Butterfly Network (NYSE:BFLY) Shares Gap Up - Should You Buy?

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $3.67, but opened at $3.84. Butterfly Network shares last traded at $3.92, with a volume of 502,649 shares changing hands.

Butterfly Network Stock Performance

The firm has a 50 day moving average price of $3.41 and a two-hundred day moving average price of $2.18. The company has a market capitalization of $881.00 million, a P/E ratio of -8.99 and a beta of 2.45.

Butterfly Network (NYSE:BFLY - Get Free Report) last announced its quarterly earnings results on Friday, November 1st. The company reported ($0.08) earnings per share for the quarter, beating analysts' consensus estimates of ($0.09) by $0.01. The firm had revenue of $20.56 million for the quarter, compared to analysts' expectations of $19.12 million. Butterfly Network had a negative return on equity of 42.68% and a negative net margin of 129.25%. During the same period in the prior year, the business posted ($0.13) earnings per share. On average, equities analysts expect that Butterfly Network, Inc. will post -0.34 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Heather C. Getz sold 30,136 shares of the stock in a transaction on Friday, December 20th. The stock was sold at an average price of $3.06, for a total transaction of $92,216.16. Following the sale, the chief financial officer now owns 2,669,333 shares in the company, valued at approximately $8,168,158.98. This represents a 1.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Steve Cashman sold 164,079 shares of the firm's stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $3.06, for a total transaction of $502,081.74. Following the completion of the sale, the insider now owns 1,835,921 shares of the company's stock, valued at $5,617,918.26. The trade was a 8.20 % decrease in their position. The disclosure for this sale can be found here. 27.28% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Hartline Investment Corp lifted its stake in shares of Butterfly Network by 87.0% during the third quarter. Hartline Investment Corp now owns 21,500 shares of the company's stock valued at $38,000 after acquiring an additional 10,000 shares during the period. Kovitz Investment Group Partners LLC bought a new stake in Butterfly Network during the 3rd quarter worth about $44,000. Barclays PLC lifted its position in Butterfly Network by 27,790.0% during the 3rd quarter. Barclays PLC now owns 25,101 shares of the company's stock valued at $44,000 after purchasing an additional 25,011 shares during the period. SG Americas Securities LLC bought a new position in shares of Butterfly Network in the 4th quarter valued at about $46,000. Finally, Verition Fund Management LLC bought a new position in shares of Butterfly Network in the 3rd quarter valued at about $57,000. Institutional investors and hedge funds own 37.85% of the company's stock.

About Butterfly Network

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.