Butterfly Network (NYSE:BFLY) Trading Up 10.5% – Here’s What Happened

Shares of Butterfly Network, Inc. (NYSE:BFLY) were up 10.5% on Monday . The stock traded as high as $9.44 and last traded at $9.7570. Approximately 1,388,115 shares changed hands during trading, a decline of 79% from the average session volume of 6,739,847 shares. The stock had previously closed at $8.83.

Analyst Ratings Changes

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Butterfly Network in a report on Monday, August 3rd. 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’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $5.56.

Butterfly Network Price Performance

The firm has a market cap of $2.48 billion, a price-to-earnings ratio of -32.15 and a beta of 2.09. The firm’s 50 day moving average price is $7.26 and its two-hundred day moving average price is $5.23.

Butterfly Network (NYSE:BFLY) last announced its quarterly earnings data on Thursday, July 30th. The company reported ($0.01) 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 the consensus estimate 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 anticipate that Butterfly Network, Inc. will post -0.18 earnings per share for the current year.

Insider Buying and Selling

In other news, CAO Megan Carlson sold 68,852 shares of the stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $7.86, for a total value of $541,176.72. Following the sale, the chief accounting officer directly owned 425,889 shares in the company, valued at $3,347,487.54. This represents a 13.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jonathan M. Rothberg sold 659,913 shares of the firm’s stock in a transaction that occurred on Wednesday, July 22nd. The stock was sold at an average price of $6.47, for a total transaction of $4,269,637.11. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 4,909,059 shares of company stock valued at $32,193,361 in the last three months. 21.99% of the stock is owned by insiders.

Hedge Funds Weigh In On Butterfly Network

A number of hedge funds have recently made changes to their positions in BFLY. KBC Group NV purchased a new stake in shares of Butterfly Network in the first quarter worth about $25,000. Ameriprise Financial Inc. acquired a new position in Butterfly Network in the 3rd quarter worth $25,000. BNP Paribas Financial Markets boosted its position in 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 last quarter. ExodusPoint Capital Management LP acquired a new stake in Butterfly Network during the 4th quarter valued at approximately $38,000. Finally, Sfmg LLC purchased a new stake in Butterfly Network during the 4th quarter worth approximately $39,000. Hedge funds and other 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.