Butterfly Network (NYSE:BFLY) Shares Gap Up - What's Next?

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report)'s stock price gapped up prior to trading on Thursday . The stock had previously closed at $2.15, but opened at $2.28. Butterfly Network shares last traded at $2.18, with a volume of 2,280,002 shares.

Wall Street Analyst Weigh In

Several brokerages have weighed in on BFLY. Craig Hallum started coverage on Butterfly Network in a report on Tuesday, July 1st. They issued a "buy" rating and a $3.00 target price for the company. Lake Street Capital lowered their price objective on shares of Butterfly Network from $5.00 to $4.00 and set a "buy" rating for the company in a research note on Monday, May 5th.

Butterfly Network Stock Performance

The business has a 50 day moving average of $2.14 and a two-hundred day moving average of $2.74. The stock has a market capitalization of $477.27 million, a PE ratio of -6.66 and a beta of 2.46.

Butterfly Network (NYSE:BFLY - Get Free Report) last released its quarterly earnings results on Friday, May 2nd. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.09) by $0.03. The business had revenue of $21.23 million during the quarter, compared to analyst estimates of $21.16 million. Butterfly Network had a negative net margin of 75.56% and a negative return on equity of 29.97%. On average, equities analysts expect that Butterfly Network, Inc. will post -0.35 EPS for the current fiscal year.

Insider Activity at Butterfly Network

In related news, EVP Heather C. Getz sold 65,456 shares of the business's stock in a transaction on Monday, May 5th. The stock was sold at an average price of $2.20, for a total transaction of $144,003.20. Following the transaction, the executive vice president directly owned 2,919,274 shares in the company, valued at $6,422,402.80. The trade was a 2.19% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 25.18% of the company's stock.

Hedge Funds Weigh In On Butterfly Network

Several hedge funds have recently modified their holdings of the stock. Blair William & Co. IL raised its holdings in shares of Butterfly Network by 14.5% in the second quarter. Blair William & Co. IL now owns 118,500 shares of the company's stock worth $237,000 after buying an additional 15,000 shares during the last quarter. Lazari Capital Management Inc. lifted its position in Butterfly Network by 53.1% during the 2nd quarter. Lazari Capital Management Inc. now owns 28,661 shares of the company's stock worth $57,000 after acquiring an additional 9,941 shares during the period. Acadian Asset Management LLC grew its stake in Butterfly Network by 270.5% during the 1st quarter. Acadian Asset Management LLC now owns 1,598,552 shares of the company's stock valued at $3,642,000 after purchasing an additional 1,167,055 shares during the last quarter. CTC Alternative Strategies Ltd. acquired a new position in shares of Butterfly Network in the first quarter valued at about $29,000. Finally, Goldman Sachs Group Inc. raised its stake in shares of Butterfly Network by 4.1% in the first quarter. Goldman Sachs Group Inc. now owns 756,426 shares of the company's stock worth $1,725,000 after purchasing an additional 29,958 shares during the last quarter. Institutional investors and hedge funds 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.