Butterfly Network (NYSE:BFLY) Shares Gap Up - What's Next?

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report)'s share price gapped up prior to trading on Tuesday . The stock had previously closed at $3.23, but opened at $3.33. Butterfly Network shares last traded at $3.36, with a volume of 293,319 shares.

Analyst Ratings Changes

Separately, Lake Street Capital began coverage on shares of Butterfly Network in a research note on Tuesday, September 10th. They issued a "buy" rating and a $3.00 target price on the stock.

Butterfly Network Price Performance

The business has a fifty day moving average price of $2.89 and a 200 day moving average price of $1.86. The company has a market capitalization of $664.75 million, a price-to-earnings ratio of -6.78 and a beta of 2.46.

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 for the quarter, beating analysts' consensus estimates of ($0.09) by $0.01. The firm had revenue of $20.56 million during the quarter, compared to the consensus estimate of $19.12 million. Butterfly Network had a negative net margin of 129.25% and a negative return on equity of 42.68%. During the same period in the prior year, the firm earned ($0.13) EPS. As a group, sell-side analysts predict that Butterfly Network, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Activity at Butterfly Network

In other Butterfly Network news, insider Steve Cashman sold 164,079 shares of Butterfly Network stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $3.06, for a total transaction of $502,081.74. Following the sale, the insider now directly owns 1,835,921 shares of the company's stock, valued at approximately $5,617,918.26. The trade was a 8.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Heather C. Getz sold 30,136 shares of the business's stock in a transaction on Friday, December 20th. The shares were sold at an average price of $3.06, for a total value of $92,216.16. Following the completion of the sale, the chief financial officer now directly owns 2,669,333 shares in the company, valued at approximately $8,168,158.98. This represents a 1.12 % 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 institutional investors and hedge funds have recently modified their holdings of the business. Hartline Investment Corp raised its position in Butterfly Network by 87.0% in the 3rd quarter. Hartline Investment Corp now owns 21,500 shares of the company's stock valued at $38,000 after purchasing an additional 10,000 shares during the last quarter. Kovitz Investment Group Partners LLC acquired a new position in Butterfly Network in the third quarter valued at about $44,000. Barclays PLC raised its holdings in shares of Butterfly Network by 27,790.0% during the third quarter. Barclays PLC now owns 25,101 shares of the company's stock worth $44,000 after acquiring an additional 25,011 shares during the period. Verition Fund Management LLC bought a new stake in Butterfly Network in the 3rd quarter valued at approximately $57,000. Finally, Point72 DIFC Ltd lifted its position in Butterfly Network by 1,271.4% during the 2nd quarter. Point72 DIFC Ltd now owns 77,418 shares of the company's stock worth $65,000 after buying an additional 71,773 shares in the last quarter. 37.85% of the stock is owned by institutional investors and hedge funds.

Butterfly Network Company Profile

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.