Traders Buy High Volume of Butterfly Network Put Options (NYSE:BFLY)

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) was the target of some unusual options trading on Friday. Stock investors acquired 8,024 put options on the company. This represents an increase of approximately 1,058% compared to the average volume of 693 put options.

Butterfly Network Price Performance

BFLY traded up $0.02 during midday trading on Monday, hitting $1.83. 2,683,454 shares of the company's stock traded hands, compared to its average volume of 3,229,347. The company has a market cap of $451.30 million, a PE ratio of -6.29 and a beta of 2.46. The stock's fifty day simple moving average is $2.20 and its 200-day simple moving average is $2.86. Butterfly Network has a one year low of $0.90 and a one year high of $4.98.

Butterfly Network (NYSE:BFLY - Get Free Report) last released its quarterly earnings results on Friday, May 2nd. The company reported ($0.06) earnings per share for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $21.16 million. On average, research analysts expect that Butterfly Network will post -0.35 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. William Blair began coverage on shares of Butterfly Network in a research note on Monday, March 17th. They set an "outperform" rating for the company. Craig Hallum started coverage on Butterfly Network in a research report on Tuesday, July 1st. They set a "buy" rating and a $3.00 price objective for the company. Finally, Lake Street Capital lowered their target price on Butterfly Network from $5.00 to $4.00 and set a "buy" rating on the stock in a research note on Monday, May 5th.

Insiders Place Their Bets

In related news, CEO Joseph Devivo sold 320,215 shares of the stock in a transaction dated Friday, April 25th. The stock was sold at an average price of $2.44, for a total value of $781,324.60. Following the completion of the sale, the chief executive officer directly owned 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 value of $144,003.20. Following the completion of the transaction, the executive vice president owned 2,919,274 shares in the company, valued at $6,422,402.80. This represents a 2.19% decrease in their position. The disclosure for this sale can be found here. Insiders own 25.18% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in BFLY. Raymond James Financial Inc. bought a new position in shares of Butterfly Network in the fourth quarter worth about $3,154,000. HBK Sorce Advisory LLC bought a new stake in shares of Butterfly Network in the 4th quarter valued at approximately $45,000. Commonwealth Equity Services LLC raised its stake in Butterfly Network by 16.9% during the fourth quarter. Commonwealth Equity Services LLC now owns 154,105 shares of the company's stock worth $481,000 after acquiring an additional 22,250 shares in the last quarter. American Century Companies Inc. lifted its holdings in Butterfly Network by 582.7% during the 4th quarter. American Century Companies Inc. now owns 107,011 shares of the company's stock valued at $334,000 after purchasing an additional 91,337 shares during the last quarter. Finally, LPL Financial LLC raised its stake in shares of Butterfly Network by 8.2% in the fourth quarter. LPL Financial LLC now owns 148,029 shares of the company's stock valued at $462,000 after acquiring an additional 11,224 shares during the last quarter. 37.85% of the stock is owned by institutional investors.

About Butterfly Network

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.