Butterfly Network (NYSE:BFLY) Shares Gap Up - Should You Buy?

Key Points

• Butterfly Network (NYSE:BFLY) shares opened higher at $2.48 after closing at $2.33, with a trading volume of 3,970,476 shares recently.
• Analysts have mixed views on the stock, with three giving a Buy rating, while the consensus average rating is a Hold with a target price of $3.00.
• Butterfly Network reported a revenue of $23.38 million for the last quarter, narrowly beating EPS expectations, but has negative financial metrics, including a net margin of -71.79%.

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) shares gapped up before the market opened on Monday . The stock had previously closed at $2.33, but opened at $2.48. Butterfly Network shares last traded at $2.64, with a volume of 3,970,476 shares trading hands.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on BFLY. Oppenheimer restated a "market perform" rating on shares of Butterfly Network in a research report on Friday, August 1st. Craig Hallum restated a "positive" rating and issued a $2.00 price target on shares of Butterfly Network in a research report on Monday, August 4th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Butterfly Network in a research report on Saturday, September 27th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $3.00.

Butterfly Network Stock Up 10.1%

The company's 50 day moving average price is $1.64 and its two-hundred day moving average price is $2.03. The firm has a market cap of $645.71 million, a PE ratio of -9.16 and a beta of 2.59.

Butterfly Network (NYSE:BFLY - Get Free Report) last issued its quarterly earnings results on Friday, August 1st. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.01. The company had revenue of $23.38 million for the quarter, compared to the consensus estimate of $23.91 million. Butterfly Network had a negative net margin of 71.79% and a negative return on equity of 30.53%. Butterfly Network has set its FY 2025 guidance at EPS. On average, analysts expect that Butterfly Network, Inc. will post -0.35 earnings per share for the current fiscal year.

Insider Transactions at Butterfly Network

In other news, insider Steve Cashman sold 142,590 shares of the firm's stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $1.50, for a total transaction of $213,885.00. Following the transaction, the insider owned 2,181,884 shares in the company, valued at approximately $3,272,826. This trade represents a 6.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders sold a total of 161,235 shares of company stock valued at $241,731 over the last quarter. 25.18% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Thompson Davis & CO. Inc. acquired a new stake in Butterfly Network in the second quarter worth about $72,000. State of Wyoming increased its holdings in shares of Butterfly Network by 55.7% in the second quarter. State of Wyoming now owns 120,731 shares of the company's stock valued at $241,000 after purchasing an additional 43,169 shares during the period. Captrust Financial Advisors raised its stake in shares of Butterfly Network by 16.5% in the second quarter. Captrust Financial Advisors now owns 155,223 shares of the company's stock worth $310,000 after purchasing an additional 21,979 shares during the last quarter. Man Group plc lifted its holdings in shares of Butterfly Network by 21.3% during the second quarter. Man Group plc now owns 96,310 shares of the company's stock worth $193,000 after purchasing an additional 16,919 shares during the period. Finally, Lazard Asset Management LLC lifted its holdings in shares of Butterfly Network by 100.3% during the second quarter. Lazard Asset Management LLC now owns 43,693 shares of the company's stock worth $87,000 after purchasing an additional 21,879 shares during the period. 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.

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