Butterfly Network (NYSE:BFLY) Trading 8.1% Higher – What’s Next?

Butterfly Network, Inc. (NYSE:BFLY)’s share price rose 8.1% on Wednesday . The stock traded as high as $4.72 and last traded at $4.7550. Approximately 3,286,644 shares traded hands during mid-day trading, a decline of 31% from the average daily volume of 4,736,782 shares. The stock had previously closed at $4.40.

Analysts Set New Price Targets

BFLY has been the topic of several recent analyst reports. Wall Street Zen raised Butterfly Network from a “sell” rating to a “hold” rating in a research note on Sunday, November 23rd. Loop Capital set a $5.00 target price on shares of Butterfly Network in a research note on Wednesday, December 31st. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Butterfly Network in a research note on Wednesday, October 8th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $3.67.

Butterfly Network Stock Performance

The stock has a market cap of $1.23 billion, a PE ratio of -14.83 and a beta of 2.27. The stock has a fifty day moving average price of $3.19 and a 200 day moving average price of $2.34.

Butterfly Network (NYSE:BFLY) last issued its quarterly earnings results on Friday, October 31st. The company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.02. Butterfly Network had a negative return on equity of 37.80% and a negative net margin of 90.31%.The company had revenue of $21.49 million during the quarter, compared to the consensus estimate of $21.23 million. As a group, equities analysts anticipate that Butterfly Network, Inc. will post -0.35 earnings per share for the current fiscal year.

Insider Activity at Butterfly Network

In other news, Director Jonathan M. Rothberg sold 335,834 shares of Butterfly Network stock in a transaction that occurred on Thursday, January 8th. The shares were sold at an average price of $4.18, for a total transaction of $1,403,786.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CTO Victor Ku sold 35,968 shares of Butterfly Network stock in a transaction on Monday, January 5th. The shares were sold at an average price of $3.82, for a total value of $137,397.76. Following the sale, the chief technology officer directly owned 811,962 shares of the company’s stock, valued at approximately $3,101,694.84. This trade represents a 4.24% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 7,298,684 shares of company stock worth $24,281,944 in the last 90 days. 25.18% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of BFLY. Invesco Ltd. acquired a new position in shares of Butterfly Network during the first quarter worth $85,000. Goldman Sachs Group Inc. increased its position in Butterfly Network by 4.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 756,426 shares of the company’s stock valued at $1,725,000 after buying an additional 29,958 shares in the last quarter. Lazari Capital Management Inc. raised its stake in Butterfly Network by 53.1% in the second quarter. Lazari Capital Management Inc. now owns 28,661 shares of the company’s stock valued at $57,000 after buying an additional 9,941 shares during the last quarter. Blair William & Co. IL boosted its holdings in Butterfly Network by 14.5% in the second quarter. Blair William & Co. IL now owns 118,500 shares of the company’s stock worth $237,000 after acquiring an additional 15,000 shares in the last quarter. Finally, Huntleigh Advisors Inc. grew its stake in shares of Butterfly Network by 3.9% during the second quarter. Huntleigh Advisors Inc. now owns 395,616 shares of the company’s stock worth $791,000 after acquiring an additional 14,875 shares during the last quarter. Institutional investors 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.