Butterfly Network (NYSE:BFLY) Stock Price Up 7.3% – Still a Buy?

Butterfly Network, Inc. (NYSE:BFLY) shot up 7.3% on Friday . The stock traded as high as $4.28 and last traded at $4.26. 1,148,618 shares traded hands during trading, a decline of 81% from the average session volume of 5,988,594 shares. The stock had previously closed at $3.97.

Analyst Upgrades and Downgrades

Separately, Lake Street Capital assumed coverage on shares of Butterfly Network in a research note on Tuesday, September 10th. They set a “buy” rating and a $3.00 target price on the stock.

Butterfly Network Trading Up 2.3 %

The stock has a 50-day simple moving average of $3.01 and a 200 day simple moving average of $1.91. The stock has a market capitalization of $865.03 million, a price-to-earnings ratio of -8.83 and a beta of 2.46.

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

Insider Activity

In other news, insider Steve Cashman sold 164,079 shares of Butterfly Network stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $3.06, for a total transaction of $502,081.74. Following the completion of the sale, the insider now directly owns 1,835,921 shares in the company, valued at $5,617,918.26. The trade was a 8.20 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Heather C. Getz sold 30,136 shares of the 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 in the company, valued at $8,168,158.98. This represents a 1.12 % decrease in their position. The disclosure for this sale can be found here. 27.28% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Charles Schwab Investment Management Inc. increased its position in Butterfly Network by 3.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 955,331 shares of the company’s stock worth $1,691,000 after buying an additional 35,800 shares during the last quarter. XTX Topco Ltd lifted its position in shares of Butterfly Network by 169.7% in the third quarter. XTX Topco Ltd now owns 360,392 shares of the company’s stock worth $638,000 after buying an additional 226,781 shares during the last quarter. Oppenheimer & Co. Inc. boosted its stake in shares of Butterfly Network by 22.0% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 258,920 shares of the company’s stock worth $458,000 after acquiring an additional 46,630 shares in the last quarter. Verition Fund Management LLC acquired a new position in shares of Butterfly Network during the 3rd quarter valued at about $57,000. Finally, Point72 Asia Singapore Pte. Ltd. raised its stake in shares of 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 in the last quarter. Institutional investors own 37.85% of the company’s stock.

About Butterfly Network

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.