Butterfly Network (NYSE:BFLY) Trading 13.6% Higher – Here’s What Happened

Shares of Butterfly Network, Inc. (NYSE:BFLY) were up 13.6% during trading on Monday . The company traded as high as $8.48 and last traded at $8.7220. Approximately 1,153,933 shares traded hands during trading, a decline of 82% from the average daily volume of 6,496,652 shares. The stock had previously closed at $7.68.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on BFLY shares. Zacks Research upgraded shares of Butterfly Network from a “strong sell” rating to a “hold” rating in a research report on Friday, March 27th. Weiss Ratings restated a “sell (d-)” rating on shares of Butterfly Network in a report on Wednesday, May 6th. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Butterfly Network presently has an average rating of “Hold” and a consensus target price of $5.56.

Butterfly Network Trading Up 15.3%

The business’s 50-day simple moving average is $5.55 and its two-hundred day simple moving average is $4.52. The company has a market capitalization of $2.26 billion, a PE ratio of -29.52 and a beta of 2.05.

Butterfly Network (NYSE:BFLY) last released its earnings results on Thursday, April 30th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.04) by $0.01. The company had revenue of $26.53 million during the quarter, compared to analysts’ expectations of $26.08 million. Butterfly Network had a negative return on equity of 34.41% and a negative net margin of 73.63%. On average, analysts forecast that Butterfly Network, Inc. will post -0.18 EPS for the current year.

Insider Transactions at Butterfly Network

In other Butterfly Network news, insider Steve Cashman sold 294,680 shares of the stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $4.66, for a total transaction of $1,373,208.80. Following the transaction, the insider owned 1,630,407 shares of the company’s stock, valued at $7,597,696.62. This trade represents a 15.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 21.99% of the stock is owned by insiders.

Institutional Investors Weigh In On Butterfly Network

Several institutional investors and hedge funds have recently made changes to their positions in BFLY. Principal Financial Group Inc. lifted its stake in Butterfly Network by 24.0% during the first quarter. Principal Financial Group Inc. now owns 14,247 shares of the company’s stock worth $58,000 after purchasing an additional 2,753 shares during the last quarter. Farther Finance Advisors LLC increased its stake in Butterfly Network by 25.4% during the fourth quarter. Farther Finance Advisors LLC now owns 15,281 shares of the company’s stock valued at $58,000 after purchasing an additional 3,098 shares during the last quarter. Opal Wealth Advisors LLC raised its holdings in shares of Butterfly Network by 10.1% during the fourth quarter. Opal Wealth Advisors LLC now owns 36,679 shares of the company’s stock worth $139,000 after purchasing an additional 3,355 shares during the period. Kestra Private Wealth Services LLC raised its holdings in shares of Butterfly Network by 11.0% during the fourth quarter. Kestra Private Wealth Services LLC now owns 55,517 shares of the company’s stock worth $211,000 after purchasing an additional 5,500 shares during the period. Finally, SG Americas Securities LLC lifted its position in shares of Butterfly Network by 59.1% in the 1st quarter. SG Americas Securities LLC now owns 16,597 shares of the company’s stock worth $67,000 after buying an additional 6,164 shares during the last quarter. 37.85% of the stock is owned by institutional investors and hedge funds.

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.