Butterfly Network (NYSE:BFLY) Shares Up 8.9% - Still a Buy?

Key Points

• Butterfly Network's stock price increased by 8.9% during mid-day trading, reaching $2.02 after closing at $1.85.
• Analysts maintain a Moderate Buy rating for the stock, with an average price target set at $3.00.
• Insider transactions revealed that corporate insiders sold 161,235 shares within the last ninety days, impacting their ownership down to 25.18% of the company's stock.

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) shares shot up 8.9% during trading on Monday . The stock traded as high as $2.00 and last traded at $2.02. 3,546,370 shares were traded during trading, a decline of 8% from the average session volume of 3,869,896 shares. The stock had previously closed at $1.85.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on BFLY. Craig Hallum reissued a "positive" rating and issued a $2.00 price objective on shares of Butterfly Network in a research note on Monday, August 4th. Oppenheimer reaffirmed a "market perform" rating on shares of Butterfly Network in a report on Friday, August 1st. Three investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $3.00.

Butterfly Network Price Performance

The firm has a market cap of $532.43 million, a PE ratio of -7.63 and a beta of 2.52. The business's 50 day moving average price is $1.63 and its 200 day moving average price is $2.07.

Butterfly Network (NYSE:BFLY - Get Free Report) last posted 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. The firm had revenue of $23.38 million for the quarter, compared to analyst estimates of $23.91 million. Butterfly Network had a negative net margin of 71.79% and a negative return on equity of 30.53%. Butterfly Network has set its FY 2025 guidance at EPS. As a group, analysts predict that Butterfly Network, Inc. will post -0.35 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Steve Cashman sold 142,590 shares of the business's stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $1.50, for a total transaction of $213,885.00. Following the transaction, the insider directly owned 2,181,884 shares in the company, valued at approximately $3,272,826. The trade was a 6.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders have sold 161,235 shares of company stock worth $241,731 in the last quarter. Insiders own 25.18% of the company's stock.

Hedge Funds Weigh In On Butterfly Network

Several institutional investors and hedge funds have recently bought and sold shares of the company. 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 acquiring an additional 2,317,882 shares during the period. First Light Asset Management LLC raised its stake in shares of Butterfly Network by 37.8% in the 1st quarter. First Light Asset Management LLC now owns 5,505,649 shares of the company's stock valued at $12,553,000 after acquiring an additional 1,511,029 shares during the period. Lord Abbett & CO. LLC purchased a new stake in shares of Butterfly Network in the 1st quarter valued at approximately $3,225,000. 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 acquiring an additional 1,167,055 shares during the period. Finally, Vanguard Group Inc. raised its stake in shares of 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 acquiring an additional 1,161,647 shares during the period. 37.85% of the stock is currently 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.