. Principal Financial Group Inc. boosted its stake in Butterfly Network by 24.0% during the 1st quarter. Principal Financial Group Inc. now owns 14,247 shares of the company’s stock worth $58,000 after purchasing an additional 2,753 shares during the last quarter. Farther Finance Advisors LLC lifted its position in Butterfly Network by 25.4% during the fourth quarter. Farther Finance Advisors LLC now owns 15,281 shares of the company’s stock worth $58,000 after buying an additional 3,098 shares in the last quarter. Opal Wealth Advisors LLC boosted its stake in Butterfly Network by 10.1% during the fourth quarter. Opal Wealth Advisors LLC now owns 36,679 shares of the company’s stock worth $139,000 after buying an additional 3,355 shares during the last quarter. Kestra Private Wealth Services LLC grew its holdings in Butterfly Network by 11.0% in the 4th quarter. Kestra Private Wealth Services LLC now owns 55,517 shares of the company’s stock valued at $211,000 after buying an additional 5,500 shares in the last quarter. Finally, SG Americas Securities LLC grew its holdings in Butterfly Network by 59.1% in the 1st quarter. SG Americas Securities LLC now owns 16,597 shares of the company’s stock valued at $67,000 after buying an additional 6,164 shares in the last quarter. 37.85% of the stock is owned by institutional investors and hedge funds.

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.