Butterfly Network (NYSE:BFLY) Shares Gap Up - Here's Why

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.

Butterfly Network Trading Up 6.1 %

The firm has a market capitalization of $829.87 million, a PE ratio of -8.47 and a beta of 2.45. The company has a fifty day moving average price of $3.38 and a two-hundred day moving average price of $2.16.

Butterfly Network (NYSE:BFLY - Get Free Report) last issued its quarterly earnings results on Friday, November 1st. The company reported ($0.08) earnings per share (EPS) for the quarter, beating the consensus estimate 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 quarter in the previous year, the firm posted ($0.13) EPS. As a group, equities research analysts predict that Butterfly Network, Inc. will post -0.34 earnings per share for the current year.

Insider Activity at Butterfly Network

In other news, CFO Heather C. Getz sold 30,136 shares of the stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $3.06, for a total transaction of $92,216.16. Following the transaction, the chief financial officer now owns 2,669,333 shares of the company's stock, valued at approximately $8,168,158.98. This trade represents a 1.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Steve Cashman sold 164,079 shares of the stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $3.06, for a total transaction of $502,081.74. Following the transaction, the insider now directly owns 1,835,921 shares in the company, 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 owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in BFLY. Hartline Investment Corp boosted its stake in shares of Butterfly Network by 87.0% during the 3rd quarter. Hartline Investment Corp now owns 21,500 shares of the company's stock valued at $38,000 after buying an additional 10,000 shares during the period. Kovitz Investment Group Partners LLC acquired a new stake in shares of Butterfly Network during the 3rd quarter valued at about $44,000. Barclays PLC boosted its position in shares of 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 acquiring an additional 25,011 shares in the last quarter. SG Americas Securities LLC acquired a new position in Butterfly Network in the fourth quarter valued at about $46,000. Finally, Verition Fund Management LLC acquired a new position in Butterfly Network in the third 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.