Butterfly Network (NYSE:BFLY) Shares Up 8.9% – Time to Buy?

Butterfly Network, Inc. (NYSE:BFLY)’s stock price was up 8.9% during trading on Wednesday . The stock traded as high as $3.69 and last traded at $3.67. Approximately 1,660,728 shares traded hands during trading, a decline of 67% from the average daily volume of 5,022,959 shares. The stock had previously closed at $3.37.

Butterfly Network Price Performance

The business’s fifty day moving average price is $3.26 and its 200 day moving average price is $2.06. The company has a market cap of $833.07 million, a price-to-earnings ratio of -8.50 and a beta of 2.45.

Butterfly Network (NYSE:BFLY) last released its earnings results on Friday, November 1st. The company reported ($0.08) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.01. The business had revenue of $20.56 million during the quarter, compared to the consensus estimate 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 quarter in the prior year, the firm posted ($0.13) EPS. As a group, equities research analysts anticipate that Butterfly Network, Inc. will post -0.34 EPS for the current year.

Insider Activity at Butterfly Network

In related news, CFO Heather C. Getz sold 30,136 shares of the business’s 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 transaction, the chief financial officer now owns 2,669,333 shares in the company, valued at $8,168,158.98. The trade was a 1.12 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Steve Cashman sold 164,079 shares of the firm’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $3.06, for a total transaction of $502,081.74. Following the completion of the sale, the insider now owns 1,835,921 shares of the company’s stock, valued at $5,617,918.26. The trade was a 8.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 27.28% of the stock is owned by company insiders.

Hedge Funds Weigh In On Butterfly Network

Several institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC raised its holdings in Butterfly Network by 4.0% during the third quarter. Geode Capital Management LLC now owns 1,721,723 shares of the company’s stock worth $3,049,000 after buying an additional 65,425 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Butterfly Network by 3.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 955,331 shares of the company’s stock worth $1,691,000 after acquiring an additional 35,800 shares in the last quarter. XTX Topco Ltd raised its holdings in shares of Butterfly Network by 169.7% in the 3rd quarter. XTX Topco Ltd now owns 360,392 shares of the company’s stock worth $638,000 after acquiring an additional 226,781 shares during the last quarter. Renaissance Technologies LLC lifted its position in Butterfly Network by 46.5% in the 2nd quarter. Renaissance Technologies LLC now owns 343,100 shares of the company’s stock valued at $288,000 after acquiring an additional 108,944 shares in the last quarter. Finally, Marshall Wace LLP lifted its position in Butterfly Network by 353.7% in the 2nd quarter. Marshall Wace LLP now owns 318,383 shares of the company’s stock valued at $267,000 after acquiring an additional 248,201 shares in the last quarter. Institutional investors and hedge funds own 37.85% of the company’s stock.

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.