Butterfly Network (NYSE:BFLY) Shares Gap Up – Still a Buy?

Butterfly Network, Inc. (NYSE:BFLY)’s share price gapped up before the market opened on Friday . The stock had previously closed at $2.14, but opened at $2.22. Butterfly Network shares last traded at $2.14, with a volume of 1,328,799 shares.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on BFLY shares. Lake Street Capital dropped their price target on Butterfly Network from $5.00 to $4.00 and set a “buy” rating for the company in a research report on Monday, May 5th. William Blair started coverage on Butterfly Network in a research report on Monday, March 17th. They set an “outperform” rating for the company.

Butterfly Network Price Performance

The firm has a 50-day simple moving average of $2.35 and a two-hundred day simple moving average of $3.10. The company has a market cap of $539.09 million, a PE ratio of -4.74 and a beta of 2.59.

Butterfly Network (NYSE:BFLY) last released its quarterly earnings results on Friday, May 2nd. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.09) by $0.03. Butterfly Network had a negative return on equity of 42.68% and a negative net margin of 129.25%. The company had revenue of $21.23 million during the quarter, compared to the consensus estimate of $21.16 million. Equities research analysts forecast that Butterfly Network, Inc. will post -0.35 EPS for the current year.

Insider Transactions at Butterfly Network

In related news, EVP Heather C. Getz sold 65,456 shares of Butterfly Network stock in a transaction on Monday, May 5th. The stock was sold at an average price of $2.20, for a total value of $144,003.20. Following the transaction, the executive vice president now owns 2,919,274 shares in the company, valued at approximately $6,422,402.80. This trade represents a 2.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Joseph Devivo sold 320,215 shares of Butterfly Network stock in a transaction on Friday, April 25th. The shares were sold at an average price of $2.44, for a total value of $781,324.60. Following the completion of the transaction, the chief executive officer now owns 7,249,789 shares in the company, valued at $17,689,485.16. The trade was a 4.23% decrease in their position. The disclosure for this sale can be found here. Insiders own 25.18% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Acadian Asset Management LLC boosted its holdings 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 acquiring an additional 1,167,055 shares during the last quarter. CTC Alternative Strategies Ltd. acquired a new position in Butterfly Network in the first quarter valued at $29,000. Goldman Sachs Group Inc. boosted its holdings in Butterfly Network by 4.1% in the first quarter. Goldman Sachs Group Inc. now owns 756,426 shares of the company’s stock valued at $1,725,000 after acquiring an additional 29,958 shares during the last quarter. Bosun Asset Management LLC acquired a new position in Butterfly Network in the first quarter valued at $255,000. Finally, AWM Investment Company Inc. acquired a new position in Butterfly Network in the first quarter valued at $2,280,000. 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.