Butterfly Network (NYSE:BFLY) Trading Up 4.3% – Time to Buy?

Shares of Butterfly Network, Inc. (NYSE:BFLY) were up 4.3% during mid-day trading on Tuesday . The company traded as high as $3.96 and last traded at $3.9650. Approximately 2,353,732 shares changed hands during mid-day trading, a decline of 49% from the average daily volume of 4,611,309 shares. The stock had previously closed at $3.80.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Wall Street Zen raised shares of Butterfly Network from a “sell” rating to a “hold” rating in a research note on Sunday, November 23rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Butterfly Network in a report on Wednesday, October 8th. Three 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. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $3.00.

Butterfly Network Price Performance

The stock has a market cap of $996.51 million, a P/E ratio of -11.95 and a beta of 2.34. The stock has a 50-day simple moving average of $2.72 and a 200-day simple moving average of $2.16.

Butterfly Network (NYSE:BFLY) last posted its earnings results on Friday, October 31st. The company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.02. The firm 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%. As a group, sell-side analysts forecast that Butterfly Network, Inc. will post -0.35 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Jonathan M. Rothberg sold 284,986 shares of the stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $3.14, for a total transaction of $894,856.04. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Over the last three months, insiders have sold 5,999,989 shares of company stock worth $18,959,864. Corporate insiders own 25.18% of the company’s stock.

Institutional Trading of Butterfly Network

Several hedge funds have recently bought and sold shares of BFLY. Ashton Thomas Private Wealth LLC purchased a new position in shares of Butterfly Network during the 2nd quarter valued at about $25,000. Ameriprise Financial Inc. bought a new position in shares of Butterfly Network in the third quarter worth approximately $25,000. CTC Alternative Strategies Ltd. bought a new position in Butterfly Network in the 1st quarter worth $29,000. Deutsche Bank AG purchased a new position in shares of Butterfly Network in the first quarter valued at about $31,000. Finally, Y Intercept Hong Kong Ltd bought a new position in shares of Butterfly Network in the third quarter worth about $32,000. Institutional investors own 37.85% of the company’s stock.

About Butterfly Network

Butterfly Network, Inc is a medical technology company focused on democratizing access to diagnostic imaging through its proprietary ultrasound-on-chip platform. The company’s flagship device, the Butterfly iQ, leverages semiconductor technology to deliver whole-body ultrasound imaging in a handheld form factor. This portable system connects to a compatible smart device, enabling point-of-care scanning across a variety of clinical settings.

Beyond its hardware offering, Butterfly Network provides a cloud-based software suite that supports image storage, analysis and remote collaboration.