Butterfly Network (NYSE:BFLY) Sees Large Volume Increase – Should You Buy?

Shares of Butterfly Network, Inc. (NYSE:BFLY) saw unusually-high trading volume on Wednesday . Approximately 5,596,925 shares changed hands during mid-day trading, an increase of 26% from the previous session’s volume of 4,428,437 shares.The stock last traded at $2.4050 and had previously closed at $2.01.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on BFLY shares. Wall Street Zen lowered Butterfly Network from a “hold” rating to a “sell” rating in a research report on Saturday. Oppenheimer restated a “market perform” rating on shares of Butterfly Network in a report on Friday, August 1st. Craig Hallum reiterated a “positive” rating and issued a $2.00 target price on shares of Butterfly Network in a report on Monday, August 4th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Butterfly Network in a research report on Wednesday, October 8th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $3.00.

Butterfly Network Stock Up 18.2%

The company has a market capitalization of $599.93 million, a P/E ratio of -7.17 and a beta of 2.65. The business has a fifty day moving average price of $2.15 and a 200 day moving average price of $2.01.

Butterfly Network (NYSE:BFLY) last announced its earnings results on Friday, October 31st. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.02. The business had revenue of $21.49 million for the quarter, compared to analyst estimates of $21.23 million. Butterfly Network had a negative return on equity of 37.80% and a negative net margin of 90.31%. Butterfly Network has set its FY 2025 guidance at EPS. As a group, equities analysts forecast that Butterfly Network, Inc. will post -0.35 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Jonathan M. Rothberg sold 100,502 shares of the stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $3.08, for a total transaction of $309,546.16. Following the completion of the transaction, the director directly owned 1,140,007 shares in the company, valued at $3,511,221.56. This represents a 8.10% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Steve Cashman sold 142,590 shares of the firm’s stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $1.50, for a total value of $213,885.00. Following the completion of the transaction, the insider owned 2,181,884 shares of the company’s stock, valued at $3,272,826. The trade was a 6.13% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 370,628 shares of company stock worth $848,060. 25.18% of the stock is owned by insiders.

Institutional Investors Weigh In On Butterfly Network

Large investors have recently made changes to their positions in the stock. Geode Capital Management LLC increased its stake in shares of Butterfly Network by 114.7% during the 2nd quarter. Geode Capital Management LLC now owns 4,339,362 shares of the company’s stock worth $8,680,000 after purchasing an additional 2,317,882 shares during the last quarter. First Light Asset Management LLC grew its holdings in Butterfly Network by 37.8% during the first quarter. First Light Asset Management LLC now owns 5,505,649 shares of the company’s stock worth $12,553,000 after purchasing an additional 1,511,029 shares during the period. Lord Abbett & CO. LLC acquired a new position in Butterfly Network during the first quarter worth approximately $3,225,000. Acadian Asset Management LLC raised its stake in Butterfly Network by 270.5% in the first quarter. Acadian Asset Management LLC now owns 1,598,552 shares of the company’s stock valued at $3,642,000 after buying an additional 1,167,055 shares during the period. Finally, Vanguard Group Inc. lifted its position in shares of Butterfly Network by 15.6% in the first quarter. Vanguard Group Inc. now owns 8,598,823 shares of the company’s stock valued at $19,605,000 after buying an additional 1,161,647 shares during the last quarter. Institutional investors and hedge funds own 37.85% of the company’s stock.

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.