Butterfly Network (NYSE:BFLY) Stock Price Up 7.1% - What's Next?

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) shot up 7.1% during trading on Thursday . The company traded as high as $3.34 and last traded at $3.33. 782,576 shares were traded during mid-day trading, a decline of 63% from the average session volume of 2,120,077 shares. The stock had previously closed at $3.11.

Analyst Upgrades and Downgrades

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

Butterfly Network Stock Up 9.3 %

The stock has a market cap of $724.41 million, a PE ratio of -7.39 and a beta of 2.46. The stock's fifty day moving average price is $2.80 and its 200 day moving average price is $1.80.

Butterfly Network (NYSE:BFLY - Get Free Report) last announced its quarterly earnings results on Friday, November 1st. The company reported ($0.08) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.09) by $0.01. The firm had revenue of $20.56 million for 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 quarter last year, the firm posted ($0.13) EPS. On average, equities research analysts expect that Butterfly Network, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling at Butterfly Network

In related news, CFO Heather C. Getz sold 30,136 shares of the firm's stock in a transaction that occurred 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 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 transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Steve Cashman sold 164,079 shares of the company's stock in a transaction that occurred on Friday, December 20th. The shares were 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. This represents a 8.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 195,911 shares of company stock worth $597,334. Insiders own 27.28% of the company's stock.

Hedge Funds Weigh In On Butterfly Network

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Hartline Investment Corp lifted its position 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 in the last quarter. Kovitz Investment Group Partners LLC bought a new position in shares of Butterfly Network in the third quarter worth approximately $44,000. Barclays PLC increased its stake in shares of Butterfly Network by 27,790.0% in the third quarter. Barclays PLC now owns 25,101 shares of the company's stock worth $44,000 after purchasing an additional 25,011 shares in the last quarter. Verition Fund Management LLC bought a new stake in shares of Butterfly Network during the 3rd quarter valued at $57,000. Finally, Point72 DIFC Ltd lifted its stake in shares of Butterfly Network by 1,271.4% during the 2nd quarter. Point72 DIFC Ltd now owns 77,418 shares of the company's stock valued at $65,000 after buying an additional 71,773 shares in the last quarter. 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.