Butterfly Network (NYSE:BFLY) Trading Up 7.9% – Time to Buy?

Butterfly Network, Inc. (NYSE:BFLY) rose 7.9% on Friday . The company traded as high as $2.57 and last traded at $2.54. Approximately 736,654 shares changed hands during trading, a decline of 76% from the average daily volume of 3,008,023 shares. The stock had previously closed at $2.35.

Analyst Ratings Changes

BFLY has been the topic of a number of recent research reports. Lake Street Capital lowered their target price on Butterfly Network from $5.00 to $4.00 and set a “buy” rating on the stock in a research note on Monday, May 5th. William Blair initiated coverage on Butterfly Network in a report on Monday, March 17th. They issued an “outperform” rating on the stock.

Butterfly Network Stock Performance

The stock has a market cap of $610.80 million, a price-to-earnings ratio of -5.37 and a beta of 2.54. The stock has a fifty day simple moving average of $2.32 and a two-hundred day simple moving average of $3.08.

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

Insider Transactions at Butterfly Network

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

Institutional Trading of Butterfly Network

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BFLY. SG Americas Securities LLC bought a new stake in Butterfly Network in the 4th quarter valued at about $46,000. White Pine Capital LLC acquired a new position in Butterfly Network during the 4th quarter valued at about $398,000. Palumbo Wealth Management LLC boosted its stake in Butterfly Network by 528.1% during the 4th quarter. Palumbo Wealth Management LLC now owns 73,370 shares of the company’s stock valued at $229,000 after purchasing an additional 61,688 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new position in Butterfly Network during the 4th quarter valued at about $34,000. Finally, AMH Equity Ltd acquired a new position in Butterfly Network during the 4th quarter valued at about $624,000. 37.85% of the stock is owned by institutional investors.

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.