Butterfly Network (NYSE:BFLY) Stock Price Up 8% – Here’s What Happened

Butterfly Network, Inc. (NYSE:BFLY) rose 8% during mid-day trading on Tuesday . The stock traded as high as $4.27 and last traded at $4.28. Approximately 1,606,751 shares changed hands during mid-day trading, a decline of 65% from the average daily volume of 4,644,545 shares. The stock had previously closed at $3.96.

Butterfly Network Price Performance

The company’s fifty day simple moving average is $3.55 and its 200-day simple moving average is $2.34. The firm has a market capitalization of $991.80 million, a PE ratio of -10.11 and a beta of 2.47.

Butterfly Network (NYSE:BFLY) last announced its quarterly earnings data on Friday, November 1st. The company reported ($0.08) earnings per share 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 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 company earned ($0.13) earnings per share. As a group, equities research analysts anticipate that Butterfly Network, Inc. will post -0.35 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Heather C. Getz sold 30,136 shares of the business’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $3.06, for a total transaction of $92,216.16. Following the completion of the transaction, the chief financial officer now directly owns 2,669,333 shares in the company, valued at $8,168,158.98. The trade was a 1.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Steve Cashman sold 164,079 shares of the company’s stock in a transaction dated 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 approximately $5,617,918.26. This trade represents a 8.20 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 27.28% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Marshall Wace LLP grew its stake 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. XTX Topco Ltd grew its stake in shares of Butterfly Network by 169.7% in the 3rd quarter. XTX Topco Ltd now owns 360,392 shares of the company’s stock valued at $638,000 after buying an additional 226,781 shares during the period. Calamos Advisors LLC purchased a new stake in shares of Butterfly Network in the 4th quarter valued at approximately $525,000. White Pine Capital LLC purchased a new stake in shares of Butterfly Network in the 4th quarter valued at approximately $398,000. Finally, Renaissance Technologies LLC grew its stake in shares of Butterfly Network by 46.5% in the 2nd quarter. Renaissance Technologies LLC now owns 343,100 shares of the company’s stock valued at $288,000 after buying an additional 108,944 shares during the period. Institutional investors and hedge funds own 37.85% of the company’s stock.

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.