Butterfly Network (NYSE:BFLY) Sees Strong Trading Volume – Here’s Why

Shares of Butterfly Network, Inc. (NYSE:BFLY) saw an uptick in trading volume on Wednesday . 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.

Analyst Ratings Changes

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

Butterfly Network Stock Up 18.2%

The firm has a 50 day moving average price of $2.15 and a 200 day moving average price of $2.01. The stock has a market capitalization of $599.93 million, a PE ratio of -7.17 and a beta of 2.65.

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

Insider Buying and Selling at Butterfly Network

In related news, Director Jonathan M. Rothberg sold 100,502 shares of Butterfly Network stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $3.08, for a total value of $309,546.16. Following the completion of the transaction, the director directly owned 1,140,007 shares in the company, valued at approximately $3,511,221.56. The trade was a 8.10% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Steve Cashman sold 142,590 shares of the firm’s stock in a transaction dated Thursday, September 4th. The stock was 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 approximately $3,272,826. This represents a 6.13% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 370,628 shares of company stock worth $848,060 over the last ninety days. 25.18% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Butterfly Network

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. TradeLink Capital LLC bought a new position in shares of Butterfly Network in the 1st quarter worth $25,000. Ashton Thomas Private Wealth LLC purchased a new stake in Butterfly Network in the second quarter worth approximately $25,000. CTC Alternative Strategies Ltd. purchased a new stake in Butterfly Network in the first quarter worth approximately $29,000. Ameriprise Financial Inc. bought a new position in Butterfly Network during the third quarter valued at approximately $25,000. Finally, Deutsche Bank AG purchased a new position in shares of Butterfly Network during the first quarter worth approximately $31,000. 37.85% of the stock is currently owned by hedge funds and other 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.