Butterfly Network (NYSE:BFLY) Shares Gap Up – Still a Buy?

Shares of Butterfly Network, Inc. (NYSE:BFLY) gapped up before the market opened on Tuesday . The stock had previously closed at $3.23, but opened at $3.33. Butterfly Network shares last traded at $3.36, with a volume of 293,319 shares trading hands.

Analyst Upgrades and Downgrades

Separately, Lake Street Capital initiated coverage on shares of Butterfly Network in a report on Tuesday, September 10th. They issued a “buy” rating and a $3.00 target price for the company.

Butterfly Network Trading Up 3.1 %

The firm has a 50 day moving average of $2.83 and a 200-day moving average of $1.83. The company has a market cap of $709.50 million, a P/E ratio of -7.24 and a beta of 2.46.

Butterfly Network (NYSE:BFLY) last announced its quarterly earnings data on Friday, November 1st. The company reported ($0.08) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.01. Butterfly Network had a negative net margin of 129.25% and a negative return on equity of 42.68%. The business had revenue of $20.56 million during the quarter, compared to analyst estimates of $19.12 million. During the same period last year, the firm posted ($0.13) EPS. Equities analysts predict that Butterfly Network, Inc. will post -0.34 EPS for the current fiscal year.

Insiders Place Their Bets

In other Butterfly Network news, insider Steve Cashman sold 164,079 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $3.06, for a total transaction of $502,081.74. Following the sale, the insider now directly owns 1,835,921 shares in the company, valued at $5,617,918.26. This represents a 8.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Heather C. Getz sold 30,136 shares of Butterfly Network stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $3.06, for a total value of $92,216.16. Following the completion of the transaction, the chief financial officer now owns 2,669,333 shares of the company’s stock, valued at approximately $8,168,158.98. This trade represents a 1.12 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 27.28% of the company’s stock.

Institutional Trading of Butterfly Network

Institutional investors have recently bought and sold shares of the stock. Geode Capital Management LLC boosted its position in shares of Butterfly Network by 4.0% during the third quarter. Geode Capital Management LLC now owns 1,721,723 shares of the company’s stock valued at $3,049,000 after buying an additional 65,425 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Butterfly Network by 3.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 955,331 shares of the company’s stock valued at $1,691,000 after acquiring an additional 35,800 shares during the period. XTX Topco Ltd grew its position in 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 acquiring an additional 226,781 shares during the last quarter. Renaissance Technologies LLC increased its stake in Butterfly Network by 46.5% in the second quarter. Renaissance Technologies LLC now owns 343,100 shares of the company’s stock worth $288,000 after purchasing an additional 108,944 shares during the period. Finally, Marshall Wace LLP lifted its position in shares of Butterfly Network by 353.7% during the second quarter. Marshall Wace LLP now owns 318,383 shares of the company’s stock worth $267,000 after purchasing an additional 248,201 shares during the last quarter. 37.85% of the stock is currently owned by institutional investors.

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.