Butterfly Network (NYSE:BFLY) Trading 6.5% Higher – Time to Buy?

Shares of Butterfly Network, Inc. (NYSE:BFLY) were up 6.5% on Wednesday . The company traded as high as $4.17 and last traded at $4.16. Approximately 890,485 shares traded hands during trading, a decline of 80% from the average daily volume of 4,445,735 shares. The stock had previously closed at $3.91.

Butterfly Network Stock Up 2.4 %

The firm has a 50-day moving average of $3.38 and a two-hundred day moving average of $2.16. The stock has a market capitalization of $853.31 million, a price-to-earnings ratio of -8.71 and a beta of 2.45.

Butterfly Network (NYSE:BFLY) last posted its quarterly earnings results on Friday, November 1st. The company reported ($0.08) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.01. The business had revenue of $20.56 million during the quarter, compared to analyst estimates of $19.12 million. Butterfly Network had a negative net margin of 129.25% and a negative return on equity of 42.68%. During the same period in the prior year, the firm earned ($0.13) earnings per share. As a group, sell-side analysts predict that Butterfly Network, Inc. will post -0.34 EPS for the current year.

Insider Transactions at Butterfly Network

In other news, insider Steve Cashman sold 164,079 shares of the stock in a transaction on Friday, December 20th. The shares were sold at an average price of $3.06, for a total transaction of $502,081.74. Following the transaction, the insider now owns 1,835,921 shares in the company, valued at $5,617,918.26. This represents a 8.20 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Heather C. Getz sold 30,136 shares of Butterfly Network stock in a transaction on Friday, December 20th. The shares were sold at an average price of $3.06, for a total transaction of $92,216.16. Following the completion of the sale, the chief financial officer now directly owns 2,669,333 shares of the company’s stock, valued at approximately $8,168,158.98. The trade was a 1.12 % decrease in their position. The disclosure for this sale can be found here. 27.28% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. SG Americas Securities LLC acquired a new stake in shares of Butterfly Network in the fourth quarter worth $46,000. Hartline Investment Corp lifted its position in Butterfly Network by 87.0% during the 3rd quarter. Hartline Investment Corp now owns 21,500 shares of the company’s stock worth $38,000 after acquiring an additional 10,000 shares during the last quarter. Kingswood Wealth Advisors LLC bought a new stake in Butterfly Network during the fourth quarter valued at about $70,000. Kovitz Investment Group Partners LLC acquired a new stake in shares of Butterfly Network in the third quarter valued at about $44,000. Finally, Barclays PLC increased its stake in shares of Butterfly Network by 27,790.0% in the third quarter. Barclays PLC now owns 25,101 shares of the company’s stock worth $44,000 after purchasing an additional 25,011 shares during the period. 37.85% of the stock is owned by 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.