Butterfly Network Target of Unusually High Options Trading (NYSE:BFLY)

Butterfly Network, Inc. (NYSE:BFLY) was the target of unusually large options trading activity on Tuesday. Stock traders purchased 17,637 call options on the stock. This is an increase of 271% compared to the typical daily volume of 4,749 call options.

Analyst Upgrades and Downgrades

BFLY has been the topic of a number of research analyst reports. TD Cowen reiterated a “buy” rating and set a $10.00 price objective on shares of Butterfly Network in a research note on Friday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Butterfly Network in a research 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 assigned a Sell rating to the stock. According to data from MarketBeat, Butterfly Network presently has an average rating of “Hold” and a consensus target price of $6.56.

Insider Transactions at Butterfly Network

In related news, Director Louise Phanstiel bought 115,200 shares of the stock in a transaction dated Friday, August 14th. The stock was acquired at an average price of $8.68 per share, for a total transaction of $999,936.00. Following the completion of the purchase, the director owned 300,461 shares in the company, valued at $2,608,001.48. This represents a 62.18% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Steve Cashman sold 140,112 shares of the business’s stock in a transaction on Friday, September 4th. The stock was sold at an average price of $7.30, for a total transaction of $1,022,817.60. Following the completion of the transaction, the insider owned 1,490,295 shares in the company, valued at $10,879,153.50. This represents a 8.59% decrease in their position. 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 sold 4,743,569 shares of company stock valued at $32,219,597 in the last quarter. Insiders own 21.99% of the company’s stock.

Institutional Trading of Butterfly Network

Several hedge funds have recently bought and sold shares of BFLY. Bank of America Corp DE grew its position in Butterfly Network by 71.0% in the 1st quarter. Bank of America Corp DE now owns 4,165,222 shares of the company’s stock worth $16,827,000 after purchasing an additional 1,728,938 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Butterfly Network during the second quarter valued at approximately $4,878,000. Dimensional Fund Advisors LP raised its holdings in shares of Butterfly Network by 30.9% during the first quarter. Dimensional Fund Advisors LP now owns 2,358,181 shares of the company’s stock valued at $9,524,000 after buying an additional 557,100 shares during the last quarter. Sei Investments Co. boosted its position in shares of Butterfly Network by 30.6% during the first quarter. Sei Investments Co. now owns 2,298,894 shares of the company’s stock worth $9,288,000 after buying an additional 539,171 shares during the period. Finally, Polen Capital Management LLC acquired a new position in shares of Butterfly Network during the fourth quarter worth approximately $1,797,000. 37.85% of the stock is currently owned by institutional investors.

Butterfly Network Trading Up 4.9%

BFLY traded up $0.36 on Tuesday, hitting $7.78. 4,372,404 shares of the company’s stock were exchanged, compared to its average volume of 6,468,957. The stock has a fifty day moving average of $7.97 and a two-hundred day moving average of $6.03. Butterfly Network has a twelve month low of $1.60 and a twelve month high of $10.05. The firm has a market cap of $2.07 billion, a PE ratio of -26.96 and a beta of 2.08.

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

About Butterfly Network

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.