Butterfly Network (NYSE:BFLY) Shares Gap Up – Here’s What Happened

Butterfly Network, Inc. (NYSE:BFLY) shares gapped up prior to trading on Friday . The stock had previously closed at $2.04, but opened at $2.41. Butterfly Network shares last traded at $2.4260, with a volume of 6,066,278 shares changing hands.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on BFLY shares. Craig Hallum reiterated a “positive” rating and issued a $2.00 price target on shares of Butterfly Network in a research note on Monday, August 4th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Butterfly Network in a research note on Wednesday, October 8th. Finally, Oppenheimer reiterated a “market perform” rating on shares of Butterfly Network in a research note on Friday, August 1st. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Butterfly Network currently has a consensus rating of “Hold” and a consensus target price of $3.00.

Butterfly Network Trading Up 32.6%

The firm has a market capitalization of $680.96 million, a P/E ratio of -8.20 and a beta of 2.59. The company has a 50-day moving average of $1.98 and a 200-day moving average of $2.02.

Butterfly Network (NYSE:BFLY) last announced its earnings results on Friday, October 31st. The company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by ($0.06). The company had revenue of $21.49 million for the quarter, compared to the consensus estimate of $21.23 million. Butterfly Network had a negative return on equity of 30.53% and a negative net margin of 71.79%. Butterfly Network has set its FY 2025 guidance at EPS. Research analysts predict that Butterfly Network, Inc. will post -0.35 EPS for the current year.

Insiders Place Their Bets

In other Butterfly Network news, insider Steve Cashman sold 142,590 shares of the stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $1.50, for a total transaction of $213,885.00. Following the completion of the sale, the insider directly owned 2,181,884 shares in the company, valued at approximately $3,272,826. This trade represents a 6.13% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In the last three months, insiders sold 161,235 shares of company stock worth $241,731. Company insiders own 25.18% of the company’s stock.

Institutional Trading of Butterfly Network

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

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.