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

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) shot up 8.9% 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 Price Performance

The firm has a market capitalization of $782.14 million, a PE ratio of -7.98 and a beta of 2.45. The business has a 50-day simple moving average of $3.32 and a 200-day simple moving average of $2.09.

Butterfly Network (NYSE:BFLY - Get Free Report) last posted its quarterly earnings data on Friday, November 1st. The company reported ($0.08) EPS for the quarter, topping the consensus estimate of ($0.09) by $0.01. The company had revenue of $20.56 million during the quarter, compared to analyst estimates 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 period in the previous year, the firm earned ($0.13) earnings per share. On average, research analysts expect that Butterfly Network, Inc. will post -0.34 earnings per share for the current year.

Insider Activity at Butterfly Network

In related news, CFO Heather C. Getz sold 30,136 shares of the company's stock in a transaction dated 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 directly owns 2,669,333 shares of the company's stock, valued at $8,168,158.98. This represents a 1.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Steve Cashman sold 164,079 shares of the 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 transaction, the insider now owns 1,835,921 shares in the company, 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. 27.28% of the stock is owned by company insiders.

Hedge Funds Weigh In On Butterfly Network

A number of large investors have recently bought and sold shares of the business. Marshall Wace LLP boosted its position in Butterfly Network by 353.7% during the 2nd quarter. Marshall Wace LLP now owns 318,383 shares of the company's stock valued at $267,000 after acquiring an additional 248,201 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. lifted its stake in shares of 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 purchasing an additional 234,530 shares during the last quarter. 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 purchasing an additional 226,781 shares in the last quarter. Renaissance Technologies LLC grew its stake in Butterfly Network by 46.5% in the second quarter. Renaissance Technologies LLC now owns 343,100 shares of the company's stock valued at $288,000 after purchasing an additional 108,944 shares during the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new position in Butterfly Network in the second quarter valued at about $90,000. Institutional investors own 37.85% of the company's stock.

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.

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