Butterfly Network Sees Unusually Large Options Volume (NYSE:BFLY)

Butterfly Network, Inc. (NYSE:BFLY) was the target of some unusual options trading activity on Thursday. Stock investors acquired 10,005 call options on the stock. This is an increase of approximately 146% compared to the average volume of 4,061 call options.

Butterfly Network Stock Performance

BFLY stock traded up $1.09 during midday trading on Thursday, reaching $4.19. 48,732,846 shares of the company traded hands, compared to its average volume of 6,235,098. The firm has a market capitalization of $1.06 billion, a price-to-earnings ratio of -12.71 and a beta of 2.27. Butterfly Network has a 52-week low of $1.32 and a 52-week high of $5.03. The business has a 50 day moving average of $3.79 and a 200-day moving average of $2.75.

Butterfly Network (NYSE:BFLY) last released its earnings results on Thursday, February 26th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.02. The firm had revenue of $31.51 million for the quarter, compared to the consensus estimate of $26.25 million. Butterfly Network had a negative return on equity of 37.80% and a negative net margin of 90.31%. Research analysts anticipate that Butterfly Network will post -0.35 earnings per share for the current year.

Insider Buying and Selling at Butterfly Network

In other news, Director Jonathan M. Rothberg sold 769,327 shares of the stock in a transaction on Monday, December 8th. The shares were sold at an average price of $3.27, for a total value of $2,515,699.29. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 4,858,297 shares of company stock valued at $16,581,164 in the last three months. Corporate insiders own 25.18% of the company’s stock.

Institutional Trading of Butterfly Network

Several institutional investors have recently added to or reduced their stakes in the company. Ashton Thomas Private Wealth LLC purchased a new position in shares of Butterfly Network during the second quarter valued at approximately $25,000. Ameriprise Financial Inc. purchased a new position in Butterfly Network during the 3rd quarter valued at $25,000. Y Intercept Hong Kong Ltd bought a new position in Butterfly Network in the 3rd quarter valued at $32,000. BNP Paribas Financial Markets increased its stake in Butterfly Network by 707.2% in the second quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company’s stock worth $33,000 after purchasing an additional 14,244 shares during the period. Finally, Wisconsin Wealth Advisors LLC purchased a new stake in shares of Butterfly Network during the fourth quarter valued at $38,000. Institutional investors own 37.85% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on BFLY shares. Lake Street Capital boosted their target price on shares of Butterfly Network from $4.00 to $5.50 and gave the stock a “buy” rating in a report on Tuesday, January 20th. Loop Capital set a $5.00 price objective on shares of Butterfly Network in a report on Wednesday, December 31st. Wall Street Zen upgraded Butterfly Network from a “sell” rating to a “hold” rating in a research report on Sunday, November 23rd. Finally, Craig Hallum reissued a “buy” rating and set a $5.25 price target on shares of Butterfly Network in a research note on Wednesday, January 21st. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $5.25.

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.