Stock Traders Buy Large Volume of Butterfly Network Call Options (NYSE:BFLY)

Butterfly Network, Inc. (NYSE:BFLY) saw some unusual options trading activity on Wednesday. Traders purchased 2,311 call options on the company. This represents an increase of approximately 975% compared to the typical daily volume of 215 call options.

Butterfly Network Stock Up 29.4 %

Shares of NYSE BFLY opened at $1.54 on Thursday. The stock’s 50 day moving average price is $1.04 and its two-hundred day moving average price is $1.01. Butterfly Network has a 52-week low of $0.67 and a 52-week high of $1.93. The stock has a market capitalization of $324.49 million, a P/E ratio of -2.66 and a beta of 2.14.

Butterfly Network (NYSE:BFLY) last released its earnings results on Thursday, August 1st. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.05. The firm had revenue of $21.49 million during the quarter, compared to analyst estimates of $20.06 million. Butterfly Network had a negative net margin of 153.29% and a negative return on equity of 43.77%. During the same quarter in the previous year, the firm earned ($0.14) earnings per share. On average, analysts anticipate that Butterfly Network will post -0.37 EPS for the current year.

Insider Activity

In other Butterfly Network news, Director Larry Robbins bought 244,774 shares of the stock in a transaction dated Friday, August 30th. The stock was bought at an average cost of $1.07 per share, for a total transaction of $261,908.18. Following the completion of the purchase, the director now directly owns 9,955,144 shares of the company’s stock, valued at $10,652,004.08. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Director Larry Robbins purchased 244,774 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The stock was acquired at an average price of $1.07 per share, for a total transaction of $261,908.18. Following the completion of the purchase, the director now owns 9,955,144 shares in the company, valued at $10,652,004.08. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Joseph Devivo acquired 104,000 shares of Butterfly Network stock in a transaction on Wednesday, August 7th. The shares were bought at an average price of $0.95 per share, for a total transaction of $98,800.00. Following the completion of the purchase, the chief executive officer now directly owns 7,009,221 shares in the company, valued at $6,658,759.95. The disclosure for this purchase can be found here. Insiders own 27.28% of the company’s stock.

Institutional Investors Weigh In On Butterfly Network

Several large investors have recently added to or reduced their stakes in BFLY. Point72 Asia Singapore Pte. Ltd. increased its position in Butterfly Network by 1,045.0% in the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 256,974 shares of the company’s stock valued at $216,000 after acquiring an additional 234,530 shares during the period. Cubist Systematic Strategies LLC acquired a new stake in Butterfly Network in the second quarter worth about $90,000. Point72 DIFC Ltd increased its stake in Butterfly Network by 1,271.4% during the 2nd quarter. Point72 DIFC Ltd now owns 77,418 shares of the company’s stock valued at $65,000 after buying an additional 71,773 shares during the period. Marshall Wace LLP raised its position in shares of Butterfly Network by 353.7% during the 2nd quarter. Marshall Wace LLP now owns 318,383 shares of the company’s stock worth $267,000 after buying an additional 248,201 shares in the last quarter. Finally, XTX Topco Ltd acquired a new stake in shares of Butterfly Network in the 2nd quarter worth approximately $112,000. 37.85% of the stock is owned by institutional investors and hedge funds.

Butterfly Network Company Profile

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.