Butterfly Network (NYSE:BFLY) Shares Up 6.4% – Should You Buy?

Butterfly Network, Inc. (NYSE:BFLY)’s stock price traded up 6.4% during trading on Tuesday . The company traded as high as $9.31 and last traded at $9.5230. Approximately 455,828 shares changed hands during mid-day trading, a decline of 93% from the average session volume of 6,653,554 shares. The stock had previously closed at $8.95.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Butterfly Network in a research report on Monday, August 3rd. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $5.56.

Butterfly Network Stock Down 3.5%

The stock’s fifty day simple moving average is $8.10 and its 200-day simple moving average is $5.61. The company has a market capitalization of $2.32 billion, a PE ratio of -30.07 and a beta of 2.09.

Butterfly Network (NYSE:BFLY) last announced its quarterly earnings results on Thursday, July 30th. The company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.03. The business had revenue of $32.61 million for the quarter, compared to analyst estimates of $29.16 million. Butterfly Network had a negative return on equity of 33.99% and a negative net margin of 66.74%. Analysts expect that Butterfly Network, Inc. will post -0.18 EPS for the current year.

Insider Activity

In other news, Director Jonathan M. Rothberg sold 1,195,857 shares of the business’s stock in a transaction on Friday, July 17th. The stock was sold at an average price of $6.60, for a total value of $7,892,656.20. Following the completion of the transaction, the director directly owned 54,143 shares of the company’s stock, valued at $357,343.80. The trade was a 95.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 value of $1,373,208.80. Following the completion of the sale, the insider owned 1,630,407 shares in the company, valued at $7,597,696.62. This represents a 15.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 4,987,405 shares of company stock worth $32,975,004. 21.99% of the stock is owned by corporate insiders.

Institutional Trading of Butterfly Network

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BFLY. KBC Group NV purchased a new position in Butterfly Network in the 1st quarter valued at about $25,000. Ameriprise Financial Inc. purchased a new stake in shares of Butterfly Network during the third quarter worth about $25,000. BNP Paribas Financial Markets raised its position in shares of Butterfly Network by 707.2% in the second quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company’s stock valued at $33,000 after buying an additional 14,244 shares during the last quarter. ExodusPoint Capital Management LP acquired a new position in shares of Butterfly Network in the fourth quarter valued at approximately $38,000. Finally, Sfmg LLC purchased a new position in shares of Butterfly Network during the fourth quarter valued at approximately $39,000. Hedge funds and other institutional investors own 37.85% of the company’s stock.

Butterfly Network Company Profile

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.