Stock Traders Buy Large Volume of Butterfly Network Call Options (NYSE:BFLY)

Key Points

• Butterfly Network saw an unusual surge in options trading, with traders purchasing 6,683 call options, which is a 136% increase over the average volume.
• The company's stock rose 15.2%, trading at $2.69, with a total of 7,913,318 shares exchanged, exceeding its average trading volume.
• Butterfly Network reported a quarterly earnings per share (EPS) of ($0.06), which slightly surpassed analyst expectations, although the company also posted a negative net margin of 71.79%.

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) was the target of some unusual options trading activity on Monday. Stock traders bought 6,683 call options on the stock. This is an increase of 136% compared to the average volume of 2,833 call options.

Butterfly Network Trading Up 15.2%

Butterfly Network stock traded up $0.36 during midday trading on Monday, hitting $2.69. 7,913,318 shares of the stock were exchanged, compared to its average volume of 4,062,525. Butterfly Network has a fifty-two week low of $1.32 and a fifty-two week high of $4.98. The stock has a market capitalization of $675.92 million, a price-to-earnings ratio of -9.54 and a beta of 2.59. The stock's 50-day simple moving average is $1.64 and its 200 day simple moving average is $2.03.

Butterfly Network (NYSE:BFLY - Get Free Report) last released its quarterly earnings data on Friday, August 1st. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.01. The firm had revenue of $23.38 million during the quarter, compared to analysts' expectations 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. Equities analysts anticipate that Butterfly Network will post -0.35 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Oppenheimer reissued a "market perform" rating on shares of Butterfly Network in a report on Friday, August 1st. Weiss Ratings reissued a "sell (d-)" rating on shares of Butterfly Network in a report on Saturday, September 27th. Finally, Craig Hallum reissued a "positive" rating and set a $2.00 price target on shares of Butterfly Network in a report on Monday, August 4th. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $3.00.

Insider Activity 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 sale, the insider directly owned 2,181,884 shares of the company's stock, valued at $3,272,826. This represents a 6.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last quarter, insiders have sold 161,235 shares of company stock valued at $241,731. 25.18% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Wealth Enhancement Advisory Services LLC boosted its stake in Butterfly Network by 15.7% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 31,024 shares of the company's stock worth $97,000 after buying an additional 4,212 shares during the period. Bank of New York Mellon Corp boosted its stake 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 purchasing an additional 5,010 shares during the period. Teacher Retirement System of Texas boosted its stake in shares of Butterfly Network by 45.2% in the second quarter. Teacher Retirement System of Texas now owns 27,811 shares of the company's stock valued at $56,000 after purchasing an additional 8,657 shares during the period. Lazari Capital Management Inc. boosted its stake in shares of Butterfly Network by 53.1% in the second quarter. Lazari Capital Management Inc. now owns 28,661 shares of the company's stock valued at $57,000 after purchasing an additional 9,941 shares during the period. Finally, Levin Capital Strategies L.P. boosted its stake in shares of Butterfly Network by 16.7% in the second quarter. Levin Capital Strategies L.P. now owns 70,000 shares of the company's stock valued at $140,000 after purchasing an additional 10,000 shares during the period. Hedge funds and other institutional investors own 37.85% of the company's 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.