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

Key Points

• Butterfly Network experienced a significant increase in call options trading, with 5,450 call options acquired, representing a 257% rise in volume compared to typical trading activity.
• Insider Steve Cashman sold 142,590 shares, reducing his stake by 6.13%, while institutional ownership now comprises 37.85% of the company's shares.
• Analysts have a positive outlook on the stock, with a current average rating of "Moderate Buy" and a price target of $3.00, despite the company reporting a negative net margin of 71.79%.

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) was the recipient of unusually large options trading activity on Friday. Stock investors bought 5,450 call options on the company. This represents an increase of approximately 257% compared to the typical volume of 1,525 call options.

Analyst Upgrades and Downgrades

A number of research firms have commented on BFLY. Oppenheimer reissued a "market perform" rating on shares of Butterfly Network in a report on Friday, August 1st. Craig Hallum reaffirmed a "positive" rating and set a $2.00 price target on shares of Butterfly Network in a research report on Monday, August 4th. Three analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $3.00.

Butterfly Network Trading Up 18.1%

BFLY stock traded up $0.34 during trading on Monday, hitting $2.19. The company had a trading volume of 11,737,740 shares, compared to its average volume of 3,917,138. The firm has a market capitalization of $550.05 million, a price-to-earnings ratio of -7.80 and a beta of 2.52. The business has a 50 day moving average of $1.62 and a 200 day moving average of $2.07. Butterfly Network has a fifty-two week low of $1.32 and a fifty-two week high of $4.98.

Butterfly Network (NYSE:BFLY - Get Free Report) last announced its quarterly earnings data on Friday, August 1st. The company reported ($0.06) EPS for the quarter, beating analysts' consensus estimates of ($0.07) by $0.01. The company had revenue of $23.38 million during the quarter, compared to the consensus estimate of $23.91 million. Butterfly Network had a negative return on equity of 30.53% and a negative net margin of 71.79%. Butterfly Network has set its FY 2025 guidance at EPS. As a group, equities analysts predict that Butterfly Network will post -0.35 EPS for the current year.

Insider Transactions at Butterfly Network

In other news, insider Steve Cashman sold 142,590 shares of the company's stock in a transaction on Thursday, September 4th. The shares were 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 approximately $3,272,826. This represents a 6.13% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders sold 161,235 shares of company stock valued at $241,731 over the last three months. Corporate insiders own 25.18% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of BFLY. Gotham Asset Management LLC acquired a new position in shares of Butterfly Network during the fourth quarter valued at about $168,000. Two Sigma Investments LP raised its stake in shares of Butterfly Network by 392.1% in the 4th quarter. Two Sigma Investments LP now owns 637,474 shares of the company's stock valued at $1,989,000 after buying an additional 507,923 shares in the last quarter. Two Sigma Advisers LP acquired a new position in shares of Butterfly Network in the 4th quarter valued at $233,000. Alpine Global Management LLC acquired a new position in shares of Butterfly Network in the 4th quarter valued at $95,000. Finally, Jefferies Financial Group Inc. acquired a new position in Butterfly Network in the fourth quarter worth about $91,000. 37.85% of the stock is currently owned by institutional investors and hedge funds.

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.