Butterfly Network (NYSE:BFLY) Trading 9.4% Higher – Here’s What Happened

Butterfly Network, Inc. (NYSE:BFLY)’s stock price traded up 9.4% during mid-day trading on Tuesday . The company traded as high as $8.10 and last traded at $8.11. 2,721,278 shares were traded during trading, a decline of 58% from the average session volume of 6,453,858 shares. The stock had previously closed at $7.41.

Analyst Ratings Changes

Several research firms have recently weighed in on BFLY. Weiss Ratings restated a “sell (d-)” rating on shares of Butterfly Network in a research report on Monday, August 3rd. TD Cowen reaffirmed a “buy” rating and set a $10.00 price objective on shares of Butterfly Network in a research note on Friday, September 11th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Butterfly Network presently has a consensus rating of “Hold” and a consensus price target of $6.56.

Butterfly Network Price Performance

The business has a fifty day moving average of $7.98 and a 200 day moving average of $6.08. The stock has a market cap of $1.93 billion, a price-to-earnings ratio of -24.97 and a beta of 2.08.

Butterfly Network (NYSE:BFLY) last posted its earnings results on Thursday, July 30th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.03. The firm had revenue of $32.61 million during the quarter, compared to analysts’ expectations of $29.16 million. Butterfly Network had a negative net margin of 66.74% and a negative return on equity of 33.99%. On average, analysts expect that Butterfly Network, Inc. will post -0.18 EPS for the current year.

Insiders Place Their Bets

In other Butterfly Network news, insider Steve Cashman sold 140,112 shares of the stock in a transaction on Friday, September 4th. The shares were sold at an average price of $7.30, for a total transaction of $1,022,817.60. Following the transaction, the insider directly owned 1,490,295 shares of the company’s stock, valued at $10,879,153.50. This represents a 8.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Megan Carlson sold 13,804 shares of the firm’s stock in a transaction dated Friday, September 4th. The shares were sold at an average price of $7.30, for a total value of $100,769.20. Following the transaction, the chief accounting officer owned 412,085 shares in the company, valued at approximately $3,008,220.50. This trade represents a 3.24% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 4,743,569 shares of company stock worth $32,219,597 in the last 90 days. 21.99% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Bay Colony Advisory Group Inc d b a Bay Colony Advisors increased its holdings in Butterfly Network by 4.9% in the 2nd quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 42,500 shares of the company’s stock valued at $358,000 after buying an additional 2,000 shares during the period. HighTower Advisors LLC boosted its position in shares of Butterfly Network by 11.5% during the 2nd quarter. HighTower Advisors LLC now owns 20,430 shares of the company’s stock valued at $172,000 after acquiring an additional 2,110 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in Butterfly Network by 4.0% in the second quarter. The Manufacturers Life Insurance Company now owns 55,326 shares of the company’s stock valued at $466,000 after acquiring an additional 2,125 shares during the period. Principal Financial Group Inc. increased its stake in Butterfly Network by 24.0% in the first quarter. Principal Financial Group Inc. now owns 14,247 shares of the company’s stock valued at $58,000 after acquiring an additional 2,753 shares during the period. Finally, AXQ Capital LP raised its position in Butterfly Network by 15.8% in the second quarter. AXQ Capital LP now owns 34,555 shares of the company’s stock worth $291,000 after purchasing an additional 4,716 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 portable, semiconductor-based ultrasound systems designed to make diagnostic imaging more accessible across hospitals, clinics, physician offices, emergency services and other care settings. Its technology uses a single handheld probe with software-enabled imaging capabilities, rather than requiring multiple dedicated ultrasound machines.

The company’s product portfolio includes the Butterfly iQ, iQ+, and iQ3 handheld ultrasound devices, along with related software and cloud-based tools.