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

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report)'s stock price gapped up before the market opened 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 trading hands.

Wall Street Analyst Weigh In

BFLY has been the subject of a number of research analyst reports. Lake Street Capital reduced their target price on Butterfly Network from $5.00 to $4.00 and set a "buy" rating for the company in a report on Monday, May 5th. Craig Hallum initiated coverage on Butterfly Network in a report on Tuesday, July 1st. They set a "buy" rating and a $3.00 target price for the company.

Butterfly Network Trading Down 3.0%

The stock has a market cap of $515.60 million, a price-to-earnings ratio of -7.19 and a beta of 2.46. The company's fifty day moving average is $2.15 and its two-hundred day moving average is $2.79.

Butterfly Network (NYSE:BFLY - Get Free Report) last announced its earnings results on Friday, May 2nd. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.09) by $0.03. Butterfly Network had a negative return on equity of 29.97% and a negative net margin of 75.56%. The firm had revenue of $21.23 million during the quarter, compared to analysts' expectations of $21.16 million. Analysts predict that Butterfly Network, Inc. will post -0.35 EPS for the current year.

Insider Activity

In other news, EVP Heather C. Getz sold 65,456 shares of the stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $2.20, for a total value of $144,003.20. Following the sale, the executive vice president directly owned 2,919,274 shares in the company, valued at $6,422,402.80. This represents a 2.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Joseph Devivo sold 320,215 shares of the stock in a transaction that occurred on Friday, April 25th. The stock was sold at an average price of $2.44, for a total transaction of $781,324.60. Following the transaction, the chief executive officer directly owned 7,249,789 shares in the company, valued at approximately $17,689,485.16. This represents a 4.23% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 25.18% of the company's stock.

Institutional Investors Weigh In On Butterfly Network

A number of large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in Butterfly Network by 15.6% during the 1st quarter. Vanguard Group Inc. now owns 8,598,823 shares of the company's stock valued at $19,605,000 after purchasing an additional 1,161,647 shares in the last quarter. ARK Investment Management LLC grew its holdings in Butterfly Network by 16.8% during the 1st quarter. ARK Investment Management LLC now owns 7,023,980 shares of the company's stock worth $16,015,000 after acquiring an additional 1,012,460 shares in the last quarter. First Light Asset Management LLC grew its holdings in Butterfly Network by 37.8% during the 1st quarter. First Light Asset Management LLC now owns 5,505,649 shares of the company's stock worth $12,553,000 after acquiring an additional 1,511,029 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Butterfly Network by 1.8% in the 4th quarter. Geode Capital Management LLC now owns 1,752,551 shares of the company's stock worth $5,470,000 after purchasing an additional 30,828 shares during the last quarter. Finally, Acadian Asset Management LLC raised its stake in shares of Butterfly Network by 270.5% in 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 in the last quarter. 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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