Butterfly Network (NYSE:BFLY) Shares Gap Up – Here’s What Happened

Butterfly Network, Inc. (NYSE:BFLY)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $8.14, but opened at $8.85. Butterfly Network shares last traded at $8.9660, with a volume of 1,425,369 shares traded.

Wall Street Analyst Weigh In

BFLY has been the topic of a number of research reports. TD Cowen reissued a “buy” rating and issued a $10.00 price objective on shares of Butterfly Network in a research note on Friday, September 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Butterfly Network in a research report on Monday, August 3rd. Finally, Needham & Company LLC assumed coverage on shares of Butterfly Network in a research note on Tuesday. They set a “buy” rating and a $10.00 price objective for the company. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Butterfly Network presently has an average rating of “Moderate Buy” and a consensus price target of $7.25.

Butterfly Network Trading Up 13.1%

The company has a market capitalization of $2.45 billion, a price-to-earnings ratio of -31.96 and a beta of 2.08. The company’s 50 day simple moving average is $7.98 and its 200-day simple moving average is $6.17.

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

Insider Activity

In related news, Director Jonathan M. Rothberg sold 1,195,857 shares of the firm’s stock in a transaction that occurred on Friday, July 17th. The shares were sold at an average price of $6.60, for a total value of $7,892,656.20. Following the sale, the director directly owned 54,143 shares of the company’s stock, valued at approximately $357,343.80. This trade represents a 95.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steve Cashman sold 140,112 shares of the business’s stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $7.30, for a total transaction of $1,022,817.60. Following the completion of the sale, the insider owned 1,490,295 shares of the company’s stock, valued at approximately $10,879,153.50. The trade was a 8.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 4,743,569 shares of company stock valued at $32,219,597 in the last three months. Company insiders own 21.99% of the company’s stock.

Institutional Trading of Butterfly Network

A number of institutional investors and hedge funds have recently made changes to their positions in BFLY. KBC Group NV acquired a new position in Butterfly Network in the first quarter valued at $25,000. Sfmg LLC acquired a new stake in Butterfly Network during the fourth quarter worth about $39,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Butterfly Network in the 2nd quarter worth about $100,000. Redwood Family Wealth LLC purchased a new position in shares of Butterfly Network in the 4th quarter worth about $46,000. Finally, NewEdge Wealth LLC acquired a new position in shares of Butterfly Network in the 1st quarter valued at about $53,000. 37.85% of the stock is currently owned by institutional investors and hedge funds.

Butterfly Network Company Profile

Butterfly Network, Inc develops portable, semiconductor-based ultrasound systems designed to make diagnostic imaging more accessible across hospitals, clinics, physician offices, emergency services and other care settings. Its technology uses a single handheld probe with software-enabled imaging capabilities, rather than requiring multiple dedicated ultrasound machines.

The company’s product portfolio includes the Butterfly iQ, iQ+, and iQ3 handheld ultrasound devices, along with related software and cloud-based tools.