Investors Buy Large Volume of Call Options on Butterfly Network (NYSE:BFLY)

Butterfly Network, Inc. (NYSE:BFLY) was the target of unusually large options trading on Wednesday. Traders purchased 2,311 call options on the stock. This represents an increase of approximately 975% compared to the typical daily volume of 215 call options.

Insider Transactions at Butterfly Network

In other Butterfly Network news, Director Larry Robbins purchased 244,774 shares of the stock in a transaction on Friday, August 30th. The stock was bought at an average price of $1.07 per share, for a total transaction of $261,908.18. Following the acquisition, the director now directly owns 9,955,144 shares of the company’s stock, valued at $10,652,004.08. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Larry Robbins purchased 244,774 shares of the firm’s stock in a transaction on Friday, August 30th. The shares were bought at an average price of $1.07 per share, for a total transaction of $261,908.18. Following the acquisition, the director now directly owns 9,955,144 shares in the company, valued at $10,652,004.08. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Joseph Devivo acquired 104,000 shares of the company’s stock in a transaction dated Wednesday, August 7th. The shares were purchased at an average price of $0.95 per share, with a total value of $98,800.00. Following the completion of the acquisition, the chief executive officer now owns 7,009,221 shares in the company, valued at $6,658,759.95. The disclosure for this purchase can be found here. Insiders own 27.28% of the company’s stock.

Institutional Investors Weigh In On Butterfly Network

Several hedge funds have recently modified their holdings of BFLY. Private Advisor Group LLC purchased a new stake in shares of Butterfly Network during the fourth quarter worth about $28,000. Point72 DIFC Ltd boosted its stake in shares of Butterfly Network by 1,271.4% during the 2nd quarter. Point72 DIFC Ltd now owns 77,418 shares of the company’s stock valued at $65,000 after buying an additional 71,773 shares during the last quarter. Texas Capital Bank Wealth Management Services Inc grew its position in shares of Butterfly Network by 40.0% during the fourth quarter. Texas Capital Bank Wealth Management Services Inc now owns 70,000 shares of the company’s stock worth $76,000 after buying an additional 20,000 shares in the last quarter. Cubist Systematic Strategies LLC bought a new stake in shares of Butterfly Network in the second quarter worth $90,000. Finally, Oppenheimer & Co. Inc. boosted its stake in Butterfly Network by 645.1% during the 1st quarter. Oppenheimer & Co. Inc. now owns 87,180 shares of the company’s stock valued at $94,000 after acquiring an additional 75,480 shares during the last quarter. 37.85% of the stock is currently owned by hedge funds and other institutional investors.

Butterfly Network Stock Performance

NYSE BFLY opened at $1.66 on Friday. The firm has a market capitalization of $349.78 million, a price-to-earnings ratio of -2.86 and a beta of 2.14. Butterfly Network has a one year low of $0.67 and a one year high of $1.91. The company’s 50 day moving average price is $1.05 and its 200 day moving average price is $1.02.

Butterfly Network (NYSE:BFLY) last posted its earnings results on Thursday, August 1st. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.05. Butterfly Network had a negative net margin of 153.29% and a negative return on equity of 43.77%. The business had revenue of $21.49 million for the quarter, compared to analyst estimates of $20.06 million. During the same quarter in the previous year, the business posted ($0.14) EPS. Sell-side analysts forecast that Butterfly Network will post -0.37 EPS for the current fiscal year.

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.