Butterfly Network (NYSE:BFLY) Trading 7.9% Higher - Time to Buy?

Shares of Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) traded up 7.9% during mid-day trading on Friday . The company traded as high as $2.57 and last traded at $2.54. 736,654 shares traded hands during mid-day trading, a decline of 76% from the average session volume of 3,008,023 shares. The stock had previously closed at $2.35.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Lake Street Capital lowered their price objective on Butterfly Network from $5.00 to $4.00 and set a "buy" rating on the stock in a research report on Monday, May 5th. William Blair began coverage on Butterfly Network in a research note on Monday, March 17th. They set an "outperform" rating on the stock.

Butterfly Network Stock Performance

The firm has a market capitalization of $613.28 million, a P/E ratio of -5.39 and a beta of 2.54. The firm has a 50-day moving average of $2.32 and a 200-day moving average of $3.08.

Butterfly Network (NYSE:BFLY - Get Free Report) last issued its quarterly earnings results on Friday, May 2nd. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 return on equity of 42.68% and a negative net margin of 129.25%. On average, research analysts forecast that Butterfly Network, Inc. will post -0.35 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Heather C. Getz sold 65,456 shares of the company'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 now owns 2,919,274 shares in the company, valued at $6,422,402.80. This represents a 2.19% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 transaction of $781,324.60. Following the sale, the chief executive officer now directly owns 7,249,789 shares of the company's stock, 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. 25.18% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Butterfly Network

A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in Butterfly Network by 15.6% in the 1st quarter. Vanguard Group Inc. now owns 8,598,823 shares of the company's stock valued at $19,605,000 after buying an additional 1,161,647 shares during the period. ARK Investment Management LLC raised its stake 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 position 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 purchasing an additional 1,511,029 shares during the last quarter. Geode Capital Management LLC grew its position in Butterfly Network by 1.8% during 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 boosted its holdings in shares of Butterfly Network by 270.5% in the first quarter. Acadian Asset Management LLC now owns 1,598,552 shares of the company's stock valued at $3,642,000 after acquiring an additional 1,167,055 shares in the last quarter. Hedge funds and other institutional investors own 37.85% of the company's stock.

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.