Butterfly Network (NYSE:BFLY) Stock Price Up 5.6% – Still a Buy?

Shares of Butterfly Network, Inc. (NYSE:BFLY) were up 5.6% during trading on Tuesday . The stock traded as high as $7.74 and last traded at $7.6770. Approximately 4,268,181 shares traded hands during trading, a decline of 32% from the average daily volume of 6,234,159 shares. The stock had previously closed at $7.27.

Analyst Ratings Changes

Several research analysts recently weighed in on BFLY shares. TD Cowen increased their price objective on Butterfly Network from $4.50 to $6.00 and gave the stock a “buy” rating in a research report on Friday, February 27th. Loop Capital set a $5.50 price objective on shares of Butterfly Network in a research report on Monday, March 2nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Butterfly Network in a research report on Wednesday, May 6th. Finally, Zacks Research upgraded Butterfly Network from a “strong sell” rating to a “hold” rating in a research note on Friday, March 27th. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Butterfly Network currently has a consensus rating of “Hold” and an average target price of $5.56.

Butterfly Network Trading Up 7.4%

The firm’s fifty day moving average price is $4.99 and its 200-day moving average price is $4.20. The firm has a market cap of $1.99 billion, a price-to-earnings ratio of -26.06 and a beta of 2.22.

Butterfly Network (NYSE:BFLY) last announced its quarterly earnings results on Thursday, April 30th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. Butterfly Network had a negative net margin of 73.63% and a negative return on equity of 34.41%. The firm had revenue of $26.53 million during the quarter, compared to analysts’ expectations of $26.08 million. On average, sell-side analysts expect that Butterfly Network, Inc. will post -0.18 earnings per share for the current year.

Insider Transactions at Butterfly Network

In other Butterfly Network news, insider Steve Cashman sold 294,680 shares of the company’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $4.66, for a total transaction of $1,373,208.80. Following the completion of the transaction, the insider owned 1,630,407 shares in the company, valued at approximately $7,597,696.62. This represents a 15.31% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 21.99% of the company’s stock.

Institutional Trading of Butterfly Network

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Palumbo Wealth Management LLC increased its position in shares of Butterfly Network by 182.9% in the fourth quarter. Palumbo Wealth Management LLC now owns 413,317 shares of the company’s stock valued at $1,571,000 after buying an additional 267,238 shares in the last quarter. Clough Capital Partners L P purchased a new position in Butterfly Network in the 4th quarter valued at about $845,000. Keenan LLC purchased a new position in Butterfly Network in the 4th quarter valued at about $339,000. Quent Capital LLC purchased a new stake in shares of Butterfly Network in the fourth quarter valued at $697,000. Finally, Polen Capital Management LLC acquired a new position in Butterfly Network in the fourth quarter valued at $1,797,000. Institutional investors and hedge funds own 37.85% of the company’s stock.

About Butterfly Network

Butterfly Network, Inc is a medical technology company focused on democratizing access to diagnostic imaging through its proprietary ultrasound-on-chip platform. The company’s flagship device, the Butterfly iQ, leverages semiconductor technology to deliver whole-body ultrasound imaging in a handheld form factor. This portable system connects to a compatible smart device, enabling point-of-care scanning across a variety of clinical settings.

Beyond its hardware offering, Butterfly Network provides a cloud-based software suite that supports image storage, analysis and remote collaboration.