Butterfly Network (NYSE:BFLY) Shares Up 13.6% – What’s Next?

Butterfly Network, Inc. (NYSE:BFLY) shares shot up 13.6% on Monday . The stock traded as high as $8.48 and last traded at $8.7220. Approximately 1,153,933 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 6,496,652 shares. The stock had previously closed at $7.68.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on BFLY shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Butterfly Network in a research report on Wednesday, May 6th. Zacks Research raised shares of Butterfly Network from a “strong sell” rating to a “hold” rating in a report on Friday, March 27th. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Butterfly Network currently has an average rating of “Hold” and a consensus price target of $5.56.

Butterfly Network Trading Down 7.8%

The stock has a market capitalization of $1.93 billion, a P/E ratio of -25.29 and a beta of 2.05. The company has a fifty day simple moving average of $5.66 and a two-hundred day simple moving average of $4.58.

Butterfly Network (NYSE:BFLY) last issued its earnings results on Thursday, April 30th. The company reported ($0.03) earnings per share (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, analysts forecast that Butterfly Network, Inc. will post -0.18 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Butterfly Network news, insider Steve Cashman sold 294,680 shares of the firm’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $4.66, for a total transaction of $1,373,208.80. Following the transaction, the insider owned 1,630,407 shares in the company, valued at approximately $7,597,696.62. This trade represents a 15.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Megan Carlson sold 41,303 shares of the firm’s stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $7.96, for a total value of $328,771.88. Following the transaction, the chief accounting officer owned 465,906 shares in the company, valued at approximately $3,708,611.76. This trade represents a 8.14% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 440,764 shares of company stock worth $2,221,694. 21.99% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. KBC Group NV bought a new stake in Butterfly Network in the first quarter valued at approximately $25,000. Ameriprise Financial Inc. bought a new position in shares of Butterfly Network during the third quarter worth $25,000. BNP Paribas Financial Markets grew its holdings in shares of Butterfly Network by 707.2% in the 2nd quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company’s stock valued at $33,000 after buying an additional 14,244 shares during the period. Wisconsin Wealth Advisors LLC bought a new stake in shares of Butterfly Network in the 4th quarter valued at $38,000. Finally, ExodusPoint Capital Management LP bought a new stake in shares of Butterfly Network in the 4th quarter valued at $38,000. Institutional investors own 37.85% of the company’s stock.

Butterfly Network Company Profile

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.