Butterfly Network (NYSE:BFLY) Shares Up 6.1% - Still a Buy?

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) shares rose 6.1% during mid-day trading on Thursday . The stock traded as high as $3.31 and last traded at $3.31. Approximately 291,215 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 2,091,534 shares. The stock had previously closed at $3.12.

Analyst Upgrades and Downgrades

Separately, Lake Street Capital started coverage on Butterfly Network in a research report on Tuesday, September 10th. They set a "buy" rating and a $3.00 price objective for the company.

Butterfly Network Price Performance

The business's fifty day moving average price is $2.63 and its 200 day moving average price is $1.72. The stock has a market cap of $632.79 million, a P/E ratio of -6.46 and a beta of 2.46.

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

Institutional Investors Weigh In On Butterfly Network

Hedge funds have recently modified their holdings of the company. Charles Schwab Investment Management Inc. raised its position in Butterfly Network by 3.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 955,331 shares of the company's stock valued at $1,691,000 after purchasing an additional 35,800 shares during the last quarter. XTX Topco Ltd increased its stake in shares of Butterfly Network by 169.7% in the third quarter. XTX Topco Ltd now owns 360,392 shares of the company's stock valued at $638,000 after buying an additional 226,781 shares during the period. Oppenheimer & Co. Inc. raised its holdings in Butterfly Network by 22.0% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 258,920 shares of the company's stock valued at $458,000 after buying an additional 46,630 shares during the last quarter. Verition Fund Management LLC acquired a new stake in Butterfly Network during the 3rd quarter worth approximately $57,000. Finally, Point72 Asia Singapore Pte. Ltd. grew its holdings in Butterfly Network by 1,045.0% during the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 256,974 shares of the company's stock worth $216,000 after acquiring an additional 234,530 shares during the last quarter. 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.