Butterfly Network (NYSE:BFLY) Shares Gap Up – Should You Buy?

Butterfly Network, Inc. (NYSE:BFLY) shares gapped up prior to trading on Tuesday . The stock had previously closed at $3.23, but opened at $3.33. Butterfly Network shares last traded at $3.36, with a volume of 293,319 shares.

Analyst Upgrades and Downgrades

Separately, Lake Street Capital began coverage on shares of Butterfly Network in a report on Tuesday, September 10th. They set a “buy” rating and a $3.00 target price for the company.

Butterfly Network Stock Up 3.1 %

The firm has a fifty day moving average price of $2.83 and a two-hundred day moving average price of $1.83. The stock has a market capitalization of $709.50 million, a P/E ratio of -7.24 and a beta of 2.46.

Butterfly Network (NYSE:BFLY) last released its quarterly earnings data on Friday, November 1st. The company reported ($0.08) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.01. The business had revenue of $20.56 million during the quarter, compared to analyst estimates of $19.12 million. Butterfly Network had a negative net margin of 129.25% and a negative return on equity of 42.68%. During the same period last year, the business earned ($0.13) EPS. Sell-side analysts anticipate that Butterfly Network, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling at Butterfly Network

In other news, insider Steve Cashman sold 164,079 shares of the stock in a transaction on Friday, December 20th. The stock was sold at an average price of $3.06, for a total transaction of $502,081.74. Following the transaction, the insider now directly owns 1,835,921 shares of the company’s stock, valued at $5,617,918.26. This represents a 8.20 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Heather C. Getz sold 30,136 shares of the firm’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $3.06, for a total value of $92,216.16. Following the completion of the transaction, the chief financial officer now owns 2,669,333 shares in the company, valued at approximately $8,168,158.98. This trade represents a 1.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 27.28% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Procyon Advisors LLC increased its stake in shares of Butterfly Network by 7.3% in the 3rd quarter. Procyon Advisors LLC now owns 81,882 shares of the company’s stock worth $145,000 after purchasing an additional 5,600 shares in the last quarter. Hartline Investment Corp increased its position in Butterfly Network by 87.0% in the third quarter. Hartline Investment Corp now owns 21,500 shares of the company’s stock worth $38,000 after buying an additional 10,000 shares in the last quarter. Quent Capital LLC raised its stake in shares of Butterfly Network by 25.6% in the third quarter. Quent Capital LLC now owns 98,000 shares of the company’s stock worth $173,000 after buying an additional 20,000 shares during the period. Kovitz Investment Group Partners LLC purchased a new position in shares of Butterfly Network during the 3rd quarter valued at about $44,000. Finally, Barclays PLC grew its stake in shares of Butterfly Network by 27,790.0% during the 3rd quarter. Barclays PLC now owns 25,101 shares of the company’s stock valued at $44,000 after acquiring an additional 25,011 shares during the period. 37.85% of the stock is currently 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.