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

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) shares gapped up before the market opened on Friday . The stock had previously closed at $2.14, but opened at $2.22. Butterfly Network shares last traded at $2.14, with a volume of 1,328,799 shares traded.

Analyst Upgrades and Downgrades

A number of brokerages have commented on BFLY. William Blair began coverage on Butterfly Network in a research report on Monday, March 17th. They set an "outperform" rating for the company. Lake Street Capital decreased 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.

Butterfly Network Stock Performance

The firm has a market capitalization of $650.37 million, a price-to-earnings ratio of -5.72 and a beta of 2.59. The firm's 50 day simple moving average is $2.33 and its 200 day simple moving average is $3.10.

Butterfly Network (NYSE:BFLY - Get Free Report) last issued its quarterly earnings data on Friday, May 2nd. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.03. Butterfly Network had a negative return on equity of 42.68% and a negative net margin of 129.25%. The business had revenue of $21.23 million during the quarter, compared to analysts' expectations of $21.16 million. As a group, sell-side analysts forecast that Butterfly Network, Inc. will post -0.35 earnings per share for the current year.

Insider Activity at Butterfly Network

In other Butterfly Network news, CEO Joseph Devivo sold 320,215 shares of the company's stock in a transaction dated Friday, April 25th. The shares were sold at an average price of $2.44, for a total value of $781,324.60. Following the completion of the transaction, the chief executive officer now owns 7,249,789 shares in the company, valued at approximately $17,689,485.16. This represents a 4.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Heather C. Getz sold 65,456 shares of the company's stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $2.20, for a total value of $144,003.20. Following the completion of the transaction, the executive vice president now directly owns 2,919,274 shares of the company's stock, valued at $6,422,402.80. The trade was a 2.19% decrease in their position. The disclosure for this sale can be found here. Company insiders own 25.18% of the company's stock.

Hedge Funds Weigh In On Butterfly Network

Large investors have recently added to or reduced their stakes in the stock. White Pine Capital LLC acquired a new position in Butterfly Network during the fourth quarter worth $398,000. Baader Bank Aktiengesellschaft acquired a new position in shares of Butterfly Network during the 4th quarter worth about $287,000. Palumbo Wealth Management LLC raised its position in shares of Butterfly Network by 528.1% during the 4th quarter. Palumbo Wealth Management LLC now owns 73,370 shares of the company's stock worth $229,000 after purchasing an additional 61,688 shares during the last quarter. Calamos Advisors LLC acquired a new position in shares of Butterfly Network during the fourth quarter valued at approximately $525,000. Finally, Vanguard Group Inc. raised its holdings in shares of Butterfly Network by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 7,437,176 shares of the company's stock valued at $23,204,000 after acquiring an additional 109,842 shares during the last quarter. 37.85% of the stock is currently owned by institutional investors and hedge funds.

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.