Butterfly Network (NYSE:BFLY) Sees Unusually-High Trading Volume Following Better-Than-Expected Earnings

Butterfly Network, Inc. (NYSE:BFLY) shares saw unusually-high trading volume on Monday following a stronger than expected earnings report. Approximately 6,247,735 shares changed hands during mid-day trading, an increase of 46% from the previous session’s volume of 4,288,321 shares.The stock last traded at $2.7350 and had previously closed at $2.69.

The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.06) by $0.02. The firm had revenue of $21.49 million during the quarter, compared to analyst estimates of $21.23 million. Butterfly Network had a negative net margin of 90.31% and a negative return on equity of 37.36%. Butterfly Network has set its FY 2025 guidance at EPS.

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

In related news, insider Steve Cashman sold 142,590 shares of Butterfly Network stock in a transaction that occurred on 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 directly owned 2,181,884 shares in the company, valued at approximately $3,272,826. The trade was a 6.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last ninety days, insiders have sold 158,117 shares of company stock valued at $237,210. 25.18% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of BFLY. Teacher Retirement System of Texas purchased a new position in Butterfly Network in the 1st quarter valued at approximately $44,000. Principal Financial Group Inc. purchased a new position in Butterfly Network in the 1st quarter valued at approximately $708,000. Calamos Advisors LLC grew its stake in Butterfly Network by 115.3% in the 1st quarter. Calamos Advisors LLC now owns 362,571 shares of the company’s stock valued at $827,000 after buying an additional 194,174 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Butterfly Network by 33.0% in the 1st quarter. Bank of New York Mellon Corp now owns 20,177 shares of the company’s stock valued at $46,000 after purchasing an additional 5,010 shares during the period. Finally, Arizona State Retirement System bought a new position in Butterfly Network in the 1st quarter valued at $91,000. 37.85% of the stock is currently owned by hedge funds and other institutional investors.

Butterfly Network Trading Up 8.7%

The company’s fifty day simple moving average is $2.01 and its 200 day simple moving average is $2.02. The stock has a market capitalization of $736.34 million, a P/E ratio of -8.86 and a beta of 2.59.

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.