Butterfly Network (NYSE:BFLY) Stock Price Up 6.8% - Here's What Happened

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) shares were up 6.8% during trading on Monday . The company traded as high as $2.52 and last traded at $2.51. Approximately 469,462 shares were traded during trading, a decline of 76% from the average daily volume of 1,964,611 shares. The stock had previously closed at $2.35.

Analyst Upgrades and Downgrades

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

Butterfly Network Stock Up 12.3 %

The firm's 50-day moving average is $1.96 and its 200-day moving average is $1.36. The company has a market capitalization of $562.48 million, a PE ratio of -5.74 and a beta of 2.17.

Butterfly Network (NYSE:BFLY - Get Free Report) last announced its earnings results on Friday, November 1st. The company reported ($0.08) earnings per share (EPS) for the quarter, topping 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 company had revenue of $20.56 million during the quarter, compared to analyst estimates of $19.12 million. During the same period in the previous year, the business earned ($0.13) earnings per share. As a group, equities research analysts predict that Butterfly Network, Inc. will post -0.34 EPS for the current year.

Insider Buying and Selling

In other Butterfly Network news, Director Larry Robbins purchased 244,774 shares of the business's stock in a transaction on Friday, August 30th. The stock was acquired at an average cost of $1.07 per share, for a total transaction of $261,908.18. Following the completion of the transaction, the director now directly owns 9,955,144 shares in the company, valued at approximately $10,652,004.08. This represents a 2.52 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 27.28% of the stock is owned by company insiders.

Institutional Trading of Butterfly Network

Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in Butterfly Network by 2.9% during the first quarter. Vanguard Group Inc. now owns 7,885,238 shares of the company's stock valued at $8,516,000 after buying an additional 218,720 shares during the period. Geode Capital Management LLC boosted its position in Butterfly Network by 4.0% during the third quarter. Geode Capital Management LLC now owns 1,721,723 shares of the company's stock valued at $3,049,000 after buying an additional 65,425 shares during the period. Cetera Advisors LLC purchased a new stake in Butterfly Network during the first quarter valued at about $1,250,000. Charles Schwab Investment Management Inc. boosted its position in Butterfly Network by 3.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 955,331 shares of the company's stock valued at $1,691,000 after buying an additional 35,800 shares during the period. Finally, XTX Topco Ltd boosted its position in Butterfly Network by 169.7% during 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. 37.85% of the stock is currently owned by hedge funds and other institutional investors.

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.