Investors Purchase High Volume of Butterfly Network Call Options (NYSE:BFLY)

Butterfly Network, Inc. (NYSE:BFLY) was the recipient of some unusual options trading on Thursday. Investors bought 10,005 call options on the stock. This represents an increase of 146% compared to the typical daily volume of 4,061 call options.

Butterfly Network Trading Up 35.0%

BFLY traded up $1.09 during trading on Thursday, hitting $4.19. 48,732,846 shares of the company’s stock traded hands, compared to its average volume of 6,235,098. The company’s 50 day simple moving average is $3.79 and its two-hundred day simple moving average is $2.75. Butterfly Network has a 12-month low of $1.32 and a 12-month high of $5.03. The stock has a market capitalization of $1.06 billion, a price-to-earnings ratio of -12.71 and a beta of 2.27.

Butterfly Network (NYSE:BFLY) last released its quarterly earnings results on Thursday, February 26th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.02. The firm had revenue of $31.51 million for the quarter, compared to the consensus estimate of $26.25 million. Butterfly Network had a negative return on equity of 37.80% and a negative net margin of 90.31%. On average, equities analysts expect that Butterfly Network will post -0.35 EPS for the current year.

Insider Buying and Selling at Butterfly Network

In other Butterfly Network news, Director Jonathan M. Rothberg sold 769,327 shares of the company’s stock in a transaction that occurred on Monday, December 8th. The stock was sold at an average price of $3.27, for a total value of $2,515,699.29. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last 90 days, insiders sold 4,858,297 shares of company stock worth $16,581,164. Company insiders own 25.18% of the company’s stock.

Hedge Funds Weigh In On Butterfly Network

Institutional investors and hedge funds have recently made changes to their positions in the business. Ashton Thomas Private Wealth LLC bought a new position in Butterfly Network in the second quarter worth approximately $25,000. Ameriprise Financial Inc. bought a new position in Butterfly Network in the 3rd quarter worth $25,000. Y Intercept Hong Kong Ltd bought a new position in Butterfly Network in the 3rd quarter worth $32,000. BNP Paribas Financial Markets lifted its position in Butterfly Network by 707.2% during the second quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company’s stock valued at $33,000 after purchasing an additional 14,244 shares in the last quarter. Finally, Wisconsin Wealth Advisors LLC bought a new stake in Butterfly Network during the fourth quarter valued at about $38,000. Hedge funds and other institutional investors own 37.85% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on BFLY. Craig Hallum restated a “buy” rating and issued a $5.25 target price on shares of Butterfly Network in a research note on Wednesday, January 21st. Loop Capital set a $5.00 price objective on Butterfly Network in a research report on Wednesday, December 31st. Wall Street Zen raised shares of Butterfly Network from a “sell” rating to a “hold” rating in a research report on Sunday, November 23rd. Finally, Lake Street Capital increased their price target on shares of Butterfly Network from $4.00 to $5.50 and gave the stock a “buy” rating in a research note on Tuesday, January 20th. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Butterfly Network has an average rating of “Hold” and an average target price of $5.25.

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.