Butterfly Network (NYSE:BFLY) Stock Price Up 8% – Still a Buy?

Butterfly Network, Inc. (NYSE:BFLY) shot up 8% on Wednesday . The company traded as high as $4.46 and last traded at $4.4610. 1,358,520 shares changed hands during mid-day trading, a decline of 77% from the average session volume of 5,911,189 shares. The stock had previously closed at $4.13.

Analyst Ratings Changes

A number of research firms have recently commented on BFLY. Wall Street Zen upgraded Butterfly Network from a “sell” rating to a “hold” rating in a research report on Sunday, November 23rd. Weiss Ratings reissued a “sell (d-)” rating on shares of Butterfly Network in a research note on Wednesday, October 8th. Lake Street Capital boosted their price target on shares of Butterfly Network from $4.00 to $5.50 and gave the stock a “buy” rating in a report on Tuesday. Craig Hallum restated a “buy” rating and set a $5.25 price objective on shares of Butterfly Network in a research report on Wednesday. Finally, Loop Capital set a $5.00 price objective on shares of Butterfly Network in a report on Wednesday, December 31st. 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $5.25.

Butterfly Network Trading Down 4.1%

The business has a fifty day simple moving average of $3.49 and a two-hundred day simple moving average of $2.45. The company has a market cap of $1.14 billion, a PE ratio of -13.65 and a beta of 2.27.

Butterfly Network (NYSE:BFLY) last issued its earnings results on Friday, October 31st. The company reported ($0.04) EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.02. The business had revenue of $21.49 million during 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%. Equities analysts expect that Butterfly Network, Inc. will post -0.35 EPS for the current year.

Insiders Place Their Bets

In other news, Director Jonathan M. Rothberg sold 1,110,579 shares of the business’s stock in a transaction that occurred on Monday, November 24th. The stock was sold at an average price of $3.15, for a total transaction of $3,498,323.85. Following the transaction, the director directly owned 769,814 shares in the company, valued at $2,424,914.10. The trade was a 59.06% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last 90 days, insiders have sold 7,298,684 shares of company stock valued at $24,281,944. Company insiders own 25.18% of the company’s stock.

Hedge Funds Weigh In On Butterfly Network

Large investors have recently modified their holdings of the business. Vanguard Group Inc. grew its holdings in shares of Butterfly Network by 4.3% during the 3rd quarter. Vanguard Group Inc. now owns 11,040,080 shares of the company’s stock worth $21,307,000 after purchasing an additional 453,258 shares during the period. Hood River Capital Management LLC lifted its position in Butterfly Network by 3.6% in the second quarter. Hood River Capital Management LLC now owns 5,127,383 shares of the company’s stock valued at $10,255,000 after buying an additional 176,515 shares during the last quarter. Geode Capital Management LLC boosted its stake in Butterfly Network by 114.7% during the second quarter. Geode Capital Management LLC now owns 4,339,362 shares of the company’s stock worth $8,680,000 after buying an additional 2,317,882 shares during the period. Acadian Asset Management LLC increased its position in shares of Butterfly Network by 44.7% during the second quarter. Acadian Asset Management LLC now owns 2,313,316 shares of the company’s stock valued at $4,624,000 after acquiring an additional 714,764 shares during the last quarter. Finally, Raymond James Financial Inc. increased its position in shares of Butterfly Network by 10.1% during the second quarter. Raymond James Financial Inc. now owns 1,218,878 shares of the company’s stock valued at $2,438,000 after acquiring an additional 111,699 shares during the last quarter. Institutional investors and hedge funds own 37.85% of the company’s stock.

Butterfly Network Company Profile

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.