Butterfly Network (NYSE:BFLY) Trading Up 5.8% – Here’s Why

Shares of Butterfly Network, Inc. (NYSE:BFLY) shot up 5.8% during trading on Friday . The company traded as high as $2.47 and last traded at $2.4550. 1,950,426 shares changed hands during trading, a decline of 56% from the average session volume of 4,470,916 shares. The stock had previously closed at $2.32.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on BFLY. Weiss Ratings reiterated a “sell (d-)” rating on shares of Butterfly Network in a report on Wednesday, October 8th. Wall Street Zen downgraded Butterfly Network from a “hold” rating to a “sell” rating in a research report on Saturday, November 15th. Oppenheimer reaffirmed a “market perform” rating on shares of Butterfly Network in a research note on Friday, August 1st. Finally, Craig Hallum reissued a “positive” rating and issued a $2.00 price objective on shares of Butterfly Network in a research note on Monday, August 4th. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $3.00.

Butterfly Network Price Performance

The stock has a market capitalization of $645.39 million, a P/E ratio of -7.82 and a beta of 2.65. The stock’s fifty day moving average is $2.19 and its two-hundred day moving average is $2.02.

Butterfly Network (NYSE:BFLY) last announced its quarterly earnings data on Friday, October 31st. The company reported ($0.04) EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.02. The company had revenue of $21.49 million during the quarter, compared to the consensus estimate of $21.23 million. Butterfly Network had a negative return on equity of 37.80% and a negative net margin of 90.31%. Butterfly Network has set its FY 2025 guidance at EPS. Analysts expect that Butterfly Network, Inc. will post -0.35 EPS for the current year.

Insider Activity at Butterfly Network

In related news, Director Dawn Carfora sold 112,009 shares of Butterfly Network stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $2.69, for a total value of $301,304.21. Following the transaction, the director owned 265,505 shares of the company’s stock, valued at approximately $714,208.45. This trade represents a 29.67% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Steve Cashman sold 142,590 shares of the business’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 sale, the insider owned 2,181,884 shares in the company, valued at approximately $3,272,826. The trade was a 6.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 370,628 shares of company stock worth $848,060 in the last quarter. 25.18% of the stock is owned by company insiders.

Hedge Funds Weigh In On Butterfly Network

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp raised its stake 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 valued at $46,000 after purchasing an additional 5,010 shares during the period. Teacher Retirement System of Texas grew its holdings in shares of Butterfly Network by 45.2% during the second quarter. Teacher Retirement System of Texas now owns 27,811 shares of the company’s stock valued at $56,000 after buying an additional 8,657 shares in the last quarter. Lazari Capital Management Inc. grew its holdings in shares of Butterfly Network by 53.1% during the second quarter. Lazari Capital Management Inc. now owns 28,661 shares of the company’s stock valued at $57,000 after buying an additional 9,941 shares in the last quarter. Levin Capital Strategies L.P. lifted its stake in Butterfly Network by 16.7% in the 2nd quarter. Levin Capital Strategies L.P. now owns 70,000 shares of the company’s stock worth $140,000 after acquiring an additional 10,000 shares in the last quarter. Finally, Blair William & Co. IL lifted its stake in Butterfly Network by 8.4% in the 3rd quarter. Blair William & Co. IL now owns 128,500 shares of the company’s stock worth $248,000 after acquiring an additional 10,000 shares in the last quarter. 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.