Butterfly Network (NYSE:BFLY) Stock Price Up 10.3% - What's Next?

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) shares were up 10.3% on Wednesday . The company traded as high as $2.07 and last traded at $2.09. Approximately 1,237,431 shares were traded during mid-day trading, a decline of 62% from the average daily volume of 3,255,388 shares. The stock had previously closed at $1.89.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on BFLY. Craig Hallum assumed coverage on shares of Butterfly Network in a report on Tuesday, July 1st. They set a "buy" rating and a $3.00 target price on the stock. Lake Street Capital dropped their price target on shares of Butterfly Network from $5.00 to $4.00 and set a "buy" rating on the stock in a research note on Monday, May 5th.

Butterfly Network Trading Down 5.5%

The company's 50-day moving average price is $2.14 and its two-hundred day moving average price is $2.75. The company has a market cap of $485.92 million, a P/E ratio of -6.78 and a beta of 2.46.

Butterfly Network (NYSE:BFLY - Get Free Report) last posted 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. Butterfly Network had a negative net margin of 75.56% and a negative return on equity of 29.97%. The business had revenue of $21.23 million during the quarter, compared to analyst estimates of $21.16 million. As a group, analysts anticipate that Butterfly Network, Inc. will post -0.35 earnings per share for the current year.

Insider Transactions at Butterfly Network

In other Butterfly Network news, EVP Heather C. Getz sold 65,456 shares of the business's stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $2.20, for a total transaction of $144,003.20. Following the completion of the transaction, the executive vice president directly owned 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 25.18% of the stock is owned by insiders.

Institutional Trading of Butterfly Network

A number of hedge funds and other institutional investors have recently made changes to their positions in BFLY. Wealth Enhancement Advisory Services LLC lifted its position in shares of Butterfly Network by 15.7% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 31,024 shares of the company's stock valued at $97,000 after acquiring an additional 4,212 shares in the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd lifted its position in shares of Butterfly Network by 23.9% in the 4th quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 23,850 shares of the company's stock valued at $74,000 after acquiring an additional 4,606 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Butterfly Network by 33.0% in the 1st quarter. Bank of New York Mellon Corp now owns 20,177 shares of the company's stock valued at $46,000 after acquiring an additional 5,010 shares in the last quarter. Kovitz Investment Group Partners LLC lifted its position in shares of Butterfly Network by 37.0% in the 4th quarter. Kovitz Investment Group Partners LLC now owns 34,250 shares of the company's stock valued at $107,000 after acquiring an additional 9,250 shares in the last quarter. Finally, Lazari Capital Management Inc. increased its stake in Butterfly Network by 53.1% in the 2nd quarter. Lazari Capital Management Inc. now owns 28,661 shares of the company's stock valued at $57,000 after buying an additional 9,941 shares during the period. 37.85% of the stock is currently owned by institutional investors.

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.