Butterfly Network (NYSE:BFLY) Shares Up 13.6% – What’s Next?

Butterfly Network, Inc. (NYSE:BFLY)’s stock price was up 13.6% on Monday . The company traded as high as $8.48 and last traded at $8.7220. 1,153,933 shares were traded during trading, a decline of 82% from the average session volume of 6,496,652 shares. The stock had previously closed at $7.68.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Butterfly Network in a report on Wednesday, May 6th. Zacks Research raised Butterfly Network from a “strong sell” rating to a “hold” rating in a report on Friday, March 27th. Three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $5.56.

Butterfly Network Stock Performance

The firm has a market capitalization of $2.26 billion, a P/E ratio of -29.52 and a beta of 2.05. The business has a fifty day moving average of $5.55 and a 200-day moving average of $4.52.

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

Insider Activity at Butterfly Network

In related news, insider Steve Cashman sold 294,680 shares of Butterfly Network stock in a transaction dated 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 sale, the insider directly owned 1,630,407 shares in the company, valued at $7,597,696.62. The trade was a 15.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 21.99% of the company’s stock.

Hedge Funds Weigh In On Butterfly Network

Institutional investors and hedge funds have recently bought and sold shares of the stock. Principal Financial Group Inc. increased its stake in Butterfly Network by 24.0% during the 1st quarter. Principal Financial Group Inc. now owns 14,247 shares of the company’s stock valued at $58,000 after buying an additional 2,753 shares during the period. Farther Finance Advisors LLC lifted its stake in shares of Butterfly Network by 25.4% in the 4th quarter. Farther Finance Advisors LLC now owns 15,281 shares of the company’s stock worth $58,000 after acquiring an additional 3,098 shares during the period. Opal Wealth Advisors LLC lifted its stake in shares of Butterfly Network by 10.1% in the 4th quarter. Opal Wealth Advisors LLC now owns 36,679 shares of the company’s stock worth $139,000 after acquiring an additional 3,355 shares during the period. Kestra Private Wealth Services LLC boosted its holdings in shares of Butterfly Network by 11.0% in the fourth quarter. Kestra Private Wealth Services LLC now owns 55,517 shares of the company’s stock valued at $211,000 after acquiring an additional 5,500 shares in the last quarter. Finally, SG Americas Securities LLC increased its stake in shares of Butterfly Network by 59.1% during the first quarter. SG Americas Securities LLC now owns 16,597 shares of the company’s stock valued at $67,000 after acquiring an additional 6,164 shares during the period. 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.