Butterfly Network (NYSE:BFLY) Trading 8.9% Higher - Here's Why

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) traded up 8.9% during mid-day trading on Wednesday . The stock traded as high as $3.69 and last traded at $3.67. 1,660,728 shares were traded during trading, a decline of 67% from the average session volume of 5,022,959 shares. The stock had previously closed at $3.37.

Butterfly Network Stock Up 16.6 %

The business's 50 day simple moving average is $3.26 and its 200 day simple moving average is $2.06. The stock has a market cap of $837.33 million, a price-to-earnings ratio of -8.54 and a beta of 2.45.

Butterfly Network (NYSE:BFLY - Get Free Report) last posted 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 business 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 prior year, the business earned ($0.13) EPS. Equities research analysts forecast that Butterfly Network, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Activity

In other Butterfly Network news, insider Steve Cashman sold 164,079 shares of the business's 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 completion of the transaction, the insider now 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Heather C. Getz sold 30,136 shares of the company's 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 $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 represents a 1.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 27.28% of the company's stock.

Hedge Funds Weigh In On Butterfly Network

Several large investors have recently bought and sold shares of the company. Renaissance Technologies LLC raised its holdings in Butterfly Network by 46.5% in the 2nd quarter. Renaissance Technologies LLC now owns 343,100 shares of the company's stock valued at $288,000 after buying an additional 108,944 shares during the last quarter. XTX Topco Ltd bought a new position in shares of Butterfly Network during the second quarter valued at $112,000. Marshall Wace LLP lifted its holdings in shares of Butterfly Network by 353.7% during the second quarter. Marshall Wace LLP now owns 318,383 shares of the company's stock worth $267,000 after purchasing an additional 248,201 shares during the period. Point72 DIFC Ltd grew its stake in shares of Butterfly Network by 1,271.4% in the second quarter. Point72 DIFC Ltd now owns 77,418 shares of the company's stock worth $65,000 after purchasing an additional 71,773 shares during the last quarter. Finally, Cubist Systematic Strategies LLC acquired a new stake in Butterfly Network in the second quarter valued at $90,000. 37.85% of the stock is currently owned by institutional investors.

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.