Butterfly Network (NYSE:BFLY) Stock Price Up 8.9% - Here's What Happened

Key Points

• Butterfly Network's stock price increased by 8.9% on Monday, reaching a last trading price of $2.31, despite a significant decline in trading volume compared to average levels.
• Analysts have mixed ratings on the stock, with an average rating of "Hold" and a projected target price of $3.00, indicating some cautious optimism for future performance.
• Insider transactions show that Steve Cashman sold 142,590 shares at an average price of $1.50, reflecting a 6.13% decrease in his ownership position.

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) rose 8.9% on Monday . The stock traded as high as $2.37 and last traded at $2.31. Approximately 907,017 shares were traded during trading, a decline of 78% from the average daily volume of 4,214,494 shares. The stock had previously closed at $2.12.

Analyst Ratings Changes

A number of research analysts have recently commented on BFLY shares. Craig Hallum reaffirmed a "positive" rating and set a $2.00 price objective on shares of Butterfly Network in a research note on Monday, August 4th. Weiss Ratings reissued a "sell (d-)" rating on shares of Butterfly Network in a research note on Wednesday, October 8th. Finally, Oppenheimer restated a "market perform" rating on shares of Butterfly Network in a report on Friday, August 1st. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $3.00.

Butterfly Network Price Performance

The firm's 50-day moving average price is $1.81 and its 200-day moving average price is $2.02. The company has a market cap of $592.85 million, a price-to-earnings ratio of -8.41 and a beta of 2.59.

Butterfly Network (NYSE:BFLY - Get Free Report) last announced its quarterly earnings results on Friday, August 1st. The company reported ($0.06) earnings per share for the quarter, topping analysts' consensus estimates of ($0.07) by $0.01. Butterfly Network had a negative net margin of 71.79% and a negative return on equity of 30.53%. The firm had revenue of $23.38 million during the quarter, compared to analysts' expectations of $23.91 million. Butterfly Network has set its FY 2025 guidance at EPS. On average, sell-side analysts anticipate 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, insider Steve Cashman sold 142,590 shares of the company's stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $1.50, for a total value of $213,885.00. Following the completion of the transaction, the insider owned 2,181,884 shares in the company, valued at $3,272,826. This represents a 6.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last quarter, insiders sold 161,235 shares of company stock worth $241,731. Company insiders own 25.18% of the company's stock.

Hedge Funds Weigh In On Butterfly Network

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of Butterfly Network by 15.6% in the first quarter. Vanguard Group Inc. now owns 8,598,823 shares of the company's stock worth $19,605,000 after acquiring an additional 1,161,647 shares in the last quarter. ARK Investment Management LLC boosted 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 valued at $16,015,000 after acquiring an additional 1,012,460 shares during 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. Hood River Capital Management LLC increased its position in shares of Butterfly Network by 3.6% in the 2nd quarter. Hood River Capital Management LLC now owns 5,127,383 shares of the company's stock worth $10,255,000 after purchasing an additional 176,515 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Butterfly Network by 114.7% in the 2nd quarter. Geode Capital Management LLC now owns 4,339,362 shares of the company's stock valued at $8,680,000 after purchasing an additional 2,317,882 shares in the last quarter. 37.85% of the stock is owned by hedge funds and other 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.

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