Butterfly Network (NYSE:BFLY) Trading Up 6.5% – Should You Buy?

Butterfly Network, Inc. (NYSE:BFLY) traded up 6.5% on Wednesday . The company traded as high as $4.17 and last traded at $4.16. 890,485 shares changed hands during mid-day trading, a decline of 80% from the average session volume of 4,445,735 shares. The stock had previously closed at $3.91.

Butterfly Network Trading Down 5.9 %

The company has a market cap of $829.87 million, a price-to-earnings ratio of -8.47 and a beta of 2.45. The business has a fifty day moving average of $3.44 and a two-hundred day moving average of $2.19.

Butterfly Network (NYSE:BFLY) last announced its earnings results on Friday, November 1st. The company reported ($0.08) earnings per share for the quarter, topping the consensus estimate of ($0.09) by $0.01. Butterfly Network had a negative return on equity of 42.68% and a negative net margin of 129.25%. The business had revenue of $20.56 million during the quarter, compared to the consensus estimate of $19.12 million. During the same period in the prior year, the company posted ($0.13) EPS. On average, research analysts forecast that Butterfly Network, Inc. will post -0.35 EPS for the current fiscal year.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Butterfly Network

Large investors have recently made changes to their positions in the stock. Hartline Investment Corp raised its position in shares of Butterfly Network by 87.0% during the 3rd quarter. Hartline Investment Corp now owns 21,500 shares of the company’s stock valued at $38,000 after buying an additional 10,000 shares during the period. Kovitz Investment Group Partners LLC purchased a new stake in Butterfly Network in the third quarter valued at $44,000. Barclays PLC lifted its stake in shares of Butterfly Network by 27,790.0% in the 3rd quarter. Barclays PLC now owns 25,101 shares of the company’s stock valued at $44,000 after purchasing an additional 25,011 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of Butterfly Network in the 4th quarter valued at $46,000. Finally, Verition Fund Management LLC acquired a new stake in shares of Butterfly Network during the 3rd quarter worth about $57,000. 37.85% of the stock is currently owned by hedge funds and other 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.