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

by · The Markets Daily

Butterfly Network, Inc. (NYSE:BFLY – Get Free Report)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $3.06, but opened at $3.23. Butterfly Network shares last traded at $3.3150, with a volume of 2,529,372 shares changing hands.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on BFLY shares. Wall Street Zen raised shares of Butterfly Network from a “sell” rating to a “hold” rating in a research report on Sunday, November 23rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Butterfly Network in a research note on Wednesday, October 8th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $3.00.

Get Our Latest Analysis on BFLY

Butterfly Network Price Performance

The company’s 50 day moving average is $2.44 and its two-hundred day moving average is $2.07. The firm has a market cap of $809.58 million, a P/E ratio of -9.71 and a beta of 2.34.

Butterfly Network (NYSE:BFLY – Get Free Report) last issued its quarterly earnings results on Friday, October 31st. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.02. Butterfly Network had a negative return on equity of 37.80% and a negative net margin of 90.31%.The firm had revenue of $21.49 million for the quarter, compared to analyst estimates of $21.23 million. Research analysts predict that Butterfly Network, Inc. will post -0.35 EPS for the current year.

Insiders Place Their Bets

In other news, Director Dawn Carfora sold 112,009 shares of Butterfly Network stock in a transaction dated Tuesday, November 4th. The shares were sold at an average price of $2.69, for a total transaction of $301,304.21. Following the sale, the director directly owned 265,505 shares in the company, valued at approximately $714,208.45. The trade was a 29.67% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jonathan M. Rothberg sold 132,570 shares of the company’s stock in a transaction dated Friday, November 28th. The shares were sold at an average price of $3.08, for a total transaction of $408,315.60. Following the completion of the sale, the director directly owned 512,827 shares in the company, valued at approximately $1,579,507.16. The trade was a 20.54% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 2,574,643 shares of company stock worth $8,113,867 in the last quarter. Corporate insiders own 25.18% of the company’s stock.

Institutional Investors Weigh In On Butterfly Network

Institutional investors have recently added to or reduced their stakes in the stock. Ashton Thomas Private Wealth LLC bought a new position in shares of Butterfly Network during the 2nd quarter worth approximately $25,000. Ameriprise Financial Inc. acquired a new position in Butterfly Network during the third quarter worth $25,000. CTC Alternative Strategies Ltd. acquired a new position in Butterfly Network during the first quarter worth $29,000. Deutsche Bank AG bought a new position in shares of Butterfly Network during the first quarter valued at $31,000. Finally, Y Intercept Hong Kong Ltd acquired a new stake in shares of Butterfly Network in the 3rd quarter valued at $32,000. 37.85% of the stock is owned by institutional investors and hedge funds.

About Butterfly Network

(Get Free Report)

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.

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