Butterfly Network (NYSE:BFLY) Trading 7.5% Higher - What's Next?

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report)'s stock price was up 7.5% during trading on Tuesday . The stock traded as high as $2.27 and last traded at $2.33. Approximately 408,633 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 2,937,061 shares. The stock had previously closed at $2.17.

Analysts Set New Price Targets

Several equities analysts have commented on BFLY shares. Lake Street Capital dropped their price target on shares of Butterfly Network from $5.00 to $4.00 and set a "buy" rating for the company in a research note on Monday, May 5th. William Blair started coverage on shares of Butterfly Network in a research report on Monday, March 17th. They issued an "outperform" rating on the stock.

Butterfly Network Stock Performance

The stock's 50-day simple moving average is $2.33 and its 200 day simple moving average is $3.10. The company has a market capitalization of $654.08 million, a PE ratio of -5.75 and a beta of 2.59.

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

Insider Buying and Selling at Butterfly Network

In related news, EVP Heather C. Getz sold 65,456 shares of the business's stock in a transaction on Monday, May 5th. The shares were sold at an average price of $2.20, for a total value of $144,003.20. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Joseph Devivo sold 320,215 shares of the business's stock in a transaction on Friday, April 25th. The shares were sold at an average price of $2.44, for a total transaction of $781,324.60. Following the completion of 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 trade represents a 4.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 25.18% of the company's stock.

Institutional Investors Weigh In On Butterfly Network

A number of institutional investors and hedge funds have recently bought and sold shares of BFLY. SG Americas Securities LLC purchased a new position in Butterfly Network during the 4th quarter worth $46,000. Kingswood Wealth Advisors LLC purchased a new position in Butterfly Network during the 4th quarter worth $70,000. Baader Bank Aktiengesellschaft purchased a new position in Butterfly Network during the 4th quarter worth $287,000. Calamos Advisors LLC purchased a new position in Butterfly Network during the 4th quarter worth $525,000. Finally, White Pine Capital LLC purchased a new position in Butterfly Network during the 4th quarter worth $398,000. 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.