Butterfly Network (NYSE:BFLY) Trading Up 7.3% - Here's What Happened

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report)'s share price rose 7.3% during trading on Friday . The company traded as high as $4.28 and last traded at $4.26. Approximately 1,148,618 shares changed hands during trading, a decline of 81% from the average daily volume of 5,988,594 shares. The stock had previously closed at $3.97.

Analyst Ratings Changes

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

Butterfly Network Stock Performance

The company's 50-day moving average price is $2.96 and its 200-day moving average price is $1.89. The firm has a market capitalization of $865.03 million, a PE ratio of -8.83 and a beta of 2.46.

Butterfly Network (NYSE:BFLY - Get Free Report) last released its quarterly earnings data 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. The business had revenue of $20.56 million during 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 period in the prior year, the firm posted ($0.13) EPS. As a group, analysts anticipate that Butterfly Network, Inc. will post -0.34 earnings per share for the current year.

Insider Transactions 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 transaction, the insider now owns 1,835,921 shares of the company's stock, valued at $5,617,918.26. The trade was a 8.20 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Heather C. Getz sold 30,136 shares of the business'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 completion of the sale, 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 position. The disclosure for this sale can be found here. Insiders own 27.28% of the company's stock.

Hedge Funds Weigh In On Butterfly Network

Institutional investors have recently modified their holdings of the business. Procyon Advisors LLC boosted its stake in Butterfly Network by 7.3% during the 3rd quarter. Procyon Advisors LLC now owns 81,882 shares of the company's stock worth $145,000 after purchasing an additional 5,600 shares during the period. Hartline Investment Corp grew its holdings in shares of Butterfly Network by 87.0% during the third quarter. Hartline Investment Corp now owns 21,500 shares of the company's stock worth $38,000 after buying an additional 10,000 shares during the last quarter. Quent Capital LLC increased its position in Butterfly Network by 25.6% in the 3rd quarter. Quent Capital LLC now owns 98,000 shares of the company's stock valued at $173,000 after acquiring an additional 20,000 shares during the period. Kovitz Investment Group Partners LLC purchased a new stake in Butterfly Network during the 3rd quarter valued at approximately $44,000. Finally, Barclays PLC increased its holdings 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 valued at $44,000 after purchasing an additional 25,011 shares during the period. 37.85% of the stock is owned by institutional investors and hedge funds.

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.