Butterfly Network (NYSE:BFLY) Shares Up 7.4% – Time to Buy?

Butterfly Network, Inc. (NYSE:BFLY) shares traded up 7.4% during trading on Friday . The company traded as high as $2.19 and last traded at $2.11. 2,027,685 shares were traded during mid-day trading, a decline of 49% from the average session volume of 3,973,726 shares. The stock had previously closed at $1.96.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Butterfly Network in a report on Saturday, September 27th. Oppenheimer reissued a “market perform” rating on shares of Butterfly Network in a report on Friday, August 1st. Finally, Craig Hallum reissued a “positive” rating and issued a $2.00 price target on shares of Butterfly Network in a report on Monday, August 4th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $3.00.

Butterfly Network Trading Up 18.6%

The business has a 50-day moving average price of $1.64 and a two-hundred day moving average price of $2.03. The firm has a market capitalization of $585.30 million, a price-to-earnings ratio of -8.30 and a beta of 2.59.

Butterfly Network (NYSE:BFLY) last announced its quarterly earnings results on Friday, August 1st. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. The business had revenue of $23.38 million for the quarter, compared to analysts’ expectations of $23.91 million. Butterfly Network had a negative return on equity of 30.53% and a negative net margin of 71.79%. Butterfly Network has set its FY 2025 guidance at EPS. On average, equities research analysts predict that Butterfly Network, Inc. will post -0.35 earnings per share for the current fiscal year.

Insider Buying and Selling at Butterfly Network

In other news, insider Steve Cashman sold 142,590 shares of the stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $1.50, for a total transaction of $213,885.00. Following the sale, the insider directly owned 2,181,884 shares in the company, valued at approximately $3,272,826. This represents a 6.13% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last 90 days, insiders sold 161,235 shares of company stock worth $241,731. 25.18% of the stock is currently owned by corporate insiders.

Institutional Trading of Butterfly Network

Large investors have recently added to or reduced their stakes in the business. Acadian Asset Management LLC increased its position in Butterfly Network by 270.5% in the 1st quarter. Acadian Asset Management LLC now owns 1,598,552 shares of the company’s stock valued at $3,642,000 after acquiring an additional 1,167,055 shares during the period. Calamos Advisors LLC increased its position in Butterfly Network by 115.3% in the 1st quarter. Calamos Advisors LLC now owns 362,571 shares of the company’s stock valued at $827,000 after acquiring an additional 194,174 shares during the period. Principal Financial Group Inc. acquired a new stake in Butterfly Network in the 1st quarter valued at approximately $708,000. Vanguard Group Inc. increased its position in Butterfly Network by 15.6% in the 1st quarter. Vanguard Group Inc. now owns 8,598,823 shares of the company’s stock valued at $19,605,000 after acquiring an additional 1,161,647 shares during the period. Finally, ARK Investment Management LLC increased its position in Butterfly Network by 16.8% in the 1st quarter. ARK Investment Management LLC now owns 7,023,980 shares of the company’s stock valued at $16,015,000 after acquiring an additional 1,012,460 shares during the period. 37.85% of the stock is currently owned by institutional investors and hedge funds.

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.