Butterfly Network Target of Unusually Large Options Trading (NYSE:BFLY)

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) saw unusually large options trading activity on Friday. Traders bought 8,024 put options on the stock. This represents an increase of approximately 1,058% compared to the average daily volume of 693 put options.

Insider Activity at Butterfly Network

In other Butterfly Network news, EVP Heather C. Getz sold 65,456 shares of the firm's stock in a transaction on Monday, May 5th. The stock was sold at an average price of $2.20, for a total value of $144,003.20. Following the sale, the executive vice president directly owned 2,919,274 shares in the company, valued at $6,422,402.80. This trade represents a 2.19% decrease in their ownership of the stock. The transaction was disclosed in a 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 that occurred on Friday, April 25th. The stock was sold at an average price of $2.44, for a total value of $781,324.60. Following the sale, the chief executive officer owned 7,249,789 shares of the company's stock, valued at approximately $17,689,485.16. The trade was a 4.23% decrease in their position. The disclosure for this sale can be found here. Insiders own 25.18% of the company's stock.

Hedge Funds Weigh In On Butterfly Network

Large investors have recently bought and sold shares of the business. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Butterfly Network by 15.7% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 31,024 shares of the company's stock valued at $97,000 after buying an additional 4,212 shares during the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd raised its position in shares of Butterfly Network by 23.9% during the 4th quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 23,850 shares of the company's stock worth $74,000 after buying an additional 4,606 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Butterfly Network by 33.0% in the first quarter. Bank of New York Mellon Corp now owns 20,177 shares of the company's stock valued at $46,000 after acquiring an additional 5,010 shares in the last quarter. Kovitz Investment Group Partners LLC increased its stake in shares of Butterfly Network by 37.0% during the fourth quarter. Kovitz Investment Group Partners LLC now owns 34,250 shares of the company's stock valued at $107,000 after acquiring an additional 9,250 shares during the period. Finally, Ground Swell Capital LLC bought a new stake in Butterfly Network during the fourth quarter worth approximately $32,000. Institutional investors own 37.85% of the company's stock.

Butterfly Network Stock Down 2.9%

Shares of BFLY traded down $0.06 during trading on Friday, reaching $1.82. The company's stock had a trading volume of 518,982 shares, compared to its average volume of 3,220,957. The company has a market cap of $448.83 million, a price-to-earnings ratio of -6.26 and a beta of 2.46. The company has a fifty day moving average of $2.22 and a two-hundred day moving average of $2.89. Butterfly Network has a twelve month low of $0.90 and a twelve month high of $4.98.

Butterfly Network (NYSE:BFLY - Get Free Report) last announced its quarterly earnings data on Friday, May 2nd. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.03. Butterfly Network had a negative return on equity of 29.97% and a negative net margin of 75.56%. The firm had revenue of $21.23 million during the quarter, compared to analyst estimates of $21.16 million. As a group, equities analysts forecast that Butterfly Network will post -0.35 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have commented on BFLY. Craig Hallum began coverage on Butterfly Network in a research note on Tuesday, July 1st. They set a "buy" rating and a $3.00 price objective for the company. Lake Street Capital cut their price target on Butterfly Network from $5.00 to $4.00 and set a "buy" rating for the company in a research note on Monday, May 5th. Finally, William Blair assumed coverage on shares of Butterfly Network in a research note on Monday, March 17th. They issued an "outperform" rating on the 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.

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